MNRB Holdings Berhad secures award at Malaysia Technology Excellence Awards 2022
Malaysia-based investment holding company embraces digital transformation to connect their takaful services in their country.
At the recent Malaysia Technology Excellence Awards 2022, MNRB Holdings Berhad has emerged ahead of other industry players to win the Insurtech – Financial Technology award category through its sub-brand, GO by Takaful IKHLAS.
This win is a testimony to the Malaysia-based investment holding company’s quest to build a digital ecosystem to connect their takaful services in Malaysia.
The award was established to recognise exceptional companies who are riding the disruption wave and are leading the technological revolution and digital journeys of their respective industries to boost Malaysia’s fast-growing economy.
Inventing the GO Digital Ecosystem
The Digital and Innovation Team at MNRB Holdings Berhad launched GO by Takaful IKHLAS in 2021 to enable the introduction of new bionic agents and digitisation of products into the in-house built API based applications to further improve their offerings.
GO by Takaful IKHLAS was built as a sub-brand to serve agents, partners, and customers. It has five functions in mind: GO Partner to enable digital agents; GO Serve for online customer/agent services, including claims management and payout; GO Direct to select and purchase takaful certificates online; GO Connect, an open API platform for partner integration; and GO Financial, a bancatakaful sales and support platform.
The company’s strategy behind these said products revolves around three pillars: inclusion, digitisation, and services.
With inclusion, MNRB Holdings Berhad noticed that most innovations in insurtech were targeted towards customer-facing solutions such as financial aggregators, direct purchase channels, digitised claims. Few solutions catered to developing solutions for bancatakaful and agency channels for fear of the intermediary market being overtaken by new players. This left out opportunities in the short-to-medium term for growth in the largest revenue driver for the core business. Bancatakaful partners can appreciate MNRB’s commitment to renewed partnership efforts in driving a new financial future with them.
The second pillar focuses on successfully integrating new digital functions within an established system. Building up capacity and trust, the company eventually develop internal evangelists and external early adopters. By championing the community, their further developments can be built on and accelerated, with an aim to grow the functions as a strong marketing tool for the overall business.
Lastly, on services, the company looked at the depth and capabilities expected by the customers of tomorrow. Initially, MNRB Holdings Berhad’s efforts were based on simple and established methods of connectivity, but it expanded its channel offerings to its customers with chatbot functionality. The improved capabilities will develop greater functions at lower costs to drive its customer demand and grow the business. This includes automated claims through machine vision, AI/ ML programs to optimise agents’ revenue and lead generation and blockchain capabilities for near immediate reconciliation between GO and their customers.
Digital is the Way To GO
Technologies will continue to power innovation by unlocking new opportunities and the benefits are here to stay. MNRB Holdings Berhad reveals that they will continue to develop better takaful experiences for agents, partners, and customers in Malaysia.