Berjaya Sompo aims to be top 5 general insurer

KUALA LUMPUR: Berjaya Sompo Insurance Bhd aims to become one of the top five general insurance providers in Malaysia by 2023 with RM1.5 billion in gross written premiums by focusing on customer centricity, innovative products, digitalisation as well as building a robust talent strategy.
Berjaya Sompo CEO Tan Sek Kee said in the first six months this year, it is currently ranked eighth among general insurers in Malaysia in terms of gross written premiums.
“We achieved RM765 million in gross written premiums last year and this year we target RM900 million, driven by our 18-year partnership with CIMB and the launch of Sompo Motor,” he told reporters after a press conference today.
Tan added that Berjaya Sompo’s current market share stood at 4.8%, and aims 6-7% in 2023 to become one of the top five general insurers.
He said 50% of Berjaya Sompo’s business comes from motor insurance; while in 2017, it is also ranked the second biggest health insurer in Malaysia for general insurance companies.
“We’re looking to launch a new SME product early next year,” said Tan.
With the central bank urging insurance players to consider consolidating to achieve competitive edge to lift performance, break into new markets as the current local economy is in need of transformational change in the sector, Tan said Berjaya Sompo is constantly on the lookout for an acquisition target.
“We wouldn’t close our doors but we just have to see what comes up. We have to look at the time to see if it’s right to buy now, the pricing… if there’s opportunity, it’s something that we will look at,” said Tan.
On digitalisation, Berjaya Sompo’s initiatives include online product innovation, increasing digital distribution channels, introducing new B2C channels as well as strengthening its digital infrastructure. It has spent RM4 million this year on robotics initiatives. With its digital-first approach, Berjaya Sompo has no further plans to increase its branch network.
The insurer also launched Sompo Motor, a new comprehensive motor insurance for car owners, which reduces the overall add-on costs without going through the tedious task of including add-on benefits. Further, it has add-on benefits that provides a peace of mind to drivers, which include better coverage for older vehicles and full coverage against natural disasters.
With a growing network of 20 offices and 2,800 agents nationwide, Berjaya Sompo is committed to being the leading insurer of choice by providing quality solutions and services in the best interest of its customers. It also unveiled its latest thematic brand campaign called “Silent Guardians” via the use of Japanese warriors to highlight the importance of being insured.