ISLAMIC insurance provider Takaful Nasional Sdn Bhd is projecting 40% growth for its family takaful products once its online insurance applications PentaTakaful is fully implemented in July this year.
The growth would also be supported by a new line of family takaful products and a revamped business structure, its president and chief executive officer Aminuddin Md Desa said.
With PentaTakaful, we expect to increase the issuance of new policies to 12,000 monthly compared with 5,500 at present, Aminuddin told reporters after the signing between Takaful and the PentaTakaful software provider Pentasoft Malaysia Sdn Bhd in Kuala Lumpur on Tuesday.
At present, family takaful products remain the companys core business, contributing an average of 75% to its revenue every year. The remaining 25% comes from its general takaful products.
Asked about the companys new line of family takaful, Aminuddin said it had yet to be finalised but it would be mainly for the Muslim market.
We also cater for non-Muslims but at present it is still small, less than 3%, he said.
On the PentaTakaful, he said the company was investing RM12.5mil in the project, including state-of-the-art features to facilitate good online customer-client relationships.
The development of PentaTakaful is in line with Bank Negaras aim to see a 20% market share for Islamic insurance in the Malaysian insurance market share by 2010, according to Aminuddin.
As for its projected 30% increase in revenue to RM496mil for the year ending March 31, 2003, Aminuddin said: We are on track and family takaful products are expected to contribute 76% to our total revenue. Bernama