July-august. 2020 | @Halal
Technology
21
Digital platforms for
better grasp
FWD Takaful continuously bringing in new platforms
to ensure Malaysians are protected
BY CAMILIA REZALI
Getting ourselves covered for
unknown possibilities in the
future has never been more
significant. But how many of
us are aware of the need for an
insurance or Takaful plan? How
many of us are financially prepared?
The financial industry in Malaysia has
long talked about the importance of financial
protection. The sector continuously
finds ways to innovate to get people to learn.
If you look at
our takaful
contract, it is
colourful, point
form, there
are icons in it while still
holding the same legal
bearing. This is how we
create awareness.”
— Najib
A relatively new entrant to the Malaysian
takaful industry, FWD Takaful Berhad (FWD
Takaful) has shown tremendous efforts in
addressing the issues on awareness and also
efforts in introducing refined plans. It adapts
the concept of Takaful based on the form of
solidarity and brotherhood.
According to the Chief Strategy and Digital
Distribution Officer of FWD Takaful, Wan
Ahmad Najib Wan Ahmad Lotfi, FWD Takaful
is “a digital Shariah-compliant insurer”.
It aspires to change the way people feel about
Takaful.
AWARENESS ON
THE IMPORTANCE OF TAKAFU L
Concerning the awareness of Takaful, he
mentioned the penetration rate for family
Takaful in Malaysia has been around 15 per
cent for the past five years.
“That is very low. Comparatively, life
insurance has matured. It is about 40 per
cent. Overall, 55 per cent of Malaysians are
still not protected by any form of coverage,
and this is where financial literacy and
awareness are important,” he added.
On 19 May, FWD Takaful has introduced
‘FWD 4 A Cause’ as a platform for Malaysians
to allocate or donate to a cause. When you
subscribe to any of FWD Takaful’s online
plans, the company will donate 10 per
cent of the first year’s contribution to the
selected cause.
Najib said: “With FWD 4 A Cause,
customers can channel a portion of their
contribution to a cause of their choice.”
The platform conceptualises providing
donations to underprivileged communities,
people with mental illness and disabilities
as well as educational-based allocations.
It is a collaborative programme with
Malaysia Medical Relief Society (“MERCY
Malaysia”), Mental Illness Awareness and
Support Association (“MIASA”) and Arus
Education Sdn Bhd (Arus Academy).
“Mental illness is a very taboo topic in
Malaysia. People don’t talk about it, But
the support for people who go through it is
important,” said Najib.
For education, Arus Academy focusses on
providing digital education on STEM topics;
science, technology, engineering and mathematics.
It is to ensure equal educational
opportunities.
No intermediaries in
distribution of ONLINE PLANS
Besides that, FWD Takaful has online products,
such as FWD Protect Direct, FWD Care
Direct and the FWD MedSecure Direct.
FWD MedSecure Direct, launched on
April 6, is a regular step-up contributionterm
takaful plan. It is a hospital income
plan that gives you daily income even when
admitted. And the plus point is that there
are no intermediaries in the distribution
of FWD MedSecure Direct.
“Our online products and our online
platform objective are as simple as ABC. It
goes on the theme of simple, reliable and
direct.
“If you look at our takaful contract, it is
colourful, point form, there are icons in it
while still holding the same legal bearing.
This is how we create awareness,” said
Najib.
Although Takaful may have its bend of
complexity, FWD Takaful hopes through
all these initiatives towards digitalisation
while keeping costs down will result in
Takaful protecting more people.