Insurance, Takaful Industry Record Improvement In Service Excellence In 2024

KUALA LUMPUR, Oct 2 (Bernama) -- The Malaysian insurance and takaful industry has recorded an improvement in service excellence, with the latest Customer Satisfaction Index (CSI) reaching a commendable 88 points in 2024.

This marked positive momentum, having risen steadily to 85 points in 2022 from 80 in 2018, is now at a new high, said Life Insurance Association of Malaysia (LIAM), Malaysian Takaful Association (MTA), and General Insurance Association of Malaysia (PIAM) in a joint statement today.

They said the upward trend reflects the industry’s consistent efforts to build public trust and confidence while enhancing the experiences, services, and support provided to policyholders nationwide.

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A key highlight of the customer satisfaction survey (CSS) 2024 was the rising satisfaction across the board, with 37 out of 48 participating insurance and takaful operators recording improved CSI scores, while the rest sustained their performance with only minor variations.

“This consistent progress highlights the industry’s collective commitment to customer-centric service and operational excellence,” the statement said. 

LIAM chief executive officer Mark O’Dell said the survey provided the life insurance industry invaluable insights. The data will  be used to address key areas and further enhance the customer experience.

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“This outstanding result is a collective achievement. It reflects the tireless efforts of every professional in the industry, from our dedicated agents on the ground to our service and claims teams.

“Our goal remains unchanged: to provide every Malaysian with financial security and peace of mind,” he added.

The survey also highlighted that 43 per cent of customers fell within the “vulnerable” category, comprising those with limited financial literacy, low savings, or high debt.

The statement said challenges remained for older customers, B40 groups, and those in East Malaysia in accessing digital platforms.

“To address these challenges, the industry has been proactively engaging with the Financial Education Network through nationwide financial literacy initiatives, particularly in underserved communities in developing multi-channel engagement strategies and plans to foster inclusivity and broaden access to essential protection,” the statement said.

MTA chief executive officer Mohd Radzuan Mohamed commented that the survey reaffirmed the shared mission to serve Malaysians with fairness, trust, and transparency.

“As expectations evolve, so must we, and these insights will help us ensure that no one is left behind,” he said.

Meanwhile, PIAM chief executive officer Chua Kim Soon said the survey reaffirmed the positive trajectory of Malaysia’s general insurance sector, with strong gains in satisfaction and trust.

“We are encouraged by the progress in service quality and digital engagement, and equally mindful of the areas where customers expect more from us,” he added. 

Chua said the industry remains committed to advancing digital adoption, strengthening claims transparency, and ensuring that the products and services remained accessible and relevant to every Malaysian.

The survey, commissioned by LIAM,  MTA, PIAM, in collaboration with Bank Negara Malaysia (BNM) was conducted by NielsenIQ Malaysia.

The survey gathered insights from over 9,000 customers across 48 participating operators, covering 14 life insurers, 15 takaful operators and 19 general insurers.

-- BERNAMA