Malaysia’s FWD Takaful continues its aggressive digital strategy, expanding its online product suite yet again.
The latest product is the FWD Big 3 Critical Illness, which covers against cancer, heart attack and stroke. Despite being the top three death causes in Malaysia, Malaysians are not sufficiently protected financially against these illnesses. According to FWD Takaful records, these three diseases account for 85% of critical illness claims in 2020.
It is also worth noting that out of all Takaful certificates issued online, only 6.15% were from the critical illness category, the Malaysian Takaful Association noted in its 2019 Annual Report.
“Sedentary lifestyles have exposed Malaysians to a higher risk of lifestyle diseases and chronic conditions. We created FWD Big 3 Critical Illness to help customers seek early treatment for a better chance of recovery and allow them to cope with unexpected changes in their life, both financially and emotionally,” explained Salim Majid Zain, FWD Takaful’s CEO.
The new product follows a string of digital product launches in 2020. While FWD Takaful maintains a physical operation, it has leveraged on digital opportunities to carve a niche for itself in the Malaysian Takaful market. Just last month, its sister company unveiled venture builder-like outfit to nurture Takatech and insurtech development in Malaysia.