Although a young company, Mayban was selected as the Life Insurance Company of the Year for its innovative and dynamic distribution and service to secure a 7% share of life market in Malaysia.

Established in 1993 as part of the Maybank Group, Mayban Life is an innovative insurance provider, whose customer-focused approach has enabled it to win a 7% market share despite fierce competition and a major economic downturn.
In 1996, it launched its Bankassurans Service, making it the only insurance provider in Asia fully dedicated to bancassurance. With no branches and no agents, it operates exclusively through the Maybank Group's branches.

Product Innovation
It sells tailored financial solutions rather than products. It has simplified its product range to four: Whole Life, Endownments, Term Assurance and Investment-linked. Once the basic product is chosen, it is customised by riders to exactly fit the client's needs and budget.
Maybank's Financial Executives (FEs) sell products as part of a comprehensive financial planning service. They also regularly review the client's insurance and other requirements, pro-actively adapting its solutions to the client's changing circumstances, and enabling it to offer a genuine cradle-to-grave service.

Responsiveness to Customer Needs
It has co-operated with Maybank to transform the Group's branches from a transaction-oriented to a solutions-oriented culture. All front-liners are trained and motivated to identify client needs. The FEs design solutions that match those needs. Surveys help it identify what groups would require what solutions.
;Its responsiveness to client needs is demonstrated by its closing ratio, which has risen steadily from 6:1 in 1996 to 2:1 today (against an industry average of 6:1). Its aim is to achieve a 1:1 ratio. Its FEs now close an average of 12 policies a month (industry average two).

Quality Service
It is an ISO 9002 company, delivering quality service - fast. By the end of its current financial year, all Maybank branches will have point-of-sales technology to deliver policies on the spot. Its complaints resolution and claims processing are above industry average. Its employees empowerment programmes enable employee teams to continuously enhance its operations.
After an arduous selection process, FEs receive the most intensive training in the market. The sheer calibre of Maybank's 300 FEs, has made it the country's most successful seller of Teras Malaysia, out-selling rivals with as many as 15,000 agents.
In addition, its website has been held as an example of outstanding (9 out 10 score), customer-friendly design by The Post Magazine (UK).

Industry Contribution
It has pioneered non-commission ways to motivate and reward its salespeople. The interests of the customer remain paramount, and the salesman is not tempted to sell an inappropriate policy for the sake of the commission.

Corporate Citizenship
It contributes a percentage of all premiums to the Maybank Group Staff Welfare Fund. It was also the official insurance sponsor of the 1998 Commonwealth Games, providing life insurance and repatriation cover of all athletes, officials and volunteers throughout the Games period.

Conclusion
It pioneers industry best practices. Instead of products, it sells insurance solutions as part of a tailor-made financial plan. Its people are trained and motivated to respond to customer needs. Its systems deliver rapid, top quality service. It practices put customers' interests first. And it is a responsible corporate citizen.

Source: Asia Insurance Review