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.
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.
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.
“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)
“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
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.
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. “
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 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.
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.