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Extracts
from the address of the Chairman,
I am happy to note that since the official launching of our Buy Malaysian Campaign logo with the theme "Owned by Malaysians for Malaysian" by then the Deputy Minister of Finance, YB Dato Wong See Wah, the member companies have been actively using the logo in most of their publications. In particularly would like to highlight that we had been investing in the promotion of our Buy Malaysian logo on all our stationery, promotional and advertisement materials, especially the Teras Malaysia brochures, posters and billboards, the Sihat Malaysia posters, leaftets and billboards, our Marine Insurance publications in trade journals and our own NIAM Homepage. Our Buy Malaysian Campaign has clearly identified Malaysian Companies from the "others".
Teras Malaysia is a life insurance product that caters for the insurance needs for the middle and working class public and has now entered its second year since the launch. It is proud to announce to our member companies that Teras Malaysia has been well-accepted by the public and the eight participating companies achieved a sales record of 57,000 policies with an annualised premium of RM41.1 million for the 2 years period from 1 October 1998 to 30 September 2000. As part of the product advertising and promotional activities, we have held the two Super Bonanza Lucky Draw for agents. Sihat Malaysia The Sihat Malaysia product, offers 'cashless' hospital admission and discharge facilities, with comprehensive coverage of medical, hospital and surgical insurance benefits, has been long overdue. In the year 1999 and continuing in 2000, we heavily invested on the product promotion and advertising campaign through press, radio, tv and brochures. The same continues for this year, taking advantage of economies of scale by having 29 member companies sharing the advertising and promotional expenditure. To-date the total number of Sihat Malaysia cardholders has reached 223,444 and with total premium income of RM47 million which represents about 25% of the Hospital & Surgical market share. In addition to the
posters and sales brochures that have been developed in all four languages;
namely English, Bahasa Malaysia, Chinese and Tamil, NIAM has also produced
VCD and VHS multimedia presentation as marketing tools for our members. As you are aware, the EPF had proposed that in order to encourage the development of pension annuities business in Malaysia, EPF contributors are permitted to withdraw EPF balances to purchase pension annuity policies. By July 2000, NIAM had put in place a structure to assist member companies selected by EPF, to work together for their common good. Six NIAM member companies are involved. By working together we have progressed greatly. Total number of policies confirmed todate is 106,057 and with total single premium income of RM2.01 Billion. This joint effort in a common branding and advertisement campaign has boosted local life Insurance member companies greatly and has resulted in all 6 companies gaining significant market share. By the end of this year, that the 70:30 dominance of the Malaysian Life Insurance market share by Foreign companies will be reversed to 30:70. Seminars Over the years, NIAM has been focusing its attention on the development and improvement of professionalism, leadership and marketing skills of our Managers within the insurance industry. In the year 2000, despite the economic slowdown, we have successfully conducted a total of 8 seminars for middle and top management. For the programmes, we had a number of well-established and experienced speakers like Dr Palan, Mr Francis Seaw, Mr Simon Soh, Mr John Tan and Mark Loo. The above includes a Top Management seminar with Prof. Peter Sheldrake of Monash University. In view of favourable support and feedback from our member companies, we shall be continuing with our seminars and will be carrying out 8 programmes for this year.
NICS or the National Insurance Claims Society was sponsored and launched by NIAM on 15 December 1998. The Society is chaired by Mr Goh Ching On with support and assistance from his 12 Executive Committee Members. For the year 2000, NICS had organized 2 education and training programmes. There were the Marine Cargo by Ron Pereira from RMP Marine Service, Singapore and Stress Management talk by Dr Noordin Darus of NoordinDarus Consultancy. The NICS Executive Committee also had a Closed-Door dialogue with the Police pertaining to claims and loss for motor insurance. In particular, they have been conducting in educating our staff in fraud detection and their fraud alert activities. The voting membership of NICS comprises NIAM members companies, whilst associate members are individuals from the Claims Department of NIAM's member companies and members from the loss adjustment industry. During the year, NICS had also organized several luncheon meetings involving claims managers from our member companies with the objective of creating a better team spirit within the industry. Claims, as the single
largest cost component of our operations, should never be underestimated.
The development of a professional and highly competent claims management
industry is paramount for the long-term success of our industry. |
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