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In Malaysia, you can purchase insurance by methods below:
1
Directly from an insurance company
2
From an agent who represents only two insurers that offer insurance products which they want to sell
3
On the Internet
4
Through a professional insurance and takaful broker who can offer a choice of coverage from various insurance companies

Why Use A Broker?

Buying insurance is very different from buying a product such as a mobile phone or a car. Firstly you can examine the products before buying and if the product is defective, you probably can get it repaired or replaced by the seller - usually under certain warranty.

When you buy an insurance policy, you are buying protection against future specific loss or event. You wouldn’t know whether the policy is “defective” until the loss/event occurred. It would be too late by then to discover that you did not have the proper protection and would suffered enormous financial loss.

As a simple example, you probably have a car and have purchased a Motor Policy and you probably been told to extend your Motor Policy to cover Windscreen Damage to protect your NCB which is a minor issue. However, are you aware or have you been advised to extend your Motor Policy to cover your Legal Liability to Passenger and also your Legal Liability of Passengers for Act of Negligence? Such liability including legal costs can be very substantial although the additional premium is comparatively quite low.

Business and consumer who buy insurance without seeking proper advice, understanding exactly what they are buying, the fine print and whether they are getting value for money may be disappointed when their insurance doesn't come to their rescue.

What do you get when you purchase your insurance through an insurance and takaful broker

You get professional advice and market knowledge

  • He saves you time searching, negotiating and picking the right insurance protection and insurers
  • He will hold your hands and guide you through the claim process to ensure that your claim are settled fairly and without undue delay. You don’t have the hassle and worry.
  • He advises on changes in coverage and improvements in wordings as the client's exposure develops or the insurance market changes
  • He advises and guide you on how best to manage its risk and prevent, to the greatest extent possible, future losses
  • He reminds you when your policy is due for renewal

Unit 303 Block A, Pusat Dagangan Phileo Damansara II.
No.15,Jalan 16/11.Off Jalan Damansara,
46350 Petaling Jaya,
Selangor Darul Ehsan.

Tel: + 603 79608191 / 79609476
Fax: + 603 79543954

mitba@mitba.org.my