Generali Malaysia dominates at Insurance Asia Awards 2024

Generali Insurance Malaysia Berhad and Generali Life Insurance Malaysia Berhad clinched top honours in three categories.

Generali Insurance Malaysia Berhad and Generali Life Insurance Malaysia Berhad have set a new benchmark in the Malaysian insurance sector by winning prestigious accolades at the Insurance Asia Awards 2024. These awards celebrate the pioneering efforts of insurance companies that have significantly impacted the industry and their clients.

The recognitions came on the heels of a year marked by the successful launch of Generali Malaysia, following the acquisition and integration of MPI Generali Berhad with AXA AFFIN General and Life Insurance in Malaysia. The launch of Generali Malaysia symbolises a monumental step towards unifying strengths to create a powerhouse in Malaysia’s insurance landscape. As a result, Generali Malaysia has grown into one of the largest general insurers and an emerging life insurer in the country.

Generali Malaysia’s General business emerged as the winner of the International General Insurer of the Year - Malaysia and the MSME Insurance Initiative of the Year - Malaysia. These wins underscore the company’s strong performance, innovation and its strategic initiatives aimed at expanding coverage to narrow the protection gap in Malaysia and enhancing service delivery across various customer segments.

In 2023, Generali Malaysia’s General business gross written premiums reached RM2,056 million, achieving net profits and underwriting profits significantly above their strategic targets. These financial successes are a direct result of the company’s deep commitment to its 'Lifetime Partner 24: Driving Growth' strategy. This strategy leverages Malaysia's economic prospects and the relatively low insurance penetration rate to foster social progress and offer comprehensive protection solutions.

Moreover, the award for the MSME Insurance Initiative of the Year - Malaysia highlights Generali’s dedication to supporting micro, small, and medium-sized enterprises (MSMEs) in Malaysia, which are crucial for socio-economic growth but are often vulnerable to various risks. In collaboration with the United Nations Development Programme (UNDP), Generali has launched initiatives like the joint research report titled “Building MSME Resilience in Southeast Asia”, SME Loss Prevention Framework, Insurance Innovation Challenge Fund and Asia’s flagship SME EnterPRIZE project. These initiatives are designed to strengthen resilience against climate change and other systemic challenges, offering a lifeline to MSMEs through innovative insurance solutions and risk management strategies.

Generali Malaysia’s Life business was honoured as the recipient of the Insurance Initiative of the Year - Malaysia. This accolade was awarded for its exceptional efforts to uphold its core mission and value as a Lifetime Partner to customers during its rebranding journey and complex system integration. In under 20 months, Generali Malaysia’s Life business achieved a major milestone with its successful migration of 2 new core life systems and more than 15 integrated peripherals systems and at the same period revitalising its distribution where both Agency and Bancassurance channels have demonstrated growth. Generali Malaysia’s Life business was recognised as one of the Top 5 performing operators under the life insurance category in the Customer Satisfaction Survey recently, a survey conducted by industry associations (LIAM, PIAM & MTA) in collaboration with Bank Negara Malaysia. This is an encouraging improvement as customers expressed positive sentiment in their interaction and experience with Generali Malaysia’s Life business.    

Generali Malaysia’s success is further emphasised by their proactive community engagement and sustainability efforts. Notable projects include the Happy Box Project and Project Makan Sihat, aimed at supporting underprivileged families and addressing malnutrition amongst children in PPR Lembah Subang. Additionally, The Human Safety Net (THSN) global flagship initiative to support people in transforming their lives and the La Femmina programme that promotes female entrepreneurship in financial advisory space highlight Generali Malaysia’s commitment to empowering vulnerable groups and promoting diversity and inclusion.

The accolades received by Generali Malaysia at the Insurance Asia Awards are a testament to their robust strategy, innovative solutions, and unwavering commitment to their clients and the broader community. As Generali Malaysia continues to grow as the leading insurer in Malaysia, they remain focused on being a Lifetime Partner to their customers, offering tailored solutions that meet the evolving needs of individuals, families, and businesses across Malaysia.

The Insurance Asia Awards is presented by Insurance Asia Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's significant impact on its customers with exceptional products, services, and solutions in the insurance industry, please contact Julie Anne Nuñez at julie@charltonmediamail.com.