KUALA LUMPUR: MCIS Insurance Berhad, more commonly referred to as ‘MCIS Life’, is actively redefining its internal culture and business strategies, aiming to establish new industry-wide benchmarks while demonstrating a profound commitment to progress and customer-centric solutions.
The Chief Executive Officer and Managing Director Prasheem Seebran said that nurturing a ‘culture of innovation’ within the company is essential to stay ahead of the competition. “This approach not only empowers employees and inspires creativity but also resonates positively across the entire MCIS Life ecosystem throughout the country,” said Prasheem.
This fresh cultural perspective has been manifested in several tangible ways.
Recognising the paradigm shifts caused by the pandemic, MCIS Life, under Prasheem’s guidance, has adopted policies that emphasise work-life balance, remote working capabilities and a strong focus on mental health.
“These policies not only aim to create a nurturing and balanced work environment but also align well with the brand’s promise of ‘people helping people’, nurturing a community where growth is most meaningful when achieved collectively,” said Prasheem.
“At MCIS Life, we take pride in our widespread network of dedicated agents strategically positioned throughout Malaysia, including the regions of Sabah and Sarawak. Our reach extends to serve a vibrant and diverse clientele, hailing from various socio-economic spheres, a testament to our inclusive approach in providing security and peace of mind.
“Furthermore, we have fostered robust partnerships with various premier insurance brokers, further amplifying our capability to deliver comprehensive and tailored solutions to every individual we serve,” he added.
“On the financing side, we have also established strategic alliances, including with non-bank financial services providers, further enhancing our capacity to offer flexible and customer-centric financial solutions that resonate with the dynamic needs of our diverse clientele.”
“Tailoring services to meet the unique needs of each customer segment, MCIS Life continues to foster trustworthy, caring, and respectful relationships.”
Despite the overall downturn in the insurance sector in 2022, with a noted decrease in the issuance of new policies in Malaysia according to a market research company, MCIS Life remains poised to carve out a significant market share.
According to a study by PWC, Malaysia’s Life Insurance and Family Takaful penetration rates stood at 54% in 2022 and 19% in 2021 respectively, a long way from the 75% target set by Bank Negara Malaysia in 2017.
Standing as a testament to its resilience and strength, MCIS Life has enjoyed a rich heritage dating back to 1954. Its affiliation with the Sanlam Group since 2014 and rebranding initiative in October 2019 have only enhanced its brand equity and credibility in the sector.
Hence, Prasheem sees opportunity for growth in steering MCIS Life to be at the forefront of this expansion. In an ambitious move to catalyse this growth, MCIS Life has introduced a series of significant launches.
The company has introduced the ‘SME Care+’ insurance scheme, an initiative designed to enhance employee benefits substantially and unveiled M-Fortune Link, a new investment-linked insurance plan and 2 medical riders, offering an affordable and comprehensive medical plan, which further solidifies MCIS Life’s commitment to safeguarding the well-being of Malaysians.
Looking ahead, Prasheem envisages a prosperous trajectory for the insurance industry, particularly as it adapts to the post-pandemic ‘new normal’.
“By sustaining a proactive feedback and improvement mechanism, and offering empathetic customer support, MCIS Life is not just preparing for a brighter future but actively crafting it,” he said.
With a robust foundation and an innovative approach at its helm, MCIS Life seems more primed than ever to navigate the evolving landscape.
Along this promising trajectory, the company steadfastly commits to fostering its ingrained ‘culture of innovation’ spearheaded by the CEO and Managing Director himself.
About MCIS Life
MCIS Insurance Berhad (MCIS Life) stands as a beacon of trust in Malaysia's life insurance landscape, proudly commemorating 70 years of service since its inception in 1954. Recognised and regulated by Bank Negara Malaysia, MCIS Life has upheld its reputation for delivering innovative, reliable, and tailor-made life insurance solutions that offer robust protection and peace of mind to its esteemed customers.
With a network of 16 strategically located branches nationwide, MCIS Life is primed to cater to the diverse insurance needs of Malaysians from all walks of life. Its relentless dedication to customer service, coupled with a broad spectrum of life insurance products, epitomises its commitment to safeguarding and securing the legacy of its customers and their families, today and for generations to come.
Since 2014, MCIS Life has been a proud member of the Sanlam Group, one of the world’s biggest internationally active insurance groups, adding to the strength and stability of the company. Sanlam is a pan-African financial services group listed on the Johannesburg, Namibian and A2X stock exchanges. Through its clusters: Life and Savings encompassing Retail Mass, Retail Affluent and Corporate business units; Sanlam Emerging Markets; Sanlam Investment Group; and Santam, the Group provides comprehensive and bespoke financial solutions to institutional clients and consumers across all market segments. Areas of expertise include life and general insurance, financial planning, retirement, investments, and wealth management. Established in 1918 as a life insurance company, Sanlam has evolved into the largest non-banking financial services group in Africa through its diversification strategy. For further information visit: www.sanlam.com
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This article is provided by AL-SGM Consulting
The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.
