The Malaysian Motor Insurance and Takaful Award was established in 2016 and is Asia’s first independent motor insurance and takaful awards based on customer feedback.
Every year iBanding conducts an online survey and asks actual Malaysian customers what they think of their current insurance and takaful company. The results are then published in the annual ranking of the companies. The best companies are awarded the Motor Insurance and Takaful Award. 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.
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.
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.
Roho, 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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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.
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.
The insurance survey was answered by 10,000+ 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.
Established in October 2016, iBanding comprises a team of members with over 15 years of experience in the insurance industry. iBanding, is an independent webpage that provides education about insurance and takaful. Here is a short clip of what iBanding does to help Malaysian customers.