RHB Insurance expects over RM100mil in premiums this year

KUALA LUMPUR, Sept 18 -- Chief Executive Officer (CEO) and Managing Director RHB Insurance, Kong Shu Yin (second, left) and Founder/CEO BookDoc Datuk Chevy Beh (second, right) at the launching of RHB Insurance Live Activ Programme today. --fotoBERNAMA (2017) COPYRIGT RESERVED

KUALA LUMPUR: RHB Insurance Bhd’s health insurance gross written premiums are expected to surpass RM100mil this year after achieving RM53mil in the first half of this year.

Managing director/chief executive officer (CEO), Kong Shu Yin, said the target would be reached by leveraging on digital technology, including establishing a partnership with healthcare online application -- BookDoc.

“By leveraging on digital technology, RHB Insurance intends to expand its health insurance portfolio as the third major revenue steam in addition to our highly successful fire and motor insurance portfolios,” he said.

He was speaking to reporters after signing the the partnership agreement with BookDoc founder/CEO, Datuk Chevy Beh, in Kuala Lumpur on Monday.

BookDoc is a home-grown healthcare technology start-up which has partnered over 50 retailers and health service providers from 12 countries.

It offers users who achieve an average-daily-step threshold and targets with discounted products and services on a monthly basis.

Kong said with the BookDoc partnership, it would not only help promote the company’s insurance products but also encourage the customers to live a healthier lifestyle.

“This will allow us to insure a healthier customer at a lower premium, and of course, to reduce the medical claims,” he said.

Kong said RHB Insurance had doubled its market share in health insurance segment and become the fourth largest health insurer among general insurers, up from the eighth position two years ago.

He said the health insurance segment was expected to contribute up to 30% of the company’s total profit in three years’ time, up from the current 20%, with the remaining profit to come from fire and motor insurance segments.

Currently, the insurance company has over 100,000 individual life insurance policy holders. - Bernama