A new system for referencing the market value of vehicles is set to hit the automotive market in Malaysia. This innovative project was announced after a signing ceremony between EurotaxGLASS’S International and ISM Insurance Services Malaysia today.
Once it is fully developed, it will be the first such system to be operated in Malaysia.
Thanks to the venture, a comprehensive, independent and credible Valuation Guide will be available online to reference both new and used vehicles in the Malaysian market.
The ultimate goal is for the system to serve as a benchmark in determining the sum insured for motor insurance, assessing the market value at the time of motor insurance claim and knowing the finance eligibility. It will also be a reference for accurate vehicle identification for consumers and the wider automotive community.
There is good news in store for consumers as they will enjoy added value facilities. Once fully operational, consumers will be able to compare vehicle specs and prices from different manufacturers online – assisting in their decision process for buying new or used cars.
It is also a boost for the financial services industry. The system will provide for better assessment and management of risks for loans, hire purchase and leasing agreements in line with the Basel II framework requirements. The Chairman of ISM Insurance Services Malaysia Berhad Cliff Lee Koon Yew expressed confidence over their partnership with EurotaxGLASS’S.
“With this strategic partnership with EurotaxGLASS’S, ISM Insurance Services Malaysia is assured that the methodologies used in determining market values of vehicles is credible and consistent with international best practices. This was an important determination in choosing a partner for this project” said Lee.
Currently, financial institutions utilize information from various sources to estimate the market value of vehicles.
“Having a single credible source of information on vehicles developed using established statistical techniques would assist us greatly in running our business,” added Lee.
Santo Amoddio, Managing Director of EurotaxGLASS’S, Australia said: “We are delighted to be working with ISM Insurance Services Malaysia as our partner to develop an automotive specification and market value database for the Malaysian automotive community.”
“We have worked closely with ISM Insurance Services Malaysia on developing this partnership over the last 12 months and we are confident that our services will cater for the automotive intelligence requirements of the Malaysian market.”
Amoddio says that the methodologies for determining the market values have been refined over the more than 70 years that we have been in business.
“Our company has been providing the same services in mature markets such as the UK, Germany and Australia. Notwithstanding the above, our team of experts has been studying the unique characteristics of the Malaysian market to ensure all relevant information is incorporated into the system.”
EurotaxGLASS’S will also be training and developing a team at ISM Insurance Services Malaysia to operate the systems and databases over the coming months.
According to Lee, the addition of the vehicle valuation and specifications database will complement its current databases, allowing it to provide a full range of services to the automotive and financial services industry. ISM Insurance Services Malaysia currently hosts the most comprehensive motor insurance databases in the region with over 100 million data records dating back to 1995.
About ISM Insurance Services Malaysia Berhad
ISM Insurance Services Malaysia Berhad is a shared services company set up by the insurance and takaful industry in Malaysia in 2005. ISM Insurance Services Malaysia provides database-related services to enhance the competitiveness and efficiency of insurance and takaful companies. These services include actuarial, statistical, information technology, anti-fraud, research and development services. ISM Insurance Services Malaysia is a Malaysia MSC Status company and the first company that have its entire operations certified ISO/IEC 27001:2005 compliant, the premier certification for information security management.
EurotaxGLASS’S is Europe’s and Australia’s leading provider for data, solutions and business intelligence services for the automotive industry. The company is headquartered at Switzerland and operates in 28 countries. The partnership with ISM Insurance Services Malaysia marks the company’s entry into the Asian Automotive market.