FWD Takaful officially launched its brand this week and aims to introduce a fresh vision of family takaful that offers simple and straighforward products to Malaysians.
During the launch ceremony, FWD Takaful Bhd CEO Salim Majid Zain further highlighted the brand’s emphasis on easy-to-understand products.
“At FWD Takaful we pride ourselves in taking a customer-led approach and aim to provide easy access to innovative family Takaful products to all Malaysians.
“We want to defy industry norms and create fresh customer experiences, supported by digital technology,” CEO Salim said in his welcome address.
Malaysia has been chosen for FWD Group’s first venture into the Takaful industry, which aims to invest a total of RM1.06 billion in the next five years to provide Malaysians, especially those in the lower income group with more choices for affordable insurance coverage.
Finance Minister Lim Guan Eng who officiated the event pointed out that FWD Takaful’s entry into the local family takaful market is poised to be a game-changer, providing Malaysians with more choices.
“This is particularly important for the B40 group, who are the most under-insured and under-protected segment with a penetration rate for life insurance and family Takaful of 36.5%,” he said.
He added that FWD Takaful is set to invest RM1.06 billion into developing the local Takaful industry over the next 5 years, including setting up a Takaful and Innovation Hub and a digital IT services and data centre.
Malaysians can also look forward to more hassle-free insurance transactions with FWD Takaful as the brand is prioritizing the digital channel for its customers to access more convenient transactions on online platforms.
It aims to garner more Malaysians to support its innovative brand outlook with the objective of ranking among the top five players in the local market in the next five years by bringing greater competition and more diverse and affordable Takaful choices for Malaysians.