KUALA LUMPUR CMS I-Systems Bhd, a unit of Cahya Mata Sarawak Bhd, is tapping into the growth potential in the Islamic insurance market following its appointment as a technology solutions provider to Hong Leong Tokio Marine Takaful Bhd (HLTMT).
Through InsureConnect, the CMS I-System’s solution would serve as HLTMT’s underlying engine, Intermediaries Portal System, which was designed to service its entire distribution channel comprising thousands of agents, financial executives of Hong Leong Bank and independent financial planners.
In a press statement yesterday, its group chief executive director Syed Zafilen Edros said: “Making our footprint in the Takaful industry is an exciting yet natural progression for CMS I-Systems which has already made its mark in the conventional insurance sector.
“Aggressive positioning plans to be launched in the near future will certainly lead to growth in this segment before the completion of this 15-month project with HLTMT.”
HLTMT’s chief executive officer Ezamshah Ismail said: “We also like CMS I-Systems’ ASP Model, which meant ‘pay per use’ and no heavy up-front investment in both hardware and software fo us.”
According to the statement, CMS I-System was also keen to expand its presence in India’s insurance sector. It marked its foray into India’s insurance market with its first customer, Future Generali last October, and followed by Reliance Life Insurance Company Ltd last month.
“Given this early success coupled with our existing alliance with Microsoft India and the huge potential of India’s fast developing insurance market, we are targeting several major insurance providers whom we hope to be able to call our clients within the next 12 months,” Syed Zafilen said.