Tokio Marine & Tan Chong launches no-frills insurance product

KUALA LUMPUR, 21st JULY, 2014 - Tokio Marine Insurans (Malaysia) Berhad (TMIM) has launched a new no-frills insurance product in partnership with Tan Chong Insurance Business Stream - the insurance arm of Tan Chong Motor Holdings Berhad.

The new Major Motor Medical product, which is available exclusively through Tan Chong Group of Companies for the first six months, has been developed to address the rising need for simplistic, relevant and affordable insurance products.

With the advent of technology and increased urbanization – consumers’ attitude, perception & behavior regarding insurance in general providing lifestyle continuity is becoming more common but price-sensitivity and affordability remain critical consideration.

“Recognizing this, we developed Major Motor Medical as a no-frills insurance cover that pays up to RM400 per day when one is hospitalized as a result of a motor accident. With an annual premium starting from only RM8 up to RM32 – affordability will take on a whole new meaning.” said Ms. Yen Saw, CEO of TMIM. 

Ms. Yen continued by saying – “At Tokio Marine, we understand the importance of developing meaningful products and services to meet the needs of a new generation of consumers who feel strongly about having choices – paying only for what you need instead of one-size-fit-all offerings of the past. With this understanding, we are constantly looking out for more cost-effective ways in offering protection.” 

By working with Tan Chong Insurance Business Stream, Tokio Marine is confident both companies will create a mutually beneficial synergy by offering value add and protection for lifestyle continuity to its extensive network of customers.