As competition heats up in the Malaysian Islamic insurance space, Takaful IKHLAS will be leveraging its latest partnership with CIMB Islamic to bolster its digital capabilities to gain market share.
The Takaful operator and the Islamic bank this month finalized a bancaTakaful agreement which will see the distribution of Shariah compliant general insurance schemes through both physical branch network as well as digital platforms, a collaboration expected to net in RM168 million (US$40.2 million) in General Takaful business over the next five years.
On the back of a 7% growth projection for the General Takaful sector, CIMB Islamic CEO Rafe Haneef confirmed that the bank will start offering Takaful products through its online platform, for the first time ever, by December 2019.
It doesn’t stop there, however. The bank will also be supporting Takaful IKHLAS in extending the insurer’s upcoming digital platform to promote Islamic insurance products online, including motor, travel PA and travel Hajj schemes.
“This digitalization initiative is also well aligned with one of the objectives of CIMB Group’s technology and data pivot – under its current mid-term growth plan, Forward23 – by providing its customers with cost-efficient and convenient access to more and more of its products through its one-stop digital banking platform,” the bank said.