PETALING JAYA, Nov 25 (Bernama) -- Tahan Insurance Malaysia Bhd is
introducing the e-Cargo Insurance solution as part of its move to increase
the premium growth of its marine cargo insurance portfolio by six percent
next year.
For Tahan Insurance, the insurance arm of Idaman Unggul Bhd, the marine
cargo insurance business contributed RM3 million out of the total premium
portfolio of RM160 million last year.
Its chief operating officer of general insurance, Chong Wai Hong, said
Tahan Insurance believed that e-Cargo Insurance would provide a boost
in its pursuit to widen its marine cargo insurance business which currently
accounted for only one percent share of the market's RM357 million worth
of premiums.
"So far, we have a very small portfolio for our marine cargo business.
Our target is to capture at least 10 percent share of the overall market
within five years," he told reporters after the soft launch of the
first phase of e-Cargo Insurance here Friday.
Jointly developed with Dagang Net Technologies Sdn Bhd, e-Cargo Insurance
is designed to be a complete package for insurance application, quotation,
policy/certificate of insurance endorsement issuance and premium payment.
It drives the evolution of Internet-based real-time mechanism which assures
simplicity and efficiency with no membership fees or any monthly minimum
fee, according to Tahan Insurance.
The solution, which is integrated with Customs cargo clearance, is designed
to meet the insurance needs of importers, exporters, manufacturers, transportation
and logistics providers, financial agents, insurance brokers and financial
institutions.
Chong said the company has targeted to handle 200 online transactions
daily.
Phase one of e-Cargo Insurance is expected to be launched by Dec 1 this
year.
The second phase, involving the system for the application of open cover
policy and certificates, is targeted to be completed by the end of this
year.
Phase three, involving online payments, is due to be completed by the
second quarter of 2006.
Tahan Insurance will spend around RM1.5 million on the marine cargo insurance
system while Dagang Net will invest about RM20 million in the infrastructure
and another RM500,000 in the application of the system.
On the company's outlook, Chong said Tahan Insurance planned to diversify
its non-insurance motor business to include foreign workers, healthcare
and property insurance.
"Our plan is to greatly reduce our dependence on the motor insurance
business over the next two to three years from a mix of 65 percent motor
and 35 percent non-motor to a 49:51 percent shift within three years,"
he added.
Tahan Insurance, currently ranked ninth among the country's 26 insurance
companies by asset size, underwrites insurance business such as motor
vehicles, marine cargo and hull, hospitalisation and miscellaneous accident
as well as life insurance.
The company has more than five million customers.
Dagang Net Technologies, part of the Dagang Net group of companies, is
the country's leading e-commerce service provider with experience in managing
port, logistics and Customs-related e-transactions.
It owns and operates a national e-commerce trade and business exchange
that handles some 40 million electronic trade transactions and RM1.8 billion
Customs duty payments annually from more than 2,000 corporate customers.
-BERNAMA-
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