As regional economic integration becomes an imminent reality through the creation of the Asean Economic Community (AEC) this year, opportunities abound for businesses looking to expand their global operations and forge cross-cultural partnerships across the Asia-Pacific's growing markets.
Liberty Insurance in Malaysia combines the high-calibre global expertise of multinational insurer Liberty Mutual Insurance Group and the 38-year tenure of Uni.Asia General Insurance serving Malaysia's local retail and auto industries. With economic prosperity fuelling the urbanisation and increasing affluence of Malaysia's growing population, the rebranded insurance company is in a strategic position to extend its portfolio as one of the leading providers of premier insurance services across the nation.
"We pride ourselves on being a one-stop shop for Malaysia's auto insurance needs," says CEO David Tan. "Our creed is to help people live safer and more secure lives by making auto insurance easily accessible to every man on the street through our well-entrenched, diversified and strategic distribution network."
Liberty Insurance offers a variety of comprehensive risk protection services ranging from medical health insurance and personal accident plans to business protection packages covering extensive risks such as fire, burglary, plate-glass breakage and employer liability. Most significantly, the company specialises in complete motor insurance plans for motorcycles, large commercial vehicles and private cars - a segment through which it derives 80 per cent of its business.
Through its strategic local distribution network comprising five regional offices, 25 branches, 123 franchise holders and franchise dealers, and more than 1,800 agents, the company's widespread presence ensures easy insurance accessibility. Clients can rely on the high emphasis that Liberty Insurance puts on good customer service and stakeholder relationships. As an example of its expansive reach, Liberty Insurance encompasses a partnership with approximately 700 Malaysian post offices - ensuring that even Malaysians in rural towns can have direct access to insurance services.
"Helping people protect themselves and their possessions and being able to offer insurance at a fair price to the masses - I think that's a lot to be proud of," Tan says. "We are a business and thus want to reward shareholders with a good bottom line. But as a socially responsible company, we also want our business strategy to contribute something back to every person on the streets, and we do this by making our insurance plans as readily available as possible."
Liberty Insurance also maintains mutually beneficial relationships with business partners such as DRB-HICOM, owner of carmaker Proton in Malaysia; and United Overseas Bank. The company is also an insurance partner of Malaysian electronic government services provider MyEG Services and a bancassurance partner of Bank Simpanan Nasional.
In anticipation of the AEC, Liberty Insurance Malaysia has the advantage of adapting the best practices of other Liberty operations in Asia such as Thailand, Hong Kong, Singapore, Vietnam and China. As part of the Liberty Mutual Group - a diversified insurer headquartered in Boston with operations in 30 countries around the world - the company is prepared to abide by the AEC's catchphrase of "thinking globally, prospering regionally".
"We see ourselves as a leading Malaysian auto insurance company," Tan says. "We are now part of a global brand, and with a name like Liberty on our side, that glass ceiling as a local entity has been shattered. We see positive growth within the AEC such as synergies and cross-referrals of businesses, and welcome future opportunities."
THE EDGE 1 February 2016– Liberty Insurance Bhd. is transforming itself to compete head-to-head with the big boys in the industry. “We are now a global company with more room to grow and a bright future. We can now leverage the parent’s global experience and expertise to come out with more and better products for our customer” - David Tan, CEO
Former Uni.Asia General Insurance rebranded following sales of majority share to Liberty Mutual Group.
KUALA LUMPUR, 9 June 2015 – Liberty Insurance Berhad, formerly Uni.Asia General Insurance Berhad (UAG) was officially launched today. This follows the acquisition of a majority stake in the company by Liberty Seguros, a subsidiary of the Liberty Mutual Group, which was completed in July 2014. The US-based Liberty Mutual Group (the Group) founded in 1912, is a global insurer listed on the Fortune 100. In 2014, the group recorded US$39.6b in revenue and US$124.3b in assets.
The launch was officiated by Dato’ Haji Kamil Khalid Ariff, Chairman of Liberty Insurance Berhad. Also present were Luciano Suzuki, Chief Operating Officer for Asia Pacific Region at Liberty International, David Tan, Chief Executive Officer of Liberty Insurance Berhad, and the company’s senior management team, personnel and business partners.
