KUALA LUMPUR: MCIS Insurance Berhad (MCIS Life) has reaffirmed its long-term commitment to sustainable growth, inclusive protection and operational excellence following a year of transformation that tested the resilience of Malaysia’s insurance sector.
Its Chief Executive Officer Prasheem Seebran said that MCIS Life’s strategic transformation remained anchored in its core purpose: Protecting lives, creating enduring value and serving communities with empathy and innovation.
“2024 was a defining year for MCIS Life. It was a year that brought out the best in us while reaffirming our values, strengthening our sense of purpose and sharpening our strategic focus. We responded with agility, discipline and an unwavering drive to innovate and create meaningful impact,” said Prasheem.
“Through disciplined execution and innovation, we emerged stronger and better positioned to deliver sustainable value for our policyholders, partners and shareholders,” added Prasheem.
Despite global economic uncertainties and escalating healthcare costs that placed pressure across the industry, MCIS Life delivered a solid performance in 2024 while laying critical foundations for future growth.
The company reported a 13.7% increase in Annual Premium Equivalent (APE) to RM219.7 million, and a 5.9% year-on-year growth in Gross Written Premiums to RM767.1 million. These positive developments were driven by strong contributions from both agency and group distribution channels.
This was despite surging medical claims due to rising healthcare costs. In response, MCIS Life is implementing a structured medical insurance management strategy in 2025 to ensure product affordability and long-term viability, while complying with regulatory guidance and maintaining a customer-first approach.
Other key transformation initiatives undertaken by the company included expanding and diversifying its agency force, with 610 new agents onboarded during its latest financial year.
“MCIS Life also invested strategically in enhanced training, productivity tools and structured incentive programmes aimed at improving agent activation, persistency and performance across new and existing markets,” said Prasheem.
To further boost operational efficiency and customer service, MCIS Life is busy rolling out a new Policy Administration System (PAS) for the Group and Affinity business. This platform will improve scalability, reduce complexity and enhance turnaround times particularly for high-volume corporate clients in the Employee Benefits segment.
“Our enhanced use of data-driven insights allowed us to manage risk more effectively, tailor our offerings to evolving customer needs and deliver more personalised engagement. This has set the stage for a more agile and digitally empowered future,” he said.
In parallel, MCIS Life is also strengthening its environmental, social and governance (ESG) efforts. Its flagship Purple Truck initiative, in collaboration with the National Cancer Society Malaysia, provided preventive screenings and free HPV vaccinations to over 22,000 Malaysians in 2024. The solar-powered mobile health unit was upgraded with enhanced accessibility features to reach underserved communities more effectively.
The MCIS Life Legacy Forest initiative also expanded, with native tree plantings contributing to biodiversity and carbon offsetting as part of the company’s 2050 net-zero commitment.
“ESG principles are now fully integrated into MCIS Life’s investment strategy, helping align financial performance with long-term societal impact,” said Prasheem.
Looking ahead, he said: “MCIS Life is constantly building a stronger, more inclusive and digitally agile business, one that places people and purpose at the centre of everything that we do.”
“With the strength of our people, the trust of our partners and the clarity of our long-term vision, we are confident in our ability to deliver value that is sustainable, impactful and future ready.”
Source: MCIS Life
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