In regards to direct write-down premiums, the general insurance market in Malaysia is predicted to expand at a compound annual growth rate (CAGR) of 4.8 percent from MYR17.67 billion ($4.26 billion) in 2021 to MYR22.31 billion ($5.45 billion) in 2026. The boost in automotive sales and the solid performance in property insurance coverage, which is being driven by the development of infrastructure projects in the nation, will both help in boosting the Malaysian general insurance market.
The necessity for experts to ascertain and evaluate the many components of insurance claims was realized as the sector began to thrive in Asia. This opened up space for specialist loss adjusting and surveyors' organizations to produce transparent statistics for efficient claims processing. Claims are checked by insurance adjusters, who then estimate a just compensation sum.
These might be of any kind, from damage to property to physical injury. The primary responsibility of the insurance adjuster in property damage disputes is to conduct a thorough examination of the claim. The Malayan Adjustment Company is a pioneer in the Malaysian insurance loss adjustment sector. Established in 1959, MAC is the first company in the nation to focus on loss adjustment. Consisting of a range of experts, including lawyers, doctors, engineers, actuaries, risk surveyors, master mariners, mathematicians, and chartered loss adjusters with intensive experience and knowledge, the firm can capably resolve all types of insurance claims, whether they include minor claims or high-value complex insurance claims with an element of fraud.
Commitment, Services & USPs
Headquartered in Kuala Lumpur with branch offices spread across the country, MAC provides its empathic services to clients throughout Malaysia. Loss adjusters and surveyors remain an integral part of the insurance industry as they add a sympathetic human touch to the entire process of loss adjustment. Understanding the circumstances and losses incurred by clients, they can come up with resolutions that assist woeful clients to put their lives back together after suffering a loss. “We are committed to the future and success of
the insurance industry, and we are geared to maintaining our brand of professionalism, service excellence, and dedication to ensure the best outcomes for our clients", says Ramakrishnan Kervsseben, CEO and Director, Malayan Adjustment Company. To ensure favorable outcomes each time, the firm adopts a thorough collaborative and communicative approach and walks the extra mile to ensure complete client satisfaction. MAC offers claims adjustment and surveyance services to clients in varied claim classes, including property, pecuniary, construction, engineering, liability, marine, accident & health, motor, dilapidation, risk survey, risk management, jewelers' block, investigation, and surveillance.
Despite having severe competition in the market, MAC has been capably standing out on account of the superior quality of its services, which are at the heart of its business ethics; its dedicated team of experts recruited through an extensive hiring process; its ability to come up with creative cost saving ideas and fast track the claim settlement process for quick resolutions; putting the client at the center of all its resolution ideas; its willingness to communicate with clients to find the best foot forward; and having strategic partnerships with UK based loss adjusting firms. “The insurer proposed the Direct Settlement concept for Third Party Bodily Injury and Property Damage claims to our clients for quick closure of cases thus, saving legal costs and the release of claims reserves", adds Ramakrishnan. Another thing that sets MAC apart from its competition is that the firm provides loss adjustment services not only to the Malaysian population, but also to international insurers, or insurance companies who have offices set up in Malaysia.
Future Roadmap
Recognizing the impact that technology has over every sector, MAC is keeping its services aligned with the latest advancements to provide excellent services to clients at all times. Using AI technology, the firm is leveraging tracking systems to constantly monitor new developments like remote surveys, thereby implementing relevant technology into its systems, thereby improving the quality of services provided. For its future expansion, the firm is also thoroughly focusing on implementing sophisticated technology which could have the ability to empathize with clients in its interactions. Additionally, having established a strong foothold across Malaysia, MAC has set its sights on expanding its demographic reach internationally starting with countries across the Asia-Pacific Region by the year 2023. The firm has various ideas for expansion in the pipeline with the ultimate goal of becoming the top regional player in the loss-adjusting domain within the next five years.
We are committed to the future and success of the insurance industry, and we are geared to maintaining our brand of professionalism, service excellence, and dedication to ensure the best outcomes for our clients
Ramakrishnan Kervsseben, CEO & Director
In 2001, Ramakrishnan joined forces with a local adjusting agency, starting his career. He is skilled at managing both motor and non-motor claims, and was a member of the International CAT Team that was deployed to Brisbane, to evaluate global claims and losses incurred from the devastating floods the same year. Over the years, Ramakrishnan has refined his instincts for spotting deception and gathering proof. He took over MAC in 2013 when the company had 18 employees. Today, there are 143, and that number is steadily rising as the company is focusing on expansion.
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