“UAG has a strong and proud history in Malaysia stretching back 38 years. Our success has been built upon our relationships with our clients as well as with other stakeholders. Moving forward, Liberty Insurance Berhad will incorporate our local experience and Liberty’s global expertise to further enhance these relationships,” Tan said.
Tan added that Liberty Insurance Berhad’s passion for making insurance readily available to all consumers contributes to the objective of ensuring greater insurance coverage for the population of Malaysia. “We believe that being insured is important for enhancing the population’s financial security and social safety net and we want to play an integral role in helping people in Malaysia live safer, more secure lives,” he said.
Meanwhile, Suzuki said the Liberty Mutual Group continues to embrace the local expertise of their operations while uniting everyone behind the strong values that give the Group its unique qualities. “Malaysia has a vibrant and developing insurance industry, and we are extremely excited to establish a footprint in this fast growing and profitable market. Together with Liberty Insurance Berhad, we look forward to our continued success in Southeast Asia’s second largest insurance market,” said Suzuki.
Remarking on Liberty Insurance Berhad’s financial performance, Tan said he looks forward to continuing the company’s recent business momentum, taking its new name and new family to greater heights. “Liberty Insurance Berhad recently finalised our nine-month financial period ended December 2014, and I’m pleased to announce that for this period, the company achieved a gross written premium of RM420 million and a pre-tax profit of RM57 million,” Tan said.
With the rebranding, Liberty Insurance Berhad’s 638 personnel add to Liberty Mutual Group’s more than 50,000 personnel in more than 900 offices worldwide. The Malaysian entity is the 30th country in the Group’s current diversified global presence, which is spread across Asia, the Americas and Europe through the Group’s international and global specialty strategic business units.
About Liberty Insurance Berhad
Liberty Insurance Berhad, formerly known as Uni.Asia General Insurance Berhad, is a majority-owned subsidiary of the Liberty Mutual Group. The company’s insurance products and services range covers personal & commercial automobile, homeowners, accident & health, general liability, property, surety, workers compensation, personal, travel and specialty lines.
With 5 regional offices and 25 branches in Malaysia and 638 personnel, Liberty Insurance Berhad comprises part of the Group’s 50,000 personnel in more than 900 offices worldwide. The Malaysian entity numbers among Liberty Mutual Group’s current diversified global presence in 30 countries, spread across Asia, the Americas and Europe through the company's international and global specialty strategic business units.
Liberty Insurance Berhad’s distribution network also includes 10 mini branches at Puspakom, POS Malaysia’s approximately 700 outlets, 4 franchise holders, 119 dealers, and a 1,800 strong agency force. The company is a MYEG Insurance Partner and a bancassurance partner of UOB Bank and Bank Simpanan Nasional.
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual is a diversified insurer with operations in 30 countries and economies around the world. The company is the third largest property and casualty insurer in the U.S. based on 2013 direct premium written as reported by the National Association of Insurance Commissioners. Liberty Mutual is ranked 78th on the Fortune 100 list of largest corporations in the U.S. based on 2014 revenue. As of December 31, 2014, the company had $124.3 billion in consolidated assets, $104.0 billion in consolidated liabilities, and $39.6 billion in annual consolidated revenue.
Liberty employs more than 50,000 people in approximately 900 offices throughout the world, and we offer a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.
You can learn more by visiting www.libertymutualinsurance.com
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A five-star medical insurance plan for all your hospital and surgical needs.
Kuala Lumpur, 28th November 2007: Uni.Asia General Insurance Berhad today in collaboration with Asia Assistance Network (M) Sdn Bhd, the country´s leading managed care organisation, launched MediStar, its branded hospital and surgical plan.
Offering a wide range of medical benefits coupled with competitive prices, Uni.Asia General Insurance Berhad with its new and exciting product MediStar, is set to make strong inroads into the medical insurance industry.
