Takaful Ikhlas General Berhad earns accolade at Malaysia Management Excellence Awards 2024

The takaful operator won for fostering innovation and exemplary customer experience in the takaful services sector.

Takaful Ikhlas General Berhad was honoured with the Team of the Year - General Insurance category at the Malaysia Management Excellence Awards 2024, which lauded the company for its significant strides that make it a key player in the industry.

Remarkable growth

With the launch of its digital ecosystem known as GO by Takaful IKHLAS, the company has transformed how takaful services are delivered. This ecosystem includes several key components: GO Direct, an online platform for seamless transactions; GO Serve, a service that allows customers to manage their certificates, submit claims, and seek assistance anytime and anywhere; GO Partner, a portal for agents equipped with tools and resources to enhance their efficiency and service quality; GO Financial, a self-service platform for the company’s bancatakaful partners; and GO Connect, an open API platform for easy integration for partners.

Takaful IKHLAS also achieved remarkable financial success in the fiscal year ending 31 March 2024 (FYE2024), as it surpassed RM800m in Gross Written Contribution for the first time since its establishment. The company reported a total revenue of RM843.4m, reflecting a 33% increase—or RM206.7m—compared to the previous financial year. Additionally, net profit soared by 83%, reaching RM63.3m, up from RM34.7m in FYE2023.

Notably, Takaful IKHLAS outperformed its industry peers as it achieved a growth rate of 26% in 2022, and 32% in 2023. In comparison, the general insurance and takaful industries grew by only 12.6% and 9.9%, respectively, according to ISM Insurance Services Malaysia Berhad. This success is attributed to the company’s transformative strategies and strong risk management practices initiated in 2020.

Operational efficiency

Takaful IKHLAS also embraced technology, implementing robotic process automation, document process automation, machine learning, and artificial intelligence to enhance operational efficiency. Amongst its notable innovations is the establishment of Virtual IKHLAS Points—the non-physical branches that expanded from 5 to 10 in FYE2024—which contributed about 12% to the company’s revenue.

As a customer-centric organisation, Takaful IKHLAS has improved its claims management processes by developing a Digital Motor Claims ecosystem that enables electronic submissions, live video inspections, real-time updates, and electronic payments. Additionally, it introduced a Virtual Interactive Process for flood-related claims, which ensures settlements within three days.

Takaful IKHLAS also ventured beyond traditional services and has pioneered innovative offerings to enhance customer experiences. It became the first takaful operator to provide digital road tax services, setting a new industry benchmark. The company also revamped its roadside assistance services with the Digital Roadside Assistance, Bantuan IKHLAS Road Assist Self-Service, which allows customers to track their stranded vehicles and tow truck progress as well as choose preferred workshops in real time.

Takaful IKHLAS’ commitment also extends to making a positive impact on communities through financial and non-financial initiatives. In 2021, it established the IKHLAS Barakah House, a Shariah-compliant fundraising platform that focusses on five pillars which include education, healthcare, economic empowerment, community enrichment, and environment. In FYE2024, Takaful IKHLAS distributed RM1.39m across these pillars, with a strong emphasis on enhancing the well-being of underserved communities.

In addition to these, with regards to the company’s IKHLAS Waqf and Endowment (IWE) programme launched in 2019, over 2.5 million eligible individual customers have been enrolled for FYE2023 and FYE2024 with more than 10 waqf and endowment recipients from the education, healthcare, and state institutions.

Through its innovative services and commitment to social responsibility, Takaful IKHLAS has distinguished itself as a strong recipient of the Team of the Year accolade. 

The Malaysia Management Excellence Awards recognises the country’s top leaders, innovators, and teams whose initiatives have driven significant business success for their companies.

The awards programme also celebrates efforts in areas such as employee engagement, health and wellness, diversity and inclusion, and corporate social responsibility (CSR) initiatives that have positively impacted workforce or customers.

The Malaysia Management Excellence Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's employee engagements and management initiatives, please contact Danica Avila at [email protected].