Sunday, February 24, 2013

Takaful Ikhlas group health policy said to be on track to boost earnings

By Kamalavacini Ramanathan

Shariah-based financial protection provider, Takaful Ikhlas Sdn Bhd, has recorded RM12.16 million in contribution as of January 2013 from its very first kind of customised group hospitalisation and surgical product, “ChoicePlus” introduced in September last year.

Takaful Ikhlas chairman Sharkawi Alis said to date, ChoicePlus has more than 21,000 policy holders from about 57 corporations.

“We anticipate to achieve RM66.5 million annual contribution from ChoicePlus with the participation of more than 70,000 members and 200 companies,” he said at the launch of the product in Kuala Lumpur yesterday.

ChoicePlus is a medical aid card targeting all employers, not individuals, in Malaysia up to 75 years old for the purpose of looking after their employees’ health and welfare.

“We believe that ChoicePlus is capable of increasing our company’s contribution to earnings. At present we are on track and we believe we can achieve the target as the demand is already there,” he added.

Meanwhile, president and chief executive officer Ab Latiff Abu Bakar said apart from providing medical solutions, ChoicePlus takes a step higher to educate the participants on wellness management by conducting healthcare or wellness programmes.

Supported by the medical advisory board (MAB), he said it has a team of specialists both in-house and from the medical industry to conduct the wellness programme including day-care facilities.

“Any company with more than 10 employees may take up ChoicePlus and it is an extended healthcare policy to their (policy holder’s) spouse and children.

“We also view the importance of this product to be in line with current needs, as through ChoicePlus we also help companies to control their medical costs,” he said.

He said through its hospital health product segment, the company recorded contributions of more than RM50 million last year involving 154 companies. He also said that Takaful Ikhlas has plans in the pipeline to introduce a few more new health products for individuals this year.

“It is similar to ChoicePlus but it’ll be more focused on medical coverage for the individuals,” he said, adding that the company also plans to launch a new investment-linked product in the first-quarter of 2013.

Established in 2003, Takaful Ikhlas is a wholly-owned subsidiary of MNRB Holdings Bhd and has attracted 1.8 million participants comprising individuals and companies.

[The Malaysian Reserve, Feb 22, 2013]