HONG Leong Assurance Bhd (HLA) has targeted RM100mil in new premium income for life insurance in the financial year ending June 30, 2004, up from RM80mil previously, said chief executive officer K.H. Chia.
“We will enjoy tremendous growth in annualised premium during the first quarter of the financial year ending June 2004,’’ he said.
Chia said the rosy outlook was based on an 80% growth in new premium achieved during the first quarter ended September 2003 compared with the corresponding period in 2002.
The company had also seen higher contribution from bumiputra agents lately, he added.
Speaking after the signing of a memorandum of understanding between HLA and HSC Medical Centre Sdn Bhd, Chia said the company, which owned 5% market share of the life insurance industry, expected its tie-up with HSC Medical Centre to put it ahead of the industry in terms of value-added products.
HLA is the first life insurance company to team up with HSC Medical Centre, the first one-stop specialist diagnostic centre for heart, stroke and cancer, featuring computed tomography scanners. It is believed to be the second of its kind in South-East Asia.
“With this alliance, we will create a win-win situation. Our clients live longer and we cut down our costs,’’ he said.
The partnership paves the way for HLA to offer its customers a 5% discount on all check-up packages at HSC Medical Centre.
Policyholders will also enjoy a reduction in their premium rates if their health results are good.
Chia stressed: “We don’t push medical products, but we always see these products as complementary to our life insurance products.’’
Medical products currently account for 10%-15% of HLA's gross premium income.
Based at PNB Darby Park in Kuala Lumpur, HSC Medical Centre, set up last year with an investment of some RM14mil, offers five diagnostic packages priced from RM800 to RM2,000. Services range from scanning for detection of coronary artery diseases, stroke and cancer to follow-through therapeutic service should the check-up detect any medical condition.
HSC Medical Centre executive director and co-founder Dr Y.C. Lim said it had embarked on an awareness campaign for early detection and diagnosis, and the alliance with HLA would facilitate the centre in educating the public on the world’s killer diseases.
“We will invest more to open branches in Penang and Johor Baru in the near future,’’ he added.
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