TAHAN Insurance Bhd said it wants to reduce its dependence on the motor
insurance business while increasing its non-motor portfolio within the
next three years.
The insurance company’s non-motor business currently makes up 35
per cent of its total underwriting portfolio and the company is planning
to raise this to 50 per cent.
Tahan’s plans include underwriting more marine cargo, healthcare
and foreign workers’ insurance.
The company will begin educating and training its 3,000 strong agency
force to familiarise themselves with non-motor policies such as personal
accidents, fire and burglary.
Currently, motor insurance accounted for the bulk or 65 per cent of Tahan’s
premiums written last year followed by miscellaneous (21 per cent), fire
(11 per cent) and marine cargo (3 per cent).
“In five years, we target the marine cargo business to account
for 10 per cent of our portfolio,” said Tahan’s chief operating
officer, general insurance division Chong Wai Hong after launching its
latest initiative, e-cargo Insurance.
In the immediate term, Chong said, Tahan is expecting to double its marine
cargo contribution from RM3 million this year to RM6 million next year.
Currently, Tahan’s marine cargo business accounts for about 1 per
cent of the industry’s RM375 million premium.
e-cargo Insurance is a collaboration with Dagang Net Technologies Sdn
Bhd to help facilitate the purchase of marine cargo insurance online.
Chong said e-cargo Insurance should be successful in raking in RM3 million
premiums in its first year and will pave the way for the company to sell
its existing products online beginning with fire insurance next year.
The exclusive partnership will see Tahan offer the latest solution integrated
with customs cargo clearance, the first in marine insurance here.
“We plan to tap on Dagang Net’s 3,000 data base members that
uses its electronic custom clearance services,” said Chong, adding
that clients that Tahan has more than 1,000 existing customers that transact
marine cargo conventionally.
First phase of the service started yesterday with issuance of individual
shipment followed by phase two’s issuance of marine cargo policy
and certificates next month and lastly online payment in the second quarter
in 2006.
Tahan will spend RM1.5 million to launch the full service.
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