"We have invested a considerable amount of time and resources to ensure that MediStar is made affordable to the general public. MediStar´s cashless admission plan together with its comprehensive coverage in medical, surgical and hospitalization expenses, ambulance fees and other related medical charges will allay the financial worries of our customers should they be hospitalized. "said Hashim Harun Chief Executive Officer/Managing Director of Uni.Asia General Insurance Berhad.
Akin to AutoStar, Uni.Asia General Insurance Berhad´s five-star motor insurance plan that took the motor insurance market by storm 2 years ago, MediStar customers will enjoy very high level of services. The Company has appointed Asia Assistance (M) Sdn Bhd as the Administrator of Services for MediStar and has managed to obtain the cooperation of reputable hospitals in the country to strongly support the MediStar program. "With the above arrangement, Uni.Asia General Insurance Berhad customers will be spoilt for choice when selecting the services of reputable medical practitioners in top hospitals in the country" said Mr Andy Toh, Chairman of Asia Assistance.
"We want to position ourselves as a significant player in the fast growing medical insurance industry. The Company is confident of achieving medical insurance premiums of RM5 million in the next 12 months. Last year, total medical insurance premiums in the industry grew by 13% registering a premium of RM396million and we expect the industry´s growth rate for the current year to better the previous year" said Hashim.
MediStar is available nationwide at all authorised Uni.Asia General Insurance Berhad agents, branch offices, UOB Bank Branches and EON Bank Branches.
From left to right: Encik Hashim Harun and Mr Andy Toh jointly displaying the MediStar brochure.
About Uni.Asia General Insurance Berhad
Uni.Asia General Insurance Berhad is the general insurance unit of Uni.Asia General Insurance Berhad Capital Sdn Bhd, an investment holding company that is 51 per cent-owned by the DRB-HICOM Group and 49 per cent-owned by the UOB Group. Uni.Asia General Insurance Berhad in its financial year ended 31 March 2007 registered a profit before tax of RM64.5 million on the back of RM324million gross premium sales.
Uni.Asia General Insurance Berhad offers a comprehensive array of general insurance products covering motor, group personal accident, home, travel, aviation, medical & health, marine and engineering. It operates through 26 branches and over 1,800 agents nationwide.
About Asia Assistance Network (M) Sdn Bhd
Asia Assistance Network (M) Sdn.Bhd, incorporated in 1998, is today the leading assistance and third party administration company in Malaysia. Working primarily with corporations and insurance companies, Asia Assistance offers 24 hours value added services in the form of comfort and security that help is always a phone call away anytime and anywhere.
Asia Assistance offers services ranging from Medical Assistance, Car Assistance, Third Party Administration Services, Home Assistance, Customer Service Assistance and other customised assistance services.
A personal accident insurance plan provides smart cover at the lowest cost
KUALA LUMPUR, 26th December 2007 - Uni.Asia General Insurance Berhad today announced the availability of a new Personal Accident Insurance product - SmartCover. This product is an important addition to Uni.Asia General Insurance Berhad´s existing suit of fix premium offerings as it starts with a flexible scheme with premium as low as 14 cents per day which allow consumers to top-up anytime in the future.
Consumers may not realise how likely it is that they may experience an accident, but according to the Ministry of Health Facts 2006, one in ten Malaysians sought medical attention for an accidental injury in a one year period. At the same time, they may also underestimate how expensive accidents can be.
"Given the many unexpected costs that can be incurred by just one accident, this product can offer important financial protection for consumers," says Mohd Fauzi Yaakub, Chief Operating Officer of Uni.Asia General Insurance Berhad. "Consumers may not recognise all the costs that can be associated with accidents, which can include everything from corrective dental or cosmetic surgery to rehabilitation or hospital stays to traveling expenses incurred by your family members while visiting you when you are hospitalised. SmartCover provides a direct payment to the insured which they may use to help offset some of these unplanned expenses."
