Kamaludin expects the number of customers buying insurance policies will rise to 400,000 in 2024 from the current 300,000 annually.
KUALA LUMPUR: The country’s largest local insurer Etiqa is optimistic about the economic outlook for Malaysia and its ability in digital services delivery
The country’s’ gross domestic product (GDP) is expected to rise between 4% and 5% in 2024 as projected by Bank Negara versus 4% this year.
Etiqa group chief executive officer Kamaludin Ahmad is confident that with about 750,000 registered online users including its “Smile” mobile app, more people would discover the ease of getting or renewing their insurance policy online.
“For motor insurance, it is something that vehicle owners have to do anyway, and we want to ensure that the features in the app get better and better.
“And what we do here will also be exported to countries where we are present in,” he told reporters after a media luncheon on Wednesday.
He also added the travel insurance industry is growing as medical expenses could get expensive.
He expects the number of customers buying insurance policies will rise to 400,000 in 2024 from the current 300,000 annually.
On the regional expansion of its takaful products, Kamaludin said Etiqa has to be selective and would prefer to grow organically amid challenging market conditions.
“As the fifth largest Asean-owned insurer and overall 11th largest in Asean, we are quite sizeable already.
“Although there is a huge potential to grow in Indonesia, it is not easy doing business there, and we need to find a good local partner, unlike in Singapore and Vietnam, where we can have a 100% stake,” he said.
At the event, Etiqa chief strategy officer Chris Eng said it has engaged with regulators in the Philippines to potentially export its takaful products. — Bernama
