With over 50 general insurance companies in Malaysia, it is not surprising that choosing the right insurer can be quite a headache. However several performance factors can differentiate one reliable insurer from another.
Financial Ratings Strength
One of the first important criteria to look for is the financial stability of an insurance company. This is highlighted by the financial ratings evaluated by an accredited credit rating institution such as the Malaysian Rating Corporation Berhad (MARC). An A rating or higher from MARC is a good indicator of financial strength. Ask the insurance company (that you may be interested in) for their rating standards.
Responsiveness and Availability
Efficiency of claims processing and payment emphasizes another crucial point to focus on. Learn from other policyholders' experience or verify with your insurance agent the average claims processing period. A shorter turn-around is an indication of better service. Don't just focus on cost alone. A low price is no bargain if an insurer takes forever to service your claim. Research the insurer's record for claims service.
The large number of insurance companies in the market is an indication of the competitiveness in the insurance industry. As companies strive to offer the best deal, some are willing to waive excess or loading fees of your motor insurance. If you do not want loading charges, there is always the flexibility of shopping around for a company that does not impose the load.
Value-added benefits
It is critical that your company responds when you are in need of assistance. This comes in value-added benefits that they may offer such as free towing services and roadside assistance to their policyholders, or even special membership privilege/discount cards. Look out these added advantages as they can be a prove of a good relationship with your insurer.
Customer Service
Insurance sales do not just end after you make the initial purchase of a cover. In turn, a company that strives on its before and after sales approach is important to maintain good relationships with the customer. Seek a company with a large network of offices, claims centers, agencies and helpful employees where they can serve you wherever and whenever.