iBanding Services recently awarded Syarikat Takaful Malaysia and Allianz Malaysia for the Best Motor Takaful Company and Best Motor Insurance Company in 2016 respectively. The awards were based on the results of a study conducted by iBanding, which ranked insurance companies in Malaysia on actual feedback from Malaysian motor vehicle drivers.
The study revealed that Syarikat Takaful Malaysia customers are the most satisfied with their insurance services and recommend the motor insurance company to their family and friends more often than other companies. Takaful insurance holders quoted price, quality of service and policy benefits as the top three reasons why an insurance company is preferred.
The iBanding Motor Insurance Awards
iBanding’s recognition of Syarikat Takaful Malaysia and Allianz Malaysia as the best motor insurance providers in 2016 is not like any other award within the industry. Besides providing valuable insights from its annual study, iBanding’s yearly ranking of motor insurance companies for both Conventional and Takaful motor insurance provides consumers with the knowledge and confidence to choose the best insurance company that is right for them.
Luke Roho, Co-Founder of iBanding elaborates, “For the past 30 years, Malaysians do not feel that it was necessary to shop around to compare different motor insurance policies. This was because motor insurance prices have been regulated by a tariff structure, which is set by Bank Negara Malaysia. This will change with the introduction of Motor Detariffication in July this year. With the implementation of Motor Detariffication, motor insurance prices are no longer regulated.
This means that insurance companies will be able to set their own prices and offer a variety of differently priced services to consumers. However, lower price does not mean that the service offered is better. Our motor insurance ranking and insurance award will help consumers decide what company is best for them based on price and service quality. Ideally, consumers want to buy insurance with the best service and lowest price.
Roho added that consumers will have to be ready for the changes that follow Motor Detariffication, “After detariffication is implemented, consumers may find buying motor insurance to be a bit more complicated. This is because insurance companies or agents will now ask a lot more questions. This additional information will help insurance companies decide if you are a safe driver or a risky driver, which will ultimately affect the price of the insurance plan.
If the insurance company decides that you’re more of a risky driver than a safe one, the price of your insurance will be higher. This means that two individuals purchasing the same car model may have to pay different insurance prices based on various considerations like occupation and traffic violations. With so many options to consider, it can be overwhelming especially for first time buyers. iBanding helps consumers select the right company through its annual Motor Insurance Award.”
How The Survey Was Conducted
The Study is based on the Net Promoter Score (NPS) methodology, which closely examines customer satisfaction. iBanding’s Study also uses statistical methods and fraud detection parameters to ensure unbiased results.
From 4,000 unsolicited responses received nationwide in 2016, 2,600 responses were accepted, with Syarikat Takaful Malaysia scoring the highest for Islamic Insurance or more often called Takaful, and Allianz Malaysia for Conventional Insurance.