Berjaya Sompo Insurance Berhad

Berjaya Sompo Insurance Berhad Insurance Review

Brief Introduction and Overview of the Company

Berjaya Sompo Insurance Berhad is a prominent general insurance provider in Malaysia, renowned for its wide-ranging insurance solutions. Established through a strategic acquisition of Berjaya Capital Berhad by Sompo Holdings (the precise year of establishment isn't explicitly stated in available sources), the company has rapidly ascended to become a leading player in the Malaysian insurance market, catering to both individual and business clients with a diverse portfolio of products.

Key Highlights of the Company’s Market Position and Reputation

Berjaya Sompo Insurance Berhad has garnered significant recognition for its innovative mobile application, MySOMPO. This app was awarded the prestigious title of "Malaysia’s Most Innovative Mobile Application" at the Global Brand Awards 2024. This accolade underscores the company's dedication to developing user-friendly and technologically advanced solutions that simplify insurance management for its customers.

Overview

Year of Establishment and Background Story

While the exact founding year remains undisclosed in readily available resources, Berjaya Sompo Insurance Berhad's origins trace back to the acquisition of Berjaya Capital Berhad by Sompo Holdings. Its operational history spans several years, during which it has consistently expanded its service offerings and customer base.

Key Milestones in the Company’s History and Growth

• Integration with LexisNexis WorldCompliance Data: This significant integration ensures Berjaya Sompo Insurance Berhad maintains strict adherence to both domestic and international regulatory norms. By leveraging LexisNexis WorldCompliance Data, the company proactively mitigates risks associated with transactions involving sanctioned individuals or entities, enhancing its compliance posture and operational integrity.
• Innovation in Mobile Applications: The development and success of the MySOMPO app epitomize the company's commitment to innovation. This app streamlines various insurance-related processes, including policy management, roadside assistance requests, and claim submissions, offering customers a seamless and efficient digital experience.

Regulatory Compliance and Licenses

Berjaya Sompo Insurance Berhad operates with a strong commitment to regulatory compliance. The use of LexisNexis WorldCompliance Data allows the company to access regularly updated sanctions lists, minimizing the risk of non-compliance and ensuring responsible business practices.

Insurance Products and Services

Main Insurance Products

• Motor Insurance: Offering comprehensive coverage for private vehicles, these policies often incorporate valuable add-ons such as roadside assistance and towing services.
• Health Insurance: Providing access to medical insurance solutions, including convenient e-Medical Cards for efficient handling of emergency situations.
• Travel Insurance: SOMPO Travel Insurance protects individuals during international trips, including 24-hour emergency assistance while abroad.
• Property Insurance: Designed to safeguard both residential and commercial properties against various potential risks and losses.
• Personal Accident Insurance: These policies provide crucial financial support in the event of accidents, offering peace of mind and security.

Coverage Options and Policy Details

Berjaya Sompo Insurance Berhad's policies offer customizable coverage options to suit diverse individual needs and risk profiles. The MySOMPO app further enhances the policyholder experience by enabling convenient tracking of insurance details and simplified claim submissions, promoting a paperless and efficient process.

Additional Services

• Claims Assistance: The streamlined claims process facilitated by the MySOMPO app simplifies the submission and tracking of claims, improving customer satisfaction.
• Financial Advisory: While not explicitly detailed, the company's holistic approach suggests potential future expansion into complementary financial planning services.

Premiums and Pricing

Pricing Structure

Premium rates are determined by factors such as the type of insurance and the specific coverage selected. While a direct comparison to industry benchmarks isn't readily available, Berjaya Sompo Insurance Berhad is generally perceived as offering competitive premiums.

Discounts and Special Offers

• Multi-Policy Discounts: Customers holding multiple policies with Berjaya Sompo Insurance Berhad often qualify for attractive discounts.
• Safe Driver Discounts: Maintaining a clean driving record can significantly lower motor insurance premiums.
• Loyalty Rewards: The MySOMPO app often features exclusive rewards programs and benefits for loyal customers.
• Promotional Deals: Periodic promotional offers and limited-time deals are common, such as the past offer of RM200 TNG e-Wallet credit for towing services via the MySOMPO app.

Customer Service and Support

Contact Methods

Berjaya Sompo Insurance Berhad provides multiple avenues for customer service and support:

• Phone: Domestic calls within Malaysia can be made to 1 800 88 9933, while international calls should use +603 2170 7300.
• Email: Customers can reach out via [email protected].
• Live Chat: While not explicitly confirmed, the company's technological advancement suggests the possibility of live chat support through the MySOMPO app.
• 24/7 Support: Critical 24/7 support is available for breakdowns of private and commercial vehicles and 24/7 overseas emergency assistance for travel insurance policyholders.

Availability of 24/7 Support and Multilingual Assistance

Berjaya Sompo Insurance Berhad offers round-the-clock assistance for emergencies, including roadside assistance and travel-related incidents. The company also strives to provide multilingual support to cater to a diverse customer base.

Pros and Cons of Berjaya Sompo Insurance Berhad Insurance

Pros

• Comprehensive Coverage: A broad spectrum of insurance products with extensive coverage options.
• Innovative Mobile App: MySOMPO offers a seamless and efficient platform for policy management and claim submissions.
• Competitive Premiums: Berjaya Sompo Insurance Berhad is recognized for offering competitive pricing.
• Customer-Friendly Services: Multiple customer service channels and 24/7 support for emergencies contribute to superior customer service.

Cons

• Limited International Recognition: While dominant in Malaysia, its international presence might be relatively limited.
• Dependence on Technology: Reliance on the MySOMPO app might present challenges for customers lacking smartphone access or experiencing technical difficulties.

Conclusion

Berjaya Sompo Insurance Berhad stands as a reputable insurance provider in Malaysia, distinguished by its innovative approach to insurance management. Its commitment to regulatory compliance, the breadth of its insurance offerings, and its customer-centric services contribute to its strong market position. The MySOMPO app stands out as a key competitive advantage, significantly improving the customer experience. However, potential limitations include relatively low international visibility and a degree of dependency on technological accessibility.

Frequently Asked Questions about Berjaya Sompo Insurance Berhad Insurance

1. Can I use MySOMPO to request for Roadside Assistance or towing services if I am not a Berjaya Sompo Insurance Policyholder?
   No, roadside assistance and towing services are exclusively available to existing Berjaya Sompo Insurance policyholders.
2. Is MySOMPO available for download from all mobile operating systems?
   The MySOMPO app is currently available for download from the Google Play Store and Apple App Store only.
3. How to handle hospital admission if I am unconscious during an emergency and the app is not accessible?
   In emergencies where the insured is unconscious and the e-Medical Card is inaccessible, family members are responsible for initial hospital admission costs. Reimbursement can be arranged later upon regaining consciousness, either using an Insurance Guarantee Letter or by providing a screenshot of the e-Medical Card to the hospital.

References

• [1] https://www.berjayasompo.com.my/mysompo
• [2] https://risk.lexisnexis.com/global/-/media/files/financial%20services/case%20study/lnrs_berjaya-sompo_case-study_nxr14786-00-0221-en-us.pdf
• [3] https://online.berjayasompo.com.my
• [4] https://www.berjayasompo.com.my
• [5] https://www.berjayasompo.com.my/contact-us

Key Takeaways:

• Berjaya Sompo Insurance Berhad offers a wide range of insurance products.
• The MySOMPO app is a key feature, providing a streamlined user experience.
• Customer service options include phone, email, and potentially live chat.
• 24/7 support is available for certain emergencies.
• While offering competitive premiums, international recognition may be limited.