RHB Insurance targets RM5m premium with new mobile app

RHB Insurance targets RM5m premium with new mobile app
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KUALA LUMPUR (June 5): RHB Insurance Bhd, which provides general insurance for retail and corporate customers, is banking on its newly launched mobile app to get gross written premium (GWP) of RM5 million from new policy holders over the next 12 months.

“Our [long term] target is to generate 10% of our GWP from the digital channel in three to five years. “In the first year, we don’t expect it to generate that figure (10%), [but] are looking at about RM5 million premium from 10,000 policy holders who buy the insurance," said RHB Insurance managing director-cum-chief executive officer Kong Shu Yin.

“As people become more aware [of the app] and we add more features to it, we expect customers' pick-up rate will go up exponentially in three to five years,” he told reporters after launching the app today.

For the fourth quarter ended Dec 31, 2017, motor insurance remained the company's largest contributor, delivering 33% of its total GWP.

Kong said the RHB Insurance Mobile App is a simple, fast and seamless way to purchase motor insurance policy and renew road tax with a single end-to-end mobile-enabled application. The app, which cost less than RM1 million to be developed, also allows customers to access round-the-clock auto assistance.

Kong is confident the RHB Insurance Mobile App will be a catalyst in transforming the way customers purchase and monitor their insurance and road tax renewal.

RHB Insurance also launched its “Dah Cover Campaign” today to encourage Malaysians to obtain personal accident and travel insurance coverage, while travelling across Malaysia. During the campaign period that runs till Sept 4, customers can get a 40% discount on such insurance coverage.

RHB Insurance is the 10th largest insurer in Malaysia with 4.3% market share for gross direct premium and ranks Top 10 insurers for fire and Top 5 insurer for medical and health coverage.