Prudential BSN Takaful Berhad recognised for COVID Management and Executive Leadership in the Life Insurance category
The leading family takaful operator in Malaysia goes above and beyond in mobilising its COVID-19 efforts through innovative and competitive product solutions, improved distribution, and customer experience whilst maintaining its competitive advantage to cope with the new normal
Prudential BSN Takaful (PruBSN) has received both the COVID Management Initiative of the Year and Executive of the Year – Life Insurance trophies at the recently concluded Singapore Business Review Management Excellence Awards 2021.
The awards programme recognise organisations from a wide range of industries in Malaysia including financial, IT, manufacturing, retail and more. The Executive of the Year award lauds innovative leaders whose ideas have driven their company’s growth, whilst the COVID Management Initiative of the Year recognises companies that have successfully implemented effective strategies despite an unprecedented industry downturn.
Under Chief Executive Officer, Wan Saifulrizal Wan Ismail’s exceptional leadership, the company continues to soar with their services and stellar product innovation. They successfully launched several innovative products that cater to the health and protection needs of Malaysians. The launch of PruBSN Anggun which provide female protection in all life stages was timely as the coverage is not limited to female prone illnesses but it also comes with mental health benefits and the first-in-market fertility treatment benefit via its Mom Care rider. Apart from that, PruBSN is committed to narrowing the protection gap among Malaysians. Earlier in May, in its mission to narrow the protection gap amongst Malaysians, BSN Takaful Sakinah was launched to provide an affordable coverage plan for the low-income community in Malaysia. Within four months, they acquired 97,000 new customers with RM6.2million of Annual Contribution Equivalent (ACE) in Q3 2021.
An outstanding chief executive not only drives profitability but ensures growth and customer satisfaction. “We are humbled to have achieved over 1.5 million customers over the past 15 years in the industry. With the support and trust given by our customers, our people and the agency force, we are able to move forward with various initiatives, service digitalisation and continue to help people get the most out of life. As the number 1 family takaful provider in Malaysia, we are committed to being part of our customers’ journey of life and turning their aspirations into reality,” said Wan Saifulrizal.
In meeting the challenges posed by the pandemic, PruBSN also formed an integrated and interdisciplinary Incident Management Team to provide guidance and lead efforts on COVID-19 related initiatives. Their strategy revolved around three pillars—ensuring the safety and wellness of their staff, supporting their customers and community, and providing continuous services to their customers and business partners.
Committed to supporting the needs of their employees for safety, stability and security in navigating the challenges of the new environment, the company provided additional laptops for seamless business operations; subsidised home office setup and internet data plan, distributed monthly allowances for essential workers and those requiring quarantine, and gave financial support for COVID-19 testing and vaccination.
Taking onboard employees’ feedback, they have also prioritised mental wellbeing by offering 24-hour Employee Assistance Program (EAP), wellness leave, monthly wellness webinars, and psychiatric and psychological treatment as part of their employee medical benefit.
As face-to-face meetings are difficult during the lockdown period, they also remain connected with their customers and business partners by providing them with virtual tools and digital offerings. Online capabilities were rolled out, from Takaful application submissions to certificate servicing, payment, and claims. The launch of the Remote Enrolment Option in March 2020 further enhanced these capabilities by facilitating new business whilst providing customers with ease of enrolment from the safety of their own homes.
For the customers, the company provided a relief program that allows certificate holders financially affected by the lockdown to apply for a 3-month grace period to pay their takaful contribution, during which they will be covered by their takaful certificate. They also offered COVID-19 hospitalisation assistance and post-vaccination coverage for customers with eligible medical plans, via reimbursement of medical expenses for medically necessary treatment for COVID-19 in a hospital.
Going further to serve underprivileged Malaysian communities especially during the pandemic era, their charitable arm, PruBSN Prihatin contributed a substantial amount to purchase rapid test kits, medical and personal protective equipment for the frontliners and patients in East Malaysia. Under the PruBSN Microtakaful Jariyah initiative, PruBSN distributed free Takaful coverage to over 78,000 impoverished families registered under the e-Kasih database, in collaboration with the Implementation Coordination Unit, Prime Minister’s Department (ICU JPM).
The organisation also continued to strive in providing holistic health and wealth management through its innovative digital solutions. The best example of this is the Pulse by Prudential, a health and wealth app powered by AI where it is designed to help people prevent, postpone, and protect against the onset of diseases. Launched in Malaysia in August 2019, Pulse is now available in 19 markets in Asia and Africa and has been downloaded more than 31 million times (as of Sep 2021).