"When an accident-related loss of life occurs, an accidental death benefit is paid in addition to any other life insurance policy benefit an individual has. This can provide needed assistance to the insurer´s beneficiaries faced with funeral expenses, debts and medical costs they may have inherited," adds Fauzi. "In many ways, this personal accident insurance product works like the more costly, single trip travel insurance policies that people purchase at airports, but it is much more affordable. It provides complete 24-hour personal accident coverage for the entire year, regardless of the cause of the accident or your location. It´s a real value at a low cost of RM50 yearly premium for every RM10,000, in coverage per year."
SmartCover is available to eligible customers from 18 to 60-year old nationwide at all authorised Uni.Asia General Insurance Berhad agents, branch offices, UOB Bank Branches and EON Bank Branches. It covers accidents that may happen in the home, at work, at school or whilst traveling abroad. And it allows renewal up to 70-year old.
An overseas travel insurance plan provides travellers with fantastic protection.
KUALA LUMPUR, 24th March 2008 - Uni.Asia General insurance Berhad today announced the launch of its new star product-TravelStar, an overseas travel insurance plan that provides travellers fantastic protection with its comprehensive coverage.
The policy coverage includes emergency medical evacuation and repatriation (RM300,000), personal accident (RM250,000), personal liability (RM1million) and other travel-related mishaps to cater to the growing demand of travellers.
"No one expects to get hurt or fall ill when travelling abroad, and if you or your families fall ill in a foreign country and need to be medically evacuate to a more suitable hospital, you could clock up a bill charges above RM100,000, which could easily lead to financial disastrous," said Encik Mohd Fauzi Yaakub, Chief Operating Officer of Uni.Asia General Insurance Berhad.
"So why risk your finances while you can simply enjoy the trip you deserve? The cost of travel insurance is minimal in comparison to the cost of your entire trips and the bills you could face should something go wrong. If everything goes right, at least you didn´t ruin your vacation by worrying about not being covered!" said Fauzi.
Another highlights include reimbursement of hospitalisation claims incurred abroad, with coverage up to RM300,000 and post hospitalisation with coverage up to 30 days from date of return, special family plans with children covered up the age of 1 month to the age of 18 years.
TravelStar also include reimbursement for tour fare protection, lost baggage or travel document, missed connections, trip cancellation or curtailment and the emergency purchase of essential items for travellers whose luggages have been delayed. It is dedicated to providing affordable travel insurance and emergency assistance services to protect customers´ valuable investment and provide the peace of mind they deserve while travelling.
This product comes under two groups - the popular "Individual" and cost-effective "Family" to suit specific customer needs at both ends of the spectrum. This policy follows a "per period and region" pricing model, which is yet another product highlight. It is being rolled out nationally and is already available to customers nationwide.
KUALA LUMPUR, 1st June 2008 - Uni.Asia General Insurance Berhad is pleased to equip its agents with "Agency Sales Kit", a suite of tools developed for the purpose of helping its agents effectively manage their businesses.
The Agency Sales Kit includes General Information, Underwriting Guideline and Claims Procedure that detailed all the pertinent aspects of General insurance. It is available to all the eligible Uni.Asia General Insurance Berhad agents in hard copy diary format.
Uni.Asia General Insurance Berhad's Chief Operating Officer Mohd Fauzi Yaakub said that as a service-driven insurer, the company needed to equip its agents with the ability to access relevant information, anytime, anywhere.
"In the face of ever growing competition and fast changing operational landscape, Uni.Asia General Insurance Berhad aims to support our agents via focused brand marketing initiatives. Besides that, we will also continue to provide the right tools and products to empower our field force members to face today´s service-driven business environment," Fauzi said.
"We see the Agency Sales Kit as a stepping stone in providing greater support and ensuring successful relationships with our agents for years to come," added Fauzi. "We hope this effort shows our continued dedication to the growth of the agents."
KUALA LUMPUR, 5th August 2008 - Today Uni.Asia General Insurance Berhad published its 2008 Annual Report, in English, on the Internet. It Finance Statement, both in English and BM, however are published on the Star Daily and Utusan Malaysia. The printed versions will be distributed shortly.
KUALA LUMPUR, 17th September 2009 - Uni.Asia General Insurance Berhad today announced the appointment of Mr. David Tan as the Company´s new Chief Operating Officer (COO), effective 7 September 2009.
