This article first appeared in The Edge Financial Daily on June 6, 2018 - June 12, 2018

KUALA LUMPUR: RHB Insurance Bhd, which provides general insurance for retail and corporate customers, is banking on its newly launched mobile app to get gross written premium (GWP) of RM5 million from new policyholders over the next 12 months.

“Our [long-term] target is to generate 10% of our GWP from the digital channel in three to five years.

“In the first year, we don’t expect it to generate that figure (10%), [but] are looking at about RM5 million premium from 10,000 policyholders who buy the insurance,” said RHB Insurance managing director cum chief executive officer Kong Shu Yin.

“As people become more aware [of the app] and we add more features to it, we expect customers’ pickup rate will go up exponentially in three to five years,” he told reporters after launching the app yesterday.

For the fourth quarter ended Dec 31, 2017, motor insurance remained the company’s largest contributor, delivering 33% of its total GWP.

Kong said the RHB Insurance Mobile App provides consumers a simple, fast and seamless way to purchase motor insurance policy and renew road tax, while allowing them access to round-the-clock auto assistance.

RHB Insurance also launched its “Dah Cover Campaign” yesterday, to encourage Malaysians to obtain personal accident and travel insurance coverage, while travelling across Malaysia. During the campaign period that runs until Sept 4, customers can get a 40% discount on such insurance.