MCIS Insurance Bhd (MCIS Life) has reaffirmed its long-term commitment to sustainable growth, inclusive protection and operational excellence following a year of transformation that tested the resilience of Malaysia’s insurance sector.
As it is, MCIS Life’s strategic transformation remained anchored in its core purpose: protecting lives, creating enduring value and serving communities with empathy and innovation, according to its CEO Prasheem Seebran.
“2024 was a defining year for MCIS Life. It was a year that brought out the best in us while re-affirming our values, strengthening our sense of purpose and sharpening our strategic focus,” he pointed out.
“We responded with agility, discipline and an unwavering drive to innovate and create meaningful impact.”
Despite global economic uncertainties and escalating healthcare costs that placed pressure across the industry, MCIS Life reported a 13.7% increase in annual premium equivalent (APE) to RM219.7 mil and a 5.9% year-on-year (yoy) growth in gross written premiums to RM767.1 mil.
These positive developments were driven by strong contributions from both agency and group distribution channels.
Mitigating spiralling medical costs
In response to surging medical claims due to rising healthcare costs, MCIS Life is implementing a structured medical insurance management strategy in 2025 to ensure product affordability and long-term viability while complying with regulatory guidance and maintaining a customer-first approach.
Other key transformation initiatives undertaken by the company included expanding and diversifying its agency force with 610 new agents onboarded during its latest financial year.
To further boost operational efficiency and customer service, MCIS Life is rolling out a new Policy Administration System (PAS) for its Group and Affinity business.
This platform will improve scalability, reduce complexity and enhance turnaround times particularly for high-volume corporate clients in the Employee Benefits segment.
“Our enhanced use of data-driven insights allowed us to manage risk more effectively, tailor our offerings to evolving customer needs and deliver more personalised engagement. This has set the stage for a more agile and digitally empowered future,” enthused Prasheem.
In parallel, MCIS Life is also strengthening its environmental, social and governance (ESG) efforts.
Its flagship Purple Truck initiative in collaboration with the National Cancer Society Malaysia has provided preventive screenings and free HPV vaccinations to over 22,000 Malaysians in 2024.
Looking ahead, Prasheem expects MCIS Life “to constantly be building a stronger, more inclusive and digitally agile business”.
“With the strength of our people, the trust of our partners and the clarity of our long-term vision, we’re confident in our ability to deliver value that is sustainable, impactful and future ready,” he added. – Aug 8, 2025
