Kuala Lumpur, Saturday, 4 February 2023 – Malaysian Takaful Association (MTA) today kicked off its Race for Cover Campaign to collectively increase awareness of Takaful among Malaysians through friendly and healthy competition.
A symbolic flag-off of a convoy of 30 riders on superbikes marked the commencement of the Campaign that will run from February to December 2023. Throughout this period, Takaful Operators will be promoting their bestselling Takaful products as well as conveying messages and vital information about the benefits of Takaful. Apart from enhancing awareness on the need for Takaful, this Campaign also seeks to expose the public to the available Takaful products in the market.
This industry initiative by MTA would not only pave the way towards increasing the Takaful penetration rate but will also support efforts to increase the take-up rate for Micro Takaful products. This category of Takaful products is specifically catered to provide protection for the B40 group in Malaysia as the nation strives towards inclusive protection for all. The objectives of the Campaign are also aligned with the main aspirations of Bank Negara Malaysia’s (BNM) Financial Sector Blueprint 2026 namely, making finance available for all by having diverse choices for customers, including “digital first” solutions; finance for transformation by developing the growth in alternative finance; and creating finance for sustainability by adopting the idea of value-based intermediation (VBI) for the financial services industry.
Encik Mohd Radzuan Mohamed, Chief Executive Officer of MTA said, “We are proud and happy to bring back Race for Cover 3.0 this year as another initiative to enhance the awareness of Takaful concepts and benefits, and Takaful products offered by our members that could immensely help people of all income groups. The Campaign will support efforts to increase the Family Takaful and General Takaful penetration rates and reduce the protection gap among Malaysians.”
Through this initiative, the Association is encouraging member companies to develop more Micro Takaful, online, critical illness (CI), and other products for the market. Participating Takaful companies will need to be innovative and fully mobilise their respective distribution networks as they “race” to become the top performing companies, based on a pre-determined criteria and receive due recognition and awards at the conclusion of the Campaign.
Radzuan added, “We will continue to introduce other initiatives and activities to spur growth of the industry. We are hopeful that through our efforts to enhance awareness of Takaful and its comprehensive suite of products, consumers will be able to make a well-informed decision in selecting the Takaful product of their choice.”
“Another objective of the Campaign is to further strengthen the relationship between corporate bodies and welfare organizations through our corporate social responsibility efforts. While encouraging us to contribute to charitable causes, this initiative promotes brotherhood among us in one industry,” added Radzuan.
In the addition to the main event, the day was made more meaningful with MTA and Takaful Operators donating RM10,000 from Social Takaful Fund to Pusat Pengajian Al-Quran Al-Hafiz during their pit stop in Port Dickson as part of their efforts in giving back to the community. For more updates and information on upcoming events, all are invited to visit Malaysian Takaful Association’s official Facebook and Instagram accounts.