PruBSN’s new business up 56% in Q1

KUALA LUMPUR: Prudential BSN Takaful Bhd's (PruBSN) new business annual contribution equivalent (ACE) grew 56% year-on-year to produce RM118.4 million in the first quarter this year, further raising its market share to 39% to maintain its position as Malaysia's leading family takaful operator.
The results were attributed to the solid and consistent performance across its multi-channel platform and are driven by the company's technological advancement and customer-centric offerings.
PruBSN has been rapidly advancing its business through use of mobile point-of-sales solution for its agents and distributors since December 2013, and now offers three smartphone applications to complement the lifestyles of the population it serves today.
Since its launch, PruBSN mobility has garnered nearly 50,000 submissions that enabled customers to receive takaful coverage within a couple of minutes instead of weeks. The company has also recently launched its e-credit solution for claim payments so as to substantially reduce the length of time when customers need their money the most.
In a statement, PruBSN CEO Aman Chowla said: "We will continue to harness the capability of our technology platform in a way that will genuinely benefit the customers and all of our stakeholders."
Further commenting on the takaful industry, he added that there is a huge opportunity for the industry to grow given the relevance of its strategies and appeal of its offerings. Takaful is a young industry but it will grow very quickly over time as consumer's awareness of the need for financial protection increases.