Latest news with #RM767.1
Focus Malaysia
08-08-2025
- Business
- Focus Malaysia
MCIS Life re-affirms its commitment to growth amid escalating healthcare cost
MCIS Insurance Bhd (MCIS Life) has reaffirmed its long-term commitment to sustainable growth, inclusive protection and operational excellence following a year of transformation that tested the resilience of Malaysia's insurance sector. As it is, MCIS Life's strategic transformation remained anchored in its core purpose: protecting lives, creating enduring value and serving communities with empathy and innovation, according to its CEO Prasheem Seebran. '2024 was a defining year for MCIS Life. It was a year that brought out the best in us while re-affirming our values, strengthening our sense of purpose and sharpening our strategic focus,' he pointed out. 'We responded with agility, discipline and an unwavering drive to innovate and create meaningful impact.' Despite global economic uncertainties and escalating healthcare costs that placed pressure across the industry, MCIS Life reported a 13.7% increase in annual premium equivalent (APE) to RM219.7 mil and a 5.9% year-on-year (yoy) growth in gross written premiums to RM767.1 mil. These positive developments were driven by strong contributions from both agency and group distribution channels. Mitigating spiralling medical costs In response to surging medical claims due to rising healthcare costs, MCIS Life is implementing a structured medical insurance management strategy in 2025 to ensure product affordability and long-term viability while complying with regulatory guidance and maintaining a customer-first approach. Other key transformation initiatives undertaken by the company included expanding and diversifying its agency force with 610 new agents onboarded during its latest financial year. To further boost operational efficiency and customer service, MCIS Life is rolling out a new Policy Administration System (PAS) for its Group and Affinity business. This platform will improve scalability, reduce complexity and enhance turnaround times particularly for high-volume corporate clients in the Employee Benefits segment. 'Our enhanced use of data-driven insights allowed us to manage risk more effectively, tailor our offerings to evolving customer needs and deliver more personalised engagement. This has set the stage for a more agile and digitally empowered future,' enthused Prasheem. In parallel, MCIS Life is also strengthening its environmental, social and governance (ESG) efforts. Its flagship Purple Truck initiative in collaboration with the National Cancer Society Malaysia has provided preventive screenings and free HPV vaccinations to over 22,000 Malaysians in 2024. Looking ahead, Prasheem expects MCIS Life 'to constantly be building a stronger, more inclusive and digitally agile business'. 'With the strength of our people, the trust of our partners and the clarity of our long-term vision, we're confident in our ability to deliver value that is sustainable, impactful and future ready,' he added. – Aug 8, 2025
The Sun
07-08-2025
- Business
- The Sun
MCIS Life reaffirms commitment to growth after transformative year
Prasheem said MCIS Life is continuously building a stronger, more inclusive, and digitally agile business—one that puts people and purpose at the heart of everything. KUALA LUMPUR: MCIS Insurance Bhd (MCIS Life) has reaffirmed its long-term commitment to sustainable growth, inclusive protection, and operational excellence, following a transformative year that tested the resilience of Malaysia's insurance sector. Its CEO Prasheem Seebran said MCIS Life's strategic transformation in 2024 remained firmly rooted in its core purpose—protecting lives, creating enduring value, and serving communities with empathy and innovation. '2024 was a defining year for MCIS Life. It brought out the best in us, reaffirmed our values, strengthened our purpose, and sharpened our strategic focus. We responded with agility, discipline, and an unwavering drive to innovate and make a meaningful impact,' he said in a statement. 'Through disciplined execution and innovation, we have emerged stronger and better positioned to deliver sustainable value for our policyholders, partners, and shareholders.' Despite global economic headwinds and rising healthcare costs affecting the wider industry, MCIS Life delivered a solid performance in 2024 while laying the groundwork for future growth. The company recorded a 13.7% increase in Annual Premium Equivalent (APE) to RM219.7 million and a 5.9% year-on-year growth in gross written premiums to RM767.1 million—driven by strong contributions from both agency and group distribution channels. This growth was achieved despite a surge in medical claims due to escalating healthcare costs. In response, MCIS Life is implementing a structured medical insurance management strategy in 2025 to ensure product affordability and long-term viability, in alignment with regulatory requirements and its customer-first approach. As part of its transformation, MCIS Life expanded and diversified its agency force, onboarding 610 new agents during the latest financial year. 'We also made strategic investments in enhanced training, productivity tools, and structured incentive programmes to improve agent activation, persistency, and performance across both new and existing markets,' said Prasheem. To boost operational efficiency and elevate customer experience, the company is rolling out a new Policy Administration System (PAS) for its Group and Affinity business. This system will enhance scalability, simplify operations, and improve turnaround times—especially for high-volume corporate clients in the Employee Benefits segment. 'Our increased use of data-driven insights has enabled us to manage risk more effectively, personalise offerings to meet evolving customer needs, and deliver more engaging experiences. This positions us well for a more agile and digitally empowered future,' he added. In parallel, MCIS Life is deepening its Environmental, Social, and Governance (ESG) efforts. Its flagship Purple Truck initiative, in collaboration with the National Cancer Society Malaysia, provided preventive screenings and free HPV vaccinations to over 22,000 Malaysians in 2024. The solar-powered mobile health unit was upgraded with improved accessibility features to better serve underserved communities. Meanwhile, the MCIS Life Legacy Forest initiative expanded with additional native tree plantings to support biodiversity and carbon offsetting—reinforcing the company's commitment to achieving net-zero emissions by 2050. 'ESG principles are now fully embedded into our investment strategy, allowing us to align financial performance with long-term societal impact,' said Prasheem. Looking ahead, he added: 'MCIS Life is continuously building a stronger, more inclusive, and digitally agile business—one that puts people and purpose at the heart of everything we do.' 'With the strength of our people, the trust of our partners, and the clarity of our long-term vision, we are confident in our ability to deliver sustainable, impactful, and future-ready value.'
