Kuala Lumpur, February 8, 2006:
MNI Launches Marine web portal

MALAYSIA National Insurance (MNI) is optimistic of doubling its marine cargo insurance business by the end of its fiscal year June 2007 with the introduction of its Marine web portal, said its acting chief executive officer Mohamad Salihuddin Ahmad.

The Marine web portal designed by Merimen (M) Sdn Bhd is a web-based solution developed to expedite the issuance of Marine Certificate of Issuance (CI) by corporate clients, agents, shipping agents and brokers.

MNI, now part of the Maybank group, expects its marine cargo insurance portfolio to contribute as much as 15 per cent to its general insurance gross written premiums from 8 per cent currently.

Marine cargo insurance accounted for RM24 million of the RM490 million gross written premiums of MNI’s general insurance segment in the year ended March 31 2005.

MNI has since changed its financial year end to June from March in line with its merger with Maybank.

Going forward, MNI wants to break into the top three ranking of the industry marine cargo business in two years from the fifth ranking currently.

In 2006 alone, MNI aims to have close to 500 marine cargo clients, more than doubling its existing clients in the segment.

Mohamad said with the launch of the web portal, MNI hoped that its existing 200 corporate clients would utilise the facility by year-end.

“At the moment, about 30 out of the 200 existing corporate clients have signed up to use our portal,” he said.

“With our current inclusion under the Mayban Fortis insurance group, we believe we will be able to tap into the group’s corporate clients.

“They have about 200 clients we can tap to use the portal,” he said, adding that MNI seeks to attract 50 to 100 new corporate clients.

Mohamad said the insurer wants to grow its general insurance segment by 12 per cent by the end of its financial year ending June 31 2007.

Currently, MNI’s general insurance segment contributes up to 35 per cent to the company’s total gross written premium.

Mohamad said the Marine Certificate of Issuance was previously issued using pre-printed forms which were subjected to human error, time and administrative cost.

“With the web portal, it does not only reduce the processing cost of issuance but also enhances accuracy and simplifies downstream processes,” he said.

Meanwhile, when asked when will the merger between Maybank Fortis and MNI Holdings (MNIH) be completed, Mayban Fortis Holdings Bhd chief executive officer and head of Maybank Group Insurance Business Sector, Aminuddin Md Desa, said he was unable to comment until the unconditional mandatory general offer by Maybank Fortis for the remaining shares in MNIH is concluded.

Maybank recently extended the closing date for MNIH shareholders to accept its buyout offer by three weeks to Friday.

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