Kuala Lumpur , February 8, 2006:
MNI eyes top three marine cargo spot

KUALA LUMPUR: Malaysia National Insurance Bhd (MNI) expects to be ranked among the top three in the marine cargo insurance business over the next two years with the launch of its new Marine Web Portal. 

Acting chief executive officer Mohamad Salihuddin Ahmad said the insurance company was currently ranked fifth. 

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

Salihuddin was speaking after the signing of an agreement between MNI and Merimen to seal their collaboration yesterday. 

He 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 of the 200 existing corporate clients have signed up to use our portal. With our inclusion in the Mayban Fortis insurance group, we believe we will be able to tap the group's corporate clients. They have 200 clients we can tap to use the portal,” he added. 

The web portal is accessible by logging onto MNI's www.mni.com.my. website. 

Salihuddin said the CI 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. 

MNI also hoped to attract 50 to 100 new corporate clients to use the web portal, he added. 

On the company's financial performance, Salihuddin said MNI had targeted to increase total gross premiums by 12% to RM550mil for the current financial year ending June 30 from RM490mil last year. 

The marine insurance business, comprising the marine cargo industry and marine hull operations, was expected to contribute 14% this year, he said. 

MNI also expected the marine cargo business to contribute 10% to 15% to gross premiums for the current financial year, he added.

– The Star

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