Fusionex creates innovative portal for Takaful Malaysia

KUALA LUMPUR, March 12 (Bernama) -- Fusionex, a multi-award-winnning technology provider specialising in analytics, big data, machine learning and artificial intelligence, has started a digital insurance initiative for takaful insurance company, Syarikat Takaful Malaysia Bhd (STMB).

Takaful Malaysia´s online sales portal 'Click for Cover' has signalled the digital transformation of its business processes with Fusionex technology.

It was launched by Second Finance Minister, Datuk Seri Johari Abdul Ghani, marking the beginning of a seamless customer experience in purchasing and renewing insurance policies online via data-centric approach.

Leveraging Fusionex technology, Takaful Malaysia´s digital insurance initiative is able to help customers process their applications, issue quotations, perform underwriting, and send cover notes and e-documents via a customer-focused and seamless online platform.

The platform has the ability to understand each customer in a more personalised way, which is in line with STMB´s strategy of reaching out to its prospects and customers anywhere, anytime and anyhow.

The 'Click for Cover' portal also has the ability to introduce newer products and targeted features that the customers will find more useful and relevant to their specific needs.

Currently, offering motor, personal accident (PA) and medical products, the portal has the first fully integrated medical underwriting engine online in Malaysia where rating decisions will be generated online.

More products such as term life, critical illness and travel PA takaful will be made available later this year.

"Today´s launch of Takaful Malaysia´s digital strategy is very much in line with the overall digital strategy outlined by the government in growing the digital economy," said Johari at the launch.

Meanwhile, Fusionex Group chief executive officer, Datuk Seri Ivan Teh said Fusionex was delighted to be a key partner in Takaful Malaysia´s exciting digital transformation journey.

"We are confident that this initial success will lead to many more success stories with Takaful Malaysia," he added.

The launch also witnessed the signing of a memorandum of agreement between Fusionex and STMB, as well as signings between STMB and Remark, a digital marketing company.

Collaboration agreements for online distribution with Lembaga Tabung Haji (TH) and Bank Islam (BIMB) were also signed to introduce online STMB products to depositors of TH and customers of BIMB.