Berjaya Sompo Insurance Bhd (Berjaya Sompo) has unveiled its plans to become one of the top five general insurance providers in Malaysia. The brand aims to achieve this by developing a detailed growth agenda with key focus areas identified.
“Customer feedback is key to product innovation and this allows us to incorporate solutions into products that customers value and want. We execute this by listening to customers and gathering data trends through consumer surveys and market research. Ultimately, Berjaya Sompo is working towards improving the overall experience and journey for all customers across different touch points,” says Berjaya Sompo CEO Tan Sek Kee.
Customers are at the heart of Berjaya Sompo, and its approach to customer experience is a vital component of enabling the brand to move towards greater heights in Malaysia. The general insurance provider also wants to make insurance simple to understand for the average consumer. As such, it has embarked on the following initiatives:
Berjaya Sompo’s latest thematic brand campaign, called “Silent Guardians” is a unique take on storytelling about how Berjaya Sompo aims to foster closer relations with all its stakeholders, leveraging on the brand’s Japanese heritage and history, from Japan to the world since 1888.
Berjaya Sompo is raising up its army of heroes through its “Silent Guardians” via the use of Japanese warriors, ninjas, samurais, sumo wrestlers, karatekas, and kendokas – protecting Malaysians everyday. The thematic brand campaign incorporates unique humour to highlight the importance of being insured so that Malaysians are able to live their daily routines without worry.
Sompony: Berjaya Sompo’s Mascot
Recently, Berjaya Sompo introduced its latest mascot, Sompony. The brainchild of Berjaya Sompo’s parent company, Sompo Holdings (Asia) Pte Ltd (Sompo), Sompony is positioned as a hero, helper and trustworthy companion that Malaysians can count on to guide them as they navigate through Berjaya Sompo’s products and services.
Used across its markets in Malaysia, Indonesia, Thailand and Singapore, Sompony was created to reshape how the brand connects with consumers in a more human, light-hearted and relatable manner.
Understanding the consumer mindset which changes over time, as well as in response to recent developments regarding motor detariffication in Malaysia, Berjaya Sompo has evolved accordingly, continuously looking at ways to innovate and develop solutions that meet the needs of today’s consumer. The all-new Sompo Motor is an example of this.
Sompo Motor is a comprehensive motor insurance policy for car owners which reduces the overall add-on costs without going through the tedious task of including add-on benefits. Further, it provides peace of mind to drivers which include better coverage for older vehicles and full coverage against natural disasters.
The new basic benefits included in Sompo Motor are as follows:
- Special perils coverage, where claim amount does not exceed RM10,000 or 20% of the sum insured, whichever is lower
- Coverage for all drivers
- Repairs warranty for 12 months, and
- Emergency towing cost of RM300 following an accident.
“Sompo Motor has reduced the hassle of going through commonly included add-ons for comprehensive private car insurance by including them in the basic benefits. We welcome the implementation of motor detariffication as it enables Berjaya Sompo to compete on a level playing ground. With this product, our main focus is enhancing the base level features and service level. We want to ensure we have a product that our customers find useful and beneficial,” said Stuart Chua, Berjaya Sompo Chief Distribution Officer.
Consumers may also opt for new additional benefits such as full special perils coverage, unlimited towing costs within Malaysia, and waiver of betterment for vehicles up to 15 years. Another new feature of Sompo Motor is that it provides consumers with the option to choose the Voluntary Excess of the Policy, ranging from 0% to 3% of the sum insured. Voluntary Excess of the Policy gives consumers the option to pay out of their own pocket for each claim, up to 3% of the claim amount, in exchange for a lower premium each month.
In addition, Berjaya Sompo is collaborating with esteemed car brands such as Honda Malaysia, Mazda Malaysia, and Nissan Malaysia to provide bundled insurance packages that are tailored to the needs of car owners.
Understanding the consumer mindset, Berjaya Sompo has taken major strides in activating digitalisation across the company via a number of key initiatives, including: online product innovation, increasing digital distribution channels, introducing new B2C channels as well as strengthening its digital infrastructure.
“Berjaya Sompo will be investing heavily in digitalisation as a key focus area to move the brand forward. One example of this is digital innovation, as we are developing new B2C channels to serve today’s mobile customers, as well as the simplification of our online products across Motor, Travel, Snatch and Home as we make it quicker and easier for Malaysians to purchase our products. In the near future, we will also be looking at strengthening our data capabilities and translating meaningful data that will help us serve our customers better,” says Tan.
As for brick and mortar stores, Berjaya Sompo has opened a new branch in Petaling Jaya in 2017 and another one in Seremban in September 2018. Beyond this, it has no further plans to increase its branch network – in accordance with Berjaya Sompo’s digital-first approach.
“We are confident that with our digitalisation journey, we can service our customers from any of our current locations, regardless of distance. Furthermore, we anticipate more and more clients moving online to buy, renew and claim insurance in the coming years, hence dependency on physical storefronts will reduce,” added Tan.
Robust Talent Strategy
For Berjaya Sompo, building the capabilities of its internal talent pipeline is key. This will ensure that the workforce is motivated and driven to establish customer experience as the number one priority in becoming the preferred insurer, working towards achieving customer excellence.
“Internally, we have various development programmes in place for all levels of our workforce that provides training and practical skills for not only work-related tasks, but also developing intrinsic skills that will shape them for long-term advancement,” says Tan.
With these plans in place, Berjaya Sompo is fully committed to growing in and with Malaysians. As the brand works towards not only fulfilling but exceeding the expectations of its stakeholders, it is confident about fulfilling its aspirations of becoming one of the top five general insurers in Malaysia, contributing to the Malaysian economy and serving Malaysians nationwide.