FWD Protect Direct is Malaysia’s first Takaful protection plan that can be applied online, covering up to four family members under one certificate.
The fully automated underwriting makes purchasing easier for customers.
At the launch at Menara Shell in Jalan Tun Sambanthan, FWD Takaful Bhd chief executive officer Salim Majid Zain said they were happy to offer the online Takaful plan at an early stage of their digitalisation journey so that customers can easily obtain Takaful protection and receive coverage instantly.
“We want to change the way people think about Takaful, ” he said, adding that the online channel would enable customers to also manage their Takaful certificates at their own convenience.
“The online channel has an intuitive user interface based on responsive design supported by help texts, ” he said.
FWD Protect Direct has four plan options: individual, couple, family (up to two children) and single parent (up to two children).
Available for as low as RM0.40 per day for an individual plan and RM1.20 per day for a family plan, the contribution is balanced throughout the term of the certificate, so customers do not have to manage increasing contributions as they grow older.
Similar to other FWD Takaful offerings, FWD Protect Direct will only have three exclusions; whereby the death benefit will be paid out unless death happens due to suicide within the first year, unlawful acts and war.
“Having this product online makes it more accessible to Malaysians across the country, ” he added.
In addition, Salim said they have also collaborated with homegrown digital health technology company Walnut Wellness to launch FWD Hero Sihat, which provides Malaysians free consultation on health and wellness via WhatsApp.
Walnut Wellness uses its own locally developed chatbot answered by professional health experts to instantly address health and wellness queries.
Wallnut Wellness chief executive officer Khor Xin Yun said they aimed to empower Malaysians to take responsibility for their health using technology.
“FWD Hero Sihat helps us to connect FWD Takaful customers and the local community with health professionals to encourage them to take the first step in making healthier food choices, ” she said.
At the event, SJKC Lai Meng Bukit Jalil’s Year Five pupil Leong Sawyer, 11, asked those present to try out the new Takaful online application, saying he found the online platform easy to use.
Salim said they designed the Takaful plan carefully by looking into the interests of the targeted audience.
“For instance, a family consisting of a 38-year-old wife, a 40-year-old husband and two children just need to pay about RM30 monthly to get coverage of RM100,000 for each person, ” he explained.
Salim said they wanted to make a significant contribution to Takaful protection that only had 15% penetration in Malaysia.
“With an affordable platform like this, we hope to increase the (Takaful) penetration, where people can go online to buy this plan, ” he said.
Salim added that they hoped to launch two other products covering critical illnesses and hospitalisation by the end of this year.
He said they had three distribution channels – online, agency and partnership (banker channel) – and hoped to have a 15% market share in five years.
FWD Takaful chief strategy and digital distribution officer Wan Ahmad Najib Wan Ahmad Lotfi said they are targeting young families aged between 25 and 35 to buy the Takaful plan as they were more mobile and Internet savvy.
FWD Takaful Bhd is formerly known as HSBC Amanah Takaful (M) Bhd. For details, visit www.fwd.com.my
Did you find this article insightful?