KUALA LUMPUR (July 14): Prudential BSN Takaful Bhd (PruBSN) has seen a 56% year-on-year growth in its New Business Annual Contribution Equivalent (ACE) to RM118.4 million for the first quarter of this year (1Q15).

ACE or Annual Premium Equivalent (APE) is a global standard for the measurement of new business performance of insurance and takaful companies.

In a statement released today, PruBSN said the growth was attributed to solid and consistent performance across its multi-channel platform, driven by the company’s technological advancement and customer-centric offerings.

This also means it has maintained its position as the leading family takaful operator in the country with a 39% market share, it said.

The takaful operator has been advancing its business through its mobile point-of-sales solution for its agents and distributors, and now offers three smartphone applications to customers.

PruBSN mobility has enabled customers to receive takaful coverage within a couple of minutes while the company’s e-credit solution for claim payments substantially reduces the time taken for customers who need their money the most.

PruBSN’s chief executive officer Aman Chowla said, “We will continue to harness the capability of our technology platform in a way that will genuinely benefit the customers and all of our stakeholders.”

He added that there is huge opportunity for the young takaful industry once consumers’ awareness of the need for financial protection increases.