Maybank unit eyes RM14mil premium from new product
Saturday August 9, 2008

KUALA LUMPUR: Malayan Banking Bhd's (Maybank) insurance and takaful arm, Etiqa, is eyeing RM14mil in premiums from its newly launched BizPac.

It hopes to achieve this by riding on the growing number of small and medium enterprises (SMEs) in the country.

“According to Ministry of International Trade and Industry, there are about 590,000 SMEs in Malaysia,'' said executive vice-president (enterprise corporate), Shahrul Azuan Mohamed, at the launch of BizPac yesterday.

“It is a big market that we want to tap together with Maybank and provide the necessary support to protect the businesses and interests of the SMEs.”

BizPac is a package for SMEs involved in the manufacturing industry. It is a financial solution designed to assist proprietors manage their business and be protected in the event of unfortunate incidents.

“We provide real-time response which allows proprietors to assess their premium upfront using a single-premium methodology (where premium is computed as a single sum and will result in less documentation).

“With this feature, it provides the convenience to proprietors as it gives instant information on their premium to assist and expedite their decision and the convenience of a single-proposal form for their various insurance classes,” he said. – Bernama

Source : http://biz.thestar.com.my/news/story.asp?file=/2008/8/9/business/22041930&sec=business