Which are the Best Motor Insurance and Takaful Companies in Malaysia?
The Motor Insurance and Takaful Award was established in 2016 and is Asia’s first independent motor insurance and takaful awards based on customer feedback.
The goal of the awards is to help Malaysian consumers to better compare insurance companies, by providing transparent and neutral detailed information on the best motor companies in Malaysia. This year’s survey was conducted online from November 2018 to March 2019, and over 10,000 Malaysians participated in the survey.
Many times awards are given out to companies because they have paid for the top position or a group of people in a jury or panel selected the winners. With people involved in the decision process, you cannot be sure that the results are neutral. iBanding’s ranking and selection of winners use actual customer reviews and a complex statistical model to provide neutral, unbiased results. This best reflects what Malaysian consumers believe about the service level of a company. It works like websites such as Booking.com or TripAdvisor, but instead of hotels, we provide insights into Malaysian insurance and takaful companies.
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Malaysian Motor Insurance Award
Winner and Rank #1:
Tokio Marine Insurans
Runner-Up:
Etiqa General Insurance
Award presentation to Ng Hang Ming, CEO of Tokio Marine Insurans (Malaysia) Berhad
Left: Ng Hang Ming, CEO of Tokio Marine Insurans (Malaysia) Berhad
Right: Meng Chau Chia, CEO iBanding
“We are truly delighted to be voted by independent consumers as the winner of the 2019 Motor Insurance Award for our effort in providing quality motor insurance coverage to the Malaysian market. This is in line with our Group’s long-term vision and corporate philosophy in striving To Be a Good Company. TMIM is committed to always improve and strive to provide the best for our customers.”
Ng Hang Ming, CEO of Tokio Marine Insurans (Malaysia) Berhad (TMIM)
Malaysian Motor Takaful Award
Winner and Rank #1:
Etiqa General Takaful
Runner-Up:
Syarikat Takaful Malaysia
Award presentation to Zaharudin Daud, CEO Etiqa General Takaful Berhad
Left: Zafri Ab Halim, CEO Etiqa Family Takaful Berhad
Center: Meng Chau Chia, CEO iBanding
Right: Zaharudin Daud, CEO, Etiqa General Takaful Berhad
“We are honoured that, once again, Malaysians have chosen us as their preferred motor takaful provider. It is a fitting testament to Etiqa, and how a customer’s experience with us is fast and easy, whether it’s to make purchases, submit claims when receiving payouts or other services.”
Zaharudin Daud, CEO Etiqa General Takaful Berhad
Ranking of Malaysian Companies
Malaysia has over 20+ conventional insurance companies and 4 Takaful companies that sell motor insurance. It can be difficult to find the right company that fits you the best. iBanding’s Annual Ranking helps you compare how the companies have been voted by over 10,000 Malaysian in our annual motor insurance survey.
Best Motor Insurance Malaysia 2019
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Tokio Marine – 84 points
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Etiqa General – 83 points
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AXA Affin General – 81 points
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Allianz Malaysia – 80 points
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MSIG – 80 points
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AmGeneral & Kurnia – 77 points
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MPI Generali – 76 points
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Great Eastern General – 73 points
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Tune Insurance – 72 points
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Zurich General Insurance – 72 points
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Pacific Insurance – 70 points
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Lonpac – 70 points
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RHB Insurance – 70 points
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AIG Malaysia – 69 points
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Chubb – 68 points
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Berjaya Sompo – 68 points
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Liberty Insurance – 68 points
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Pacific & Orient – 49 points
Best Car Takaful Malaysia 2019
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Etiqa Takaful – 89 points
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Syarikat Takaful Malaysia – 87 points
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Takaful Ikhlas – 81 points
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Zurich Takaful – 71 points
What is iBanding’s Motor Insurance Award (MIA)?
The Motor Insurance Award (MIA) is an annual award organized by iBanding an independent insurance education website. The Award is given out to the Best Motor Insurance and Takaful companies voted by Malaysians.
Luke Roho, Director of ibanding.my, explains: “Our reports and rankings help Malaysians to understand better the quality of service that companies provide. In today’s age with so much information at our fingertips, it is not a secret anymore whether a company offers excellent or bad service. Malaysians freely write and share exceptional customer experience to help their friends and families to enjoy the same benefits. On the other hand, if they experience bad service, consumers are also quick to share it on social media to help others from making the same mistake. Our iBanding’s survey and model captures that experience independently and summarises it in a ranking so that every Malaysian can benefit from that information. “
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Why is the Motor Insurance and Takaful Award important? How does it help?
Since the start of the Motor Detariffication or also known as “Liberalization of the Motor Insurance Tariff”, insurance companies are allowed to set their own prices for their motor insurance products, unlike the previous system where all prices were controlled by Bank Negara. With more and more insurance companies starting to charge different prices for their products, it has become increasingly important for Malaysians to compare not only the price for their motor insurance policies but also the quality offered by different companies.
Everyone can check the prices for insurance online now. Over 10 companies offer online quotation. You can find the latest list of insurance here.
However it is difficult to compare the service quality between the insurance companies. iBanding conducts the Motor Insurance Survey every year identify how good the customer service and claims service levels are. The best company in each category conventional insurance and takaful are awarded with the Motor Insurance Award.
Our Motor Insurance Award is not a recommendation to buy. Instead, it offers a guidance on which insurance or takaful company has provided the best service to the Malaysian that participated in the survey. This year over 8,600 Malaysians participate.
How does the ranking work? How are the winners selected?
iBanding ranks the insurance and takaful companies on actual feedback from Malaysian motorists with valid motor insurance policies. The final score is calculated based on multiple factors, such as customer satisfaction, years with the insurance company and claims experience. The actual scoring model is not shared to avoid manipulation of the results. However, the model takes into account how much experience and touch points a customer has with their insurance company.
The Motor Insurance Survey is not paid or funded by any insurance or takaful company to ensure full independence, so that there is no conflict of interest.
Why are not all insurance companies listed?
The insurance survey was answered by over 8,600 participants, but not all insurance companies received enough response to give a fair judgement of their service and customer satisfaction level. Companies that did not reach the minimum number of responses are not listed.
Past Award Winners
Best Motor Insurance Malaysia 2017/2018
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Etiqa General
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Allianz
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MPI Generali
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Tokio Marine
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MSIG
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Liberty Insurance
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AXA Affin General
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AMGeneral & Kurnia
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AIG Malaysia
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Lonpac
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Zurich General Insurance
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Berjaya Sompo
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Great Eastern General
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RHB Insurance
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Tune Insurance
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Pacific Insurance
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Pacific & Orient
Best Motor Takaful Malaysia 2017/2018
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Syarikat Takaful Malaysia
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Etiqa Takaful
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Takaful Ikhlas
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Zurich Takaful
Best Motor Insurance Malaysia 2016/2017
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Allianz General Insurance
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Etiqa
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AXA Affin
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AmGeneral & Kurnia
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MSIG Insurance (Malaysia)
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AIA
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Zurich Insurance Malaysia
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RHB Insurance
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Lonpac
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AIG Malaysia
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Tokio Marine
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Berjaya Sompo
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Liberty, formerly Uni.Asia
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Chubb, formerly known ACE Jerneh
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Pacific Insurance, formarly MCIS
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Pacific & Orient
Best Motor Takaful Malaysia 2016/2017
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Syarikat Takaful Malaysia
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Etiqa Takaful
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Takaful Ikhlas
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Zurich Takaful, formerly known MAA Takaful