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TAKAFUL AND INSURANCE BENEFITS PROTECTION SYSTEM (TIPS) (INSURANCE COMPANIES AND TAKAFUL OPERATORS)

As of 15 January 2016, PIDM received 257 responses from members of the public. The respondents were generally agreeable to the four (4) key proposals set out in the survey.

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  1. Is the display of PIDM’s membership representation helpful for customers to know that the institution is a member of PIDM?
95% of the respondents agreed that display of PIDM’s membership representation at insurer members’ offices, website, advertisements and accounts in social networking sites is helpful for customers to know that the institution is a member of PIDM.
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  1. Should the display of the TIPS brochure at the agents’, brokers’, financial advisers’ and bancassurance partners’ offices and websites be encouraged?

98% of the respondents agreed that agents’, brokers’, financial advisers’ and bancassurance partners’ should be encouraged to display the TIPS brochure providing information regarding PIDM and TIPS at their offices and websites.
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  1. Are the contents of the proposed prescribed statements adequate to provide information on PIDM’s protection and encourage customers to seek or ask for further information?
91% of the respondents were agreeable that the contents of the proposed prescribed statements that will be displayed in correspondences, policy documents and advertisements are adequate to provide information on PIDM’s protection and encourage customers to call for further information.
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  1. Is the proposed method to communicate PIDM’s protection prior to the purchase of a certificate or policy adequate?
91% of the respondents were agreeable that the proposed method to communicate PIDM’s protection prior to the purchase of a takaful certificate or an insurance policy is adequate. Potential certificate or policy owners will be informed in the following manner:
  • for face-to-face and tele-marketing sales, PIDM’s protection will be explained to the customers by the staff of the insurer member or its intermediaries (for example, agents).
  • for online sales, customers will either be directed to or shown the electronic copy of the TIPS brochure.
  • for sales through mail, customers will either receive a copy of the TIPS brochure or will be directed to the electronic copy of the TIPS brochure.
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