This appointment is the result of an exhaustive, widespread and detailed executive search that began in April 2009, following the departure of Uni.Asia General Insurance Berhad´s CEO.
"David Tan´s appointment is the pinnacle in a recent series of strategic management searches. The Board of Uni.Asia General Insurance Berhad is delighted to welcome him to the Company," commented Mr. David Chan Mun Wai, Deputy Chairman of Uni.Asia General Insurance Berhad.
He added, "We are confident that David Tan´s extensive insurance industry background and in-depth management expertise, coupled with innovative business concepts and vision, will propel the company to the next level."
David Tan has 30 years of experience in the insurance industry, including a succession of leadership roles in marketing, business development, underwriting, reinsurance, operations, financial accounting and audit.
Prior to joining Uni.Asia General Insurance Berhad, he held senior management positions at Malaysian Assurance Alliance Berhad (MAA), Hong Leong Assurance Berhad (HLA) and Brunei Shell Petroleum among others.
David Tan is a graduate of Victoria University of Wellington, a senior associate of Australian and New Zealand Institute of Insurance & Finance, a member of the Malaysia Institute of Accountants and an Associated Chartered Accountant (ACA) of New Zealand Society of Accountants.
Kempen Derma Darah Syarikat Insurans Berjaya Menarik Perhatian
KUALA LUMPUR, 5 April 2010 - Uni.Asia General Insurance Berhad telah menganjurkan satu kempen derma darah baru-baru ini sebagai salahsatu aktiviti tanggungjawab sosial korporat tahunannya kepada masyarakat.
Kempen yang bertemakan "Menderma Sebagai Hadiah untuk Kehidupan" telah dianjurkan di Menara Uni.Asia General Insurance Berhad pada 5 April 2010. Ia bertujuan membantu menambah bekalan darah bagi kegunaan di hospital di seluruh negara.
"Menderma darah adalah salahsatu hadiah yang terbaik dalam kehidupan yang boleh kita berikan kepada masyarakat. Proses ini mengambil masa hanya beberapa minit tetapi boleh membawa perbezaan besar kepada mereka yang memerlukan pemindahan darah beberapa kali," kata David Tan, Ketua Pegawai Eksekutif, Uni.Asia General Insurance Berhad.
Kempen selama enam jam itu mendapat sambutan yang menggalakkan daripada kakitangan, penyewa bangunan dan pelanggan Uni.Asia General Insurance Berhad. Ia merupakan satu kempen yang berjaya kerana jumlah penderma darah melebihi kempen yang diadakan sebelum ini, dengan lebih daripada 70 pain darah berjaya dikumpulkan pada kempen tersebut.
Kempen berkenaan merupakan kempen menderma darah kali kedua yang dianjurkan oleh Uni.Asia General Insurance Berhad dengan kerjasama pihak Pusat Darah Negara. Sejak itu, syarikat berharap untuk menjadikan kempen sebegini agenda tahunan dan bukan hanya dianjurkan sekali sahaja.
KUALA LUMPUR, 5th April 2010 - Uni.Asia General Insurance Berhad organised a blood donation drive recently as one of its annual corporate social responsibility activities to give back to the community.
The campaign, themed "Donating the Gift of Life" was held at Menara Uni.Asia General Insurance Berhad on April 5. It was aimed at helping to replenish the depleting blood supply of hospitals nationwide.
"Donating blood is one of the best gifts in life that we can give to the community. It costs only a few minutes of our times but makes an immeasurable difference to those in need of multiple transfusions," says David Tan, Chief Executive Officer of Uni.Asia General Insurance Berhad.
The six hours campaign received enthusiastic support from its employees, building tenants and customers alike. It was a success as the number of donors exceeded its previous blood donation campaign, with more than 70 pints of blood collected at the drive.
This is the second blood donation campaign organised by Uni.Asia General Insurance Berhad in collaboration with the National Blood Bank. Since then, the company aimed at making blood donation drive an annual activity instead of a one-time effort.