KUALA LUMPUR (June 19): Berjaya Sompo Insurance Bhd announced that it achieved RM1 billion in gross written premium (GWP) for the financial year ended Dec 31, 2022 (FY2022).

Commenting on the milestone, Berjaya Sompo chief executive officer Tan Sek Kee said it demonstrates the general insurance provider’s commitment to its customers and their evolving needs.

“We remain focused on driving innovation, leveraging technology, and continuously improving our processes to deliver the best possible insurance solutions,” he said in a statement on Monday (June 19).

Looking at Berjaya Sompo’s audited financial statements for FY2022, the company posted RM1.05 billion GWP in its latest financial year versus RM901.23 million in FY2021.

The RM1 billion GWP accomplishment is on the back of various strategic initiatives, according to Berjaya Sompo, driven by innovation, customer-centricity, and continuous improvement that propelled its growth and strengthened its position in the insurance market.

“Two key drivers of this success are introducing market-relevant products and adopting processes for customer’s convenience,” the company added.

Berjaya Sompo said launching innovative products such as SOMPO MotorSafe (mileage-based motor insurance), SOMPO TravelSafe (travel insurance with additional Covid-19-related coverage), and SOMPO Motorcycle (motorcycle insurance with roadside assistance coverage) was instrumental in expanding its customer base and capturing new markets.

“These products offer comprehensive coverage and unique benefits tailored to the evolving needs of consumers,” it said.

Meanwhile, the company said its launch of the MySOMPO mobile application — which has garnered nearly 4,700 downloads to date since its launch on March 20 — demonstrates the company’s commitment to enhancing customer experience and convenience.

“Additionally, the company continuously improves its processes to optimise internal processes, eliminate redundancies, and enhance operational effectiveness. With this, the company has achieved greater agility, responsiveness, and cost efficiency, benefiting both the organisation and its customers,” it added.

Berjaya Sompo is 30%-owned by Berjaya Corp Bhd (BCorp), while Sompo Holdings (Asia) Pte Ltd holds the remaining 70% stake.

At 4.31pm, BCorp was unchanged at 30 sen, giving the group a market capitalisation of RM1.79 billion.