Vehicle owners can now check their motor insurance and motor takaful discount for free via a new online service. The service, provided by ISM Insurance Services Malaysia is part of the modernization plan for the motor insurance and takaful industry in Malaysia.
Speaking at a Press Conference to mark the launch of the new service, ISM CEO Mr. Carl Rajendram said that effective 1 January 2010, all insurers and takaful operators must reference a central database for NCD information when purchasing a motor insurance or takaful policy. In the past, consumers were often asked to pay the full premium without NCD until the NCD level could be verified by the company. While the insurer would eventually refund any amount overpaid upon verification, this practice is unfair to consumers that are eligible for NCD. With the highest level of NCD at 55%, that is equivalent to RM550 on a RM1,000 policy.
ISM has developed a more transparent approach by allowing both insurance companies, takaful operators as well as consumers to access the NCD information from its central database, said Rajendram. The company felt that following the adoption by the industry, the real value would be in enabling all consumers to have access to their eligible NCD via a simple online service. Since 2009, the NCD information can also be abtained via an SMS service, however the SMS servece cost RM2.00.
Rajendram said that “If there was any dispute on the NCD level in the database,comsumers must contact their insurer or takaful operator and ensure that they update the information to the central database”. He added that ISM will continue to develop and promote initiatives that would enhance transparency for insurance and takaful transactions in line with its vision for a competitive, efficient and stable insurance and takaful industry.
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