KUALA LUMPUR: Healthcare access remains one of the most significant challenges for low-income families especially in underserved segments, Prudential BSN Takaful Bhd (PruBSN) chief executive officer Wan Saifulrizal Wan Ismail said.
According to the National Health and Morbidity Survey 2023, 61.5 per cent of outpatient visits are paid out of pocket by the patients or their family members.
Around 12.9 per cent of Malaysians did not seek medical treatments due to financial constraints, Wan Saifulrizal told Business Times.
Recognising the challenges posed by rising healthcare costs, PruBSN has introduced customisable plans like PruBSN AnugerahMax, starting at RM50 per month, which covers critical illness and accidents, among others.
The plan allows customers to adjust their coverage with 18 different rider options, addressing evolving healthcare needs.
He noted that PruBSN has evolved to meet the growing demand for healthcare protection by offering straightforward and affordable plans tailored to customers' unique financial situations.
He said PruBSN will continue to innovate and offer takaful solutions that meet the evolving needs of Malaysians, ensuring long-term value for certificate holders.
The company's main focus will be on customer-centricity, being a partner in health and distribution excellence.
He said these pillars will help them stay ahead and deliver value to certificate holders by personalising products for different customer groups, from young professionals to retirees, while improving financial literacy and providing affordable takaful protection at all life stages.
A key part of the strategy includes leveraging technology to improve customer experiences, including automating claims processes and enhancing mobile accessibiliy.
"Strengthening distribution channels by enhancing agent productivity through data-driven insights and expanding digital distribution capabilities will also be a priority.
"This hybrid approach will offer more options for customer engagement, both in person and through digital self-service tools."
As it has been serving Malaysians for 18 years, Wan Saifulrizal said PruBSN's focus has shifted from expanding its reach to making takaful more accessible, to building stronger connections with customers and the community by adopting a more customer-centric and sustainable approach.
The shift in focus, he said, has reshaped PruBSN's culture, with over 16,000 agents and staff united by a shared purpose of serving the community.
PruBSN has achieved remarkable milestones over its 18 years in Malaysia, solidifying its position as the number one family takaful operator for 11 consecutive years.
Known as a takaful operator that use Ta'awun or mutual assistance concept, Wan Saifulrizal said the principle emphasises collective responsibility within a community, where participants contribute to a shared fund, known as the Tabarru' fund, to support one another in times of need.
This approach ensures participants have access to essential healthcare services, making health protection more accessible and affordable.
"Beyond financial protection, the spirit of Ta'awun extends to community-driven initiatives like PruBSN Microtakaful Jariyah, which offers free takaful coverage to the B40 segment.
"This commitment to mutual assistance helps create a support network, enabling every Malaysian to face life's uncertainties with confidence," he said.
To further embrace the mutual assistance concept, PruBSN through its charitable arm PruBSN Prihatin, which funds comes from multiple sources such as zakat and contributions from customers and agents, supports community well-being and provides accessible Takaful products to low-income households.
PruBSN Microtakaful Jariyah is one of its offerings that provides one-year free takaful coverage to breadwinners in the B40 income group that has been enjoyed by over 182,000 recipients since its launch in 2018.
"PruBSN Prihatin embodies the principles of mutual assistance and community welfare rooted in Shariah-compliance, making it an inclusive and accessible scheme for people of all faiths and backgrounds.
"This approach aligns seamlessly with PruBSN's Sustainability Pillar, focusing on accessible health and financial protection for Malaysia's diverse population," Wan Saifulrizal added.
By staying proactive and making necessary adjustments each year, Wan Saifulrizal said the company ensures that customers continue to receive the medical care they need without compromising coverage quality.
The commitment to flexibility and affordability helps PruBSN meet the unique needs of its diverse customer base.