KUALA LUMPUR – All member companies of Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA) assure consumers that the industry places great importance on overall customer experience which would inevitably include efficient complaints handling, said PIAM and MTA in a joint statement on June 25.
Consumer complaints are “opportunities” for the industry to improve products and services
Complaints received, particularly on Motor insurance/takaful being the largest industry sector, are vital for the industry to understand issues consumers are facing for improvement purposes.
“This will help our member companies in achieving greater customer satisfaction which is essential in building customer loyalty, retention, and advocacy,” they said.
Over the years, the industry has continuously taken steps to ensure that customer-centricity features prominently at every touch point from Motor policy/certificate inception to claims servicing. This is to ensure that the industry’s objective of meeting and increasingly exceeding customers’ expectations are met.
Customer complaints reducing the past 5 years
Statistics facilitated by Bank Negara Malaysia (BNM) and the Ombudsman for Financial Services (OFS) both show that despite increasing numbers of Motor policies/certificates issued, the number of complaints and disputes on Motor policies/certificates have been declining over the past 5 years i.e., from 2,159 complaint cases to 1,025 (reported to BNM1) and 446 dispute cases to 147 (lodged with OFS2).
Taken in context, the total number of complaints and disputes represented less than 0.006% and 0.001%
respectively of the total 18 million motor policies/certificates issued in 2020. In other words, for every million Motor policies/certificates issued, fewer than 57 complaints or 8 disputes resulted.