RHB Insurance Expects Premiums To Surpass RM100 Mln This Year
Last update: 18/09/2017
KUALA LUMPUR, Sept 18 (Bernama) — RHB Insurance Bhd’s health insurance gross written premiums are expected to surpass RM100 million this year, up from RM53 million in the first half of this year.
Managing Director/Chief Executive Officer (CEO), Kong Shu Yin, said the target would be reached by leveraging on digital technology, including establishing a partnership with healthcare online application — BookDoc.
“By leveraging on digital technology, RHB Insurance intends to expand its health insurance portfolio as the third major revenue steam in addition to our highly successful fire and motor insurance portfolios,” he said.
He was speaking to reporters after signing the the partnership agreement with BookDoc Founder/CEO, Datuk Chevy Beh, here today.
BookDoc is a home-grown healthcare technology start-up which has partnered over 50 retailers and health service providers from 12 countries.
It offers users who achieve an average-daily-step threshold and targets with discounted products and services on a monthly basis.
Kong said with the BookDoc partnership, it would not only help promote the company’s insurance products but also encourage the customers to live a healthier lifestyle.
“This will allow us to insure a healthier customer at a lower premium, and of course, to reduce the medical claims,” he said.
Kong said RHB Insurance had doubled its market share in health insurance segment and become the fourth largest health insurer among general insurers, up from the eighth position two years ago.
He said the health insurance segment was expected to contribute up to 30 per cent of the company’s total profit in three years’ time, up from the current 20 per cent, with the remaining profit to come from fire and motor insurance segments.
Currently, the insurance company has over 100,000 individual life insurance policy holders.