FWD Takaful Bhd is confident to acquire 15% of the industry’s market share within five years of launching its first online channel, FWD Protect Direct.

CEO Salim Majid Zain said the online channel allows customers to instantly get quotes via an innovative underwriting system, purchase takaful protection and receive immediate coverage.

“We are now gearing up to undertake Malaysia’s first-ever online takaful protection that covers a family under one plan. We want to have 15% of the market share in five years from the company’s overall distribution, online, agency and partnership,” he said in a statement at the launching event yesterday.

FWD Protect Direct has a unique single-certificate plan with four plan options including individual, couple, family (up to two children) and single parent (up to two children).

A single-certificate plan saves customers the hassle of having to manage multiple takaful certificates and is available for as low as RM0.40 per day for an individual plan, whereas the family plan is RM1.20 per day. The contribution is level throughout the term of the certificate, so customers do not have to manage increasing contribution as they grow older.

Salim Majid said the company is looking forward to offering the online takaful plan in the early stage of its digitalisation journey.

“It took us three months to develop this product online at a low price point, so we hope it will be accessible and affordable to Malaysians across the country. We are committed to foster digitally-enabled relationships with customers through a digital distribution approach, which is now our third distribution channel in addition to our agency channel — that was launched two months ago — and bancatakaful partnership,” he said.

It also provides a waiver of future contributions should the certificate owner pass on, ensuring continuous protection for the rest of the family.

FDW Takaful chief strategy and digital distribution officer Wan Ahmad Najib Wan Ahmad Lotfi said there will be an increase in penetration by providing this product.

“We provide death coverage because it’s important for any family to be able to cover anything they have left such as debts,” he said in a statement.

Similar to other FWD Takaful offerings, it will 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. The online channel enables customers to manage their takaful certificates at their convenience for seamless customer journey as it ensures an easy user experience across all platforms.

The channel has an intuitive user interface based on responsive design supported by help texts, underpinned by FWD Takaful’s easy to understand and simple language. Customers can start their protection within 24 hours upon completing their application, and certificates are delivered directly via email.

FWD Takaful will be launching two more product plans focusing on critical illness (cancer) and hospital benefits by the end of the year.

The company is also collaborating with digital health technology company Walnut Wellness to launched FWD Hero Sihat, a health engagement tool that provides users with free consultation on health and wellness through WhatsApp.

Walnut Wellness uses their own locally developed chatbot answered by professional health experts to instantly address health and wellness queries.

Since FWD Takaful launched in July of this year, the group is currently ranked 11th among the 12 insurance companies in Malaysia. With the long-term growth potential of Islamic finance in Malaysia, the company aims to have 600 agents before the end of the year.

Source The Malaysian Reserve