Berjaya Sompo Insurance, a leading Malaysian general insurance provider, has achieved RM1 billion in gross written premiums (GWP) for the fiscal year of 2022.
The firm’s CEO, Tan Sek Kee, said that the achievement is testament to the insurer’s commitment to its mission of making insurance easier for its customers.
“Reaching RM1 billion in gross written premium demonstrates Berjaya Sompo’s commitment to our customers and their evolving needs. We remain focused on driving innovation, leveraging technology, and continuously improving our processes to deliver the best possible insurance solutions,” he said in a news release from The Sun Daily.
The milestone has been attributed to a range of strategic initiatives driven by innovation, customer-centricity, and continuous improvement – combined, these have propelled Berjaya Sompo’s growth to bolster its position in the market, the company said.
As is with other emerging insurance sectors in Southeast Asia, digitalized processes and propositions were at the heart of Berjaya Sompo’s RM1 billion mark. Sompo’s MotorSafe, TravelSafe, and Motorcycle insurance offerings have been named instrumental in expanding the firm’s customer base and capturing new market segments. In addition, the recent launch of the MySOMPO mobile app provided a user-friendly platform for policyholders to request assistance in the event of a vehicle breakdown, accidents, or to submit claims.
The insurer also has bancassurance deals in place to further its ESG aspirations. A partnership with CIMB Bank offers the first-in-market complimentary EV coverage, available for both new and used EVs up to eight years old.
Elsewhere in the country, RAM Rating has maintained its “stable” outlook for the Malaysia insurance and takaful sectors this year, with expectations that it will stay resilient in the face of market volatilities, a changing insurance landscape, and the normalisation of claims trending back to pre-pandemic levels.
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