MCIS Insurance Berhad, more commonly referred to as ‘MCIS Life’, is actively redefining its internal culture and business strategies, aiming to establish new industry-wide benchmarks while demonstrating a profound commitment to progress and customer-centric solutions.
Its Chief Executive Officer and Managing Director Prasheem Seebran said that nurturing a ‘culture of innovation’ within the company is essential to stay ahead of the competition. “This approach not only empowers employees and inspires creativity but also resonates positively across the entire MCIS Life ecosystem throughout the country,” said Prasheem.
This fresh cultural perspective has been manifested in several tangible ways.
Recognising the paradigm shifts caused by the pandemic, MCIS Life, under Prasheem’s guidance, has adopted policies that emphasise work-life balance, remote working capabilities and a strong focus on mental health.
“These policies not only aim to create a nurturing and balanced work environment but also align well with the brand’s promise of ‘people helping people’, nurturing a community where growth is most meaningful when achieved collectively,” said Prasheem.
“At MCIS Life, we take pride in our widespread network of dedicated agents strategically positioned throughout Malaysia, including the regions of Sabah and Sarawak. Our reach extends to serve a vibrant and diverse clientele, hailing from various socio-economic spheres, a testament to our inclusive approach in providing security and peace of mind.
“Furthermore, we have fostered robust partnerships with various premier insurance brokers, further amplifying our capability to deliver comprehensive and tailored solutions to every individual we serve,” he added.
“On the financing side, we have also established strategic alliances, including with various financial services providers, further enhancing our capacity to offer flexible and customer-centric financial solutions that resonate with the dynamic needs of our diverse clientele.”
“Tailoring services to meet the unique needs of each customer segment, MCIS Life continues to foster trustworthy, caring, and respectful relationships.”
Despite the overall downturn in the insurance sector in 2022, with a noted decrease in the issuance of new policies in Malaysia according to a market research company, MCIS Life remains poised to carve out a significant market share.
According to a study by PWC, Malaysia’s Life Insurance and Family Takaful penetration rates stood at 54% in 2022 and 19% in 2021 respectively, a long way from the 75% target set by Bank Negara Malaysia in 2017.
Standing as a testament to its resilience and strength, MCIS Life has enjoyed a rich heritage dating back to 1954. Its affiliation with the Sanlam Group since 2014 and rebranding initiative in October 2019 have only enhanced its brand equity and credibility in the sector.
Hence, Prasheem sees opportunity for growth in steering MCIS Life to be at the forefront of this expansion. In an ambitious move to catalyse this growth, MCIS Life has introduced a series of significant launches.
The company has introduced the ‘SME Care+’ insurance scheme, an initiative designed to enhance employee benefits substantially and unveiled M-Fortune Link, a new investment-linked insurance plan and 2 medical riders, offering an affordable and comprehensive medical plan, which further solidifies MCIS Life’s commitment to safeguarding the well-being of Malaysians.
Looking ahead, Prasheem envisages a prosperous trajectory for the insurance industry, particularly as it adapts to the post-pandemic ‘new normal’.
“By sustaining a proactive feedback and improvement mechanism, and offering empathetic customer support, MCIS Life is not just preparing for a brighter future but actively crafting it,” he said.
With a robust foundation and an innovative approach at its helm, MCIS Life seems more primed than ever to navigate the evolving landscape.
Along this promising trajectory, the company steadfastly commits to fostering its ingrained ‘culture of innovation’ spearheaded by the CEO and Managing Director himself.
