KUALA LUMPUR: Syarikat Takaful Malaysia Keluarga Bhd (Takaful Malaysia) is making a strategic leap into digital insurance with Kaotim, its new digital takaful and insurance platform and brand.
Takaful Malaysia group CEO Nor Azman Zainal said Kaotim aims to strengthen its retail direct business and reach a wider market through digital means.
“As the pioneering takaful developer with nearly 40 years of experience, we need to ensure that we stay relevant in the market. The purpose of the digital platform is to reach out to the market faster and more efficiently. The market is all about digital these days, and we know that’s the future as well. So, whether we like it or not, we must address that,“ he told reporters at the launch yesterday.
He said the digital platform aims to revolutionise customer experience by addressing gaps in service delivery and capacity within the insurance and takaful industry.
“When we analyse all insurance and takaful in Malaysia specifically, we do notice there are some gaps in the market. The two major gaps ... one is service delivery. When we talk about service delivery, we mean a faster solution, simplified, you want a simpler version of takaful or insurance and want to give a better customer experience.
“The second gap is capacity. How do you fill the gap in the industry because things are getting more expensive these days so we need to provide a solution which is cheaper, affordable and accessible by everyone,” he said.
Kaotim aims to provide a secure and enhanced customer experience and streamlined administrative processes that enable customers to enjoy a hassle-free and speedy subscription process.
“With the launch of Kaotim, we introduce Medikad, a cost-effective medical coverage plan with greater savings from as low as RM38 per month to meet the medical protection needs of different age groups,“ said Nor Azman.
Medikad provides cashless admission to panel hospitals in Malaysia, unlimited hospital admission days on room and board, and daily income for admission to Government hospitals. Offered to Malaysians between the ages of six and 69 with a coverage period of up to 85 years old, customers can choose from three plans with an optional rider, MediBooster, according to their coverage needs and are immediately covered after completing a four-step online enrollment and a simple medical questionnaire, without having to undergo a medical check-up.
“Customers can sign up for MediKad online via Kaotim, anytime, anywhere, and complete the transaction in a few minutes with just a few clicks and get covered within the day. We leverage the lower transaction cost of the digital platform to deliver a better pricing and accessible takaful plan to the market.
“This is part of our digital plan to attract new customer segments directly and better serve Malaysia’s growing population while enhancing the financial resilience of customers whose medical coverage is inadequate or high-priced. This is also part of our initiative to help cushion the high medical costs faced by Malaysians by offering an affordable medical coverage plan,“ said Nor Azman.
He added, “Accessibility and agility are everything in today’s era. Hence, we want to provide customers with a seamless, efficient, and convenient experience through Kaotim and bring them closer to us anywhere they are.”