Motor Insurance and Takaful Award 2021/22

  • Motor Insurance and Takaful Award 2021/22

Malaysian Car Insurance and Takaful Award 

Best in Malaysia

2021/22

Winners have been independently selected by over 5,000 survey responses

What is the Motor Insurance/Takaful Award ?

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.
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.

This year’s survey was conducted online from November 2020 to March 2021, and over 5,000 Malaysians participated in the survey. However, we deeply regret to inform that we have decided on not having a physical award ceremony. This is mainly due to how COVID-19 has impacted our lives. Most organisations are now reducing physical meetings to avoid spreading the virus. Due to this, we at iBanding have also decided not to have a physical award ceremony. However, the award still remains important to show how companies have handled car insurance/takaful especially during COVID-19.

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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Past Winners of the Motor Insurance & Takaful Survey

Suhasri Ismail

He was our winner with the most tickets securing over 1,000 tickets to his name by simply sharing away his special link to friends and family. We are happy to announce that he has successfully received his iPhone via post to his residence. Suhasri expressed his deepest appreciation for the prize and was truly happy with his brand new iPhone.

Zubaida Yusoff

She was our second winner for the lucky draw who was randomly selected by generating a random ticket number. We are also proud to announce that she has successfully received her iPhone. Zubaida personally messaged and thanked us for the prize and was truly happy with her brand new iPhone as well.

Malaysian Motor Insurance Award

Winner and Rank #1: 

Etiqa General Insurance

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Runner-Up: 

Tokio Marine Insurans

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Message From CEO Of Etiqa General Insurance Berhad

“We are truly honoured to be named as the Best Motor Insurance Provider for 2021/22. This signifies the confidence and the high regard the public has towards us.  We will continue to offer exceptional services to our customers based on our organizational culture of being Fast & Easy while giving the Best Advice whether it is to purchase, submit claims or receive payouts. Etiqa will continue to innovate more people-oriented products that meets the customers’ needs, such as the Drive Less Save More add-on that was launched recently.  Drive Less Save More is a sustainability inspired optional add-on that offers Etiqa customers cash rebates off their premiums or contributions based on their vehicle mileage clocked.”

Fukhairudin Mohd Yusof, CEO of Etiqa General Insurance Berhad (EGIB)

Malaysian Motor Takaful Award

Winner and Rank #1: 

Syarikat Takaful Malaysia

Runner-Up : 

Etiqa General Takaful

etiqa takaful
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Message From Group CEO Of Syarikat Takaful Malaysia Keluarga Berhad

“We are truly honored to be recognized once again by Malaysians as the Best Motor Takaful Company in Malaysia for 2021/22. This recognition is a testament to the great benefits and undeniable value consistently provided to our motor takaful customers, which further reflects consumer agreement on our brand and motor takaful products as we strive to offer competitive protection solutions to meet consumer expectations.”

Dato’ Sri Mohamed Hassan Kamil, Group CEO of Syarikat Takaful Malaysia Keluarga 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 5,000 Malaysian in our annual motor insurance survey.

Best Motor Insurance Malaysia 2021/22

  1. Etiqa Insurance – 81 points

  2. Tokio Marine – 80 points

  3. AmGeneral & Kurnia – 79 points

  4. Pacific & Orient – 77 points

  5. Great Eastern General – 75 points

  6. Berjaya Sompo – 75 points

  7. AIG Malaysia – 73 points

  8. AXA Affin – 72 points

  9. Allianz Malaysia- 72 points

  10. Lonpac – 71 points

  11. MSIG – 70 points

  12. RHB – 67 points

  13. Liberty – 66 points

  14. Zurich Malaysia – 65 points

  15. Tune – 63 points

  16. MPI Generali – 60 points

  17. Pacific Insurance – 57 points

Best Motor Takaful Malaysia 2021/22

  1. Syarikat Takaful Malaysia – 82 points

  2. Etiqa Takaful – 81 points

  3. Takaful Ikhlas – 77 points

  4. 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 5,000 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.

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About iBanding

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.

Past Award Winners

2019/2020 Motor Insurance and Takaful Ranking  

Best Motor Insurance Malaysia 2019/20

  1. Tokio Marine

  2. Etiqa General

  3. AXA Affin General

  4. Allianz Malaysia

  5. MSIG

  6. AmGeneral & Kurnia

  7. MPI Generali

  8. Great Eastern General

  9. Tune Insurance

  10. Zurich General Insurance

  11. Pacific Insurance

  12. Lonpac

  13. RHB Insurance

  14. AIG Malaysia

  15. Chubb

  16. Berjaya Sompo

  17. Liberty Insurance

  18. Pacific & Orient

Best Car Takaful Malaysia 2019/20

  1. Etiqa Takaful

  2. Syarikat Takaful Malaysia

  3. Takaful Ikhlas

  4. Zurich Takaful

2017/2018 Motor Insurance and Takaful Ranking  

Best Motor Insurance Malaysia 2017/2018

  1. Etiqa General

  2. Allianz

  3. MPI Generali

  4. Tokio Marine

  5. MSIG

  6. Liberty Insurance

  7. AXA Affin General

  8. AMGeneral & Kurnia

  9. AIG Malaysia

  10. Lonpac

  11. Zurich General Insurance

  12. Berjaya Sompo

  13. Great Eastern General

  14. RHB Insurance

  15. Tune Insurance

  16. Pacific Insurance

  17. Pacific & Orient

Best Motor Takaful Malaysia 2017/2018

  1. Syarikat Takaful Malaysia

  2. Etiqa Takaful

  3. Takaful Ikhlas

  4. Zurich Takaful

2016/2017 Motor Insurance and Takaful Ranking

Best Motor Insurance Malaysia 2016/2017

  1. Allianz General Insurance

  2. Etiqa

  3. AXA Affin

  4. AmGeneral & Kurnia

  5. MSIG Insurance (Malaysia)

  6. AIA

  7. Zurich Insurance Malaysia

  8. RHB Insurance

  9. Lonpac

  10. AIG Malaysia

  11. Tokio Marine

  12. Berjaya Sompo

  13. Liberty, formerly Uni.Asia

  14. Chubb, formerly known ACE Jerneh

  15. Pacific Insurance, formarly MCIS

  16. Pacific & Orient

Best Motor Takaful Malaysia 2016/2017

  1. Syarikat Takaful Malaysia

  2. Etiqa Takaful

  3. Takaful Ikhlas

  4. Zurich Takaful, formerly known MAA Takaful