FWD Takaful Berhad (“FWD Takaful”) and AEON Insurance Brokers (M) Sdn. Bhd. (“AIBM”) have partnered to offer a complimentary term takaful plan (“Plan”) via AIBM’s participating motorcycle merchants, aimed at addressing the low protection rates amongst motorcyclists in Malaysia. This collaboration is set to revolutionise the way motorcyclists experience safety and protection on the open road.
Motorcycles, as a mode of transportation, are essential to support the livelihood and lifestyle of Malaysians and due to their affordability, make up 46.6% of all registered vehicles in the nation. In 2022, the number of total registered motorcycle sales reached an estimate of 720,000 units, representing an almost 40% increase from the estimated number of 500,000 units sold in 2021. In view of this, FWD Takaful and AIBM set out to play a more proactive role in protecting motorcyclists and their families. The Plan provides comprehensive coverage in the event of the death of the motorcycle owner, due to natural causes or accidental death, where the sum covered is RM8,000 or RM20,000, respectively.
This innovative Plan is offered as part of a complimentary and value-added service to motorcyclists who purchase their vehicle through any of AIBM’s participating motorcycle merchants. In the event of an unfortunate occurrence, the pay-out from the Plan may offer temporary financial relief to the remaining family members, hence reducing the potential financial strain that may occur as a result of their passing on. By offering this Plan as part of their motor purchase journey, we also provide an easy onboarding experience that allows our customers to be covered automatically without undergoing a medical check-up as well as a straightforward claims process.
Salim Majid Zain, Chief Executive Officer of FWD Takaful, said, “We are honoured to partner with AIBM to offer this micro-takaful plan, which is designed to be accessible and inclusive, catering to the underserved segment of motorcyclists. With around 83% of households owning a motorcycle, Malaysians’ usage and reliance on two-wheelers is high. This partnership enables us to integrate the term takaful plan as part of a value-added service to protect motorcyclists and their families and to tap into a growing market. This partnership will also enable us to do our part in closing the protection gap amongst Malaysians by providing innovative protection products and solutions and support Bank Negara Malaysia’s target to increase the protection penetration rate to 75%, for both conventional and takaful segment.”
Bruce Chen, CEO of AEON Insurance Brokers (M) Sdn. Bhd, said, “Today marks a pivotal moment for us as we join forces with FWD Takaful. This is not just a business alliance but a heartfelt commitment to every motorcyclist in Malaysia, echoing our promise to nurture and elevate our suite of two-wheeler solutions, especially for the motorcycle merchants who hold a special place in our journey. Traditionally, motorcyclists have been greeted with accessories. Today, we are charting a new course. Instead of tangible gifts, we are offering something infinitely more valuable: a safety net, a promise and peace of mind. This partnership is a game-changer for motorcyclists. Our collaboration with FWD Takaful brings together the best in takaful, ensuring that motorcyclists have access to the support they deserve. We are thrilled to be a part of this journey to enhance their protection.”
Datuk Wee Hong, Chairman of Malaysia Motorcycle & Scooter Dealers Association also added, “This prolific partnership marks a shift in the way we cater to and safeguard motorcyclists. Together, FWD Takaful and AEON Insurance Brokers will offer meaningful takaful protection for Malaysian motorcyclists. This partnership not only brings positive change to them but with a protection plan in place, they can also be assured of their family’s financial security, should anything unfortunate happen to them.”