Introducing iBanding’s Motor Insurance Award 2017

search for the best Motor and Takaful Insurance Company in Malaysia for 2017

Welcome to iBanding’s Motor Insurance Award (MIA) 2017

The Motor Insurance Award (MIA) campaign organized by iBanding is an annually held program that takes place during the last quarter of the year. The objective of the award is to provide the Malaysian consumer with a clear and transparent insight about the local motor insurance industry.

Every year, iBanding carries out a survey to gain actual feedback from the Malaysian car owners on how satisfied they are with their motor insurance. In an online survey, we ask several questions to then calculate a satisfaction score for each insurance company. One questions is the Net Promoter Score (NPS) question to gauge the customer’s loyalty toward an insurance company. Based on the results, we create a rank for motor insurance and Takaful companies that we then share for free with the public.

The top companies in Conventional Insurance and Takaful are awarded the prestigious Motor Insurance Award (MIA) 2017 to celebrate the best companies in Malaysia. Last year Syarikat Takaful Malaysia and Allianz were Malaysia’s best Takaful and insurance companies in Malaysia. Find out more in our  2016 Motor Insurance Award (MIA) announcement.

Why is MIA important to the consumer?

iBanding’s Motor Insurance Award (MIA) is important to help Malaysian’s find the best motor insurance, because prices will be different for each company. In July 2017, the local motor insurance industry had gone through a significant change and will never be the same again. This transformation is brought by the implementation of the Liberalisation of Motor Insurance aka Motor Detariffication. With Motor Detariffication, motor insurance prices are no longer controlled by Bank Negara Malaysia. This allows insurance providers to set their own prices for motor insurance.

How does Detariffication change insurance? Varying prices.

Compare it with gas prices in Malaysia: No matter what gas station you go to, Petronas or Shell, the gas price is the same per litre. This is when the prices are controlled by the government and this is how motor insurance used to be. If Detariffication would happen to gas prices, then each gas station would be able to set their own prices. Now instead of going to any gas station, you would want to see which of the gas stations offer the lowest price. Now imagine that the quality of gas is also different for each station. So now, you not only want to find the cheapest gas station, but you also want to make sure that the quality of gas is good and does not damage your car. This is what is happening with insurance. After Detariffication, insurance and takaful companies can not only set their own prices, but can also offer motor insurance products and service. So knowing, which insurance and takaful company is the best in Malaysia, helps you decide if it is worth paying the price.

How does MIA help the consumer?

MIA helps customer decide from which insurance/takaful company to buy their motor insurance. Malaysia has 27 companies from which you can buy motor insurance. With Motor Detariffication each company can now have their own price for insurance. But not every insurance /takaful company provides the same quality of service. iBanding’s Motor Insurance/Takaful ranking shows which company Malaysian believe provide excellent service and which company provide bad service.

Think of it as Booking.com or Tripadvisor.com for Motor Insurance, but instead of a hotel for your vacation you look for motor insurance.

Screenshot: Tripadvisor allows you to compare prices and reviews of hotels in Tokyo

Besides the price of the hotel, you can see what other travelers who stayed at the same hotel have experienced and how they rate the service. In the above example “Courtyard Tokyo Ginza Hotel” cost RM 1,408 per night, but the reviews for the “Royal Park Hotel The Shiodome” is higher at a much lower price. This ranking helps you make a decision in selecting the right hotel. iBanding’s insurance/takaful company ranking helps Malaysian’s make a decision on their motor insurance/takaful.

Help us find the Best Motor Insurance and Takaful company in Malaysia!

Here’s your chance to make a difference! The more feedback we receive from the public, the more accurate will be the findings and the better it can help . So we urge YOU to participate in this year’s Motor Insurance Survey to find the Best Motor Insurance and Takaful Company. All you need to do is answer a few questions. And the best part is, you might even win a few great prizes, including an iPhone 8.

 

Main prize iPhone 8 by iBanding - Giveaway

Stand a chance to win an iPhone 8 by participating in the survey