Brief Profile of the CEO

Shahrul Azlan Shahriman, appointed as CEO in January 2018, drives the success of Great Eastern Takaful Berhad. With a wealth of experience in multi-channel product distribution across financial institutions, he combines local and international expertise. Mr. Shahrul holds a Bachelor’s Degree in Business Administration, specialising in Management, from Wichita State University, USA, graduated with ‘Distinction’ and earned a place on the Dean’s Honor Roll. He is the member of the Grand Council Chartered Institute of Islamic Finance Professionals, and a Member of the Management Committee of the Malaysian Takaful Association (MTA). Over the last 5+ years, his effective and strategic leadership propels Great Eastern Takaful towards growth and prosperity. 

On behalf of OIC Today Magazine, I extend a warm welcome and express my gratitude for your presence in this interview. The vision of Great Eastern Takaful is “Paving the way to a great and colourful life: Takaful for you & me”. Could you elaborate on how the company aims to fulfil this vision for its customers?

Thank you for the opportunity for me to share some meaningful insights with you. I wish to emphasise that not only that we have a robust vision but also a meaningful purpose, and that is to help people in times of need. At Great Eastern Takaful, our vision of “Paving the way to a great and colourful life: Takaful for you & me” is not just a statement, but a commitment to our customers. We are guided by a strong purpose of helping people help each other in times of need, because we genuinely believe that we can make a difference. This aligns perfectly with the concept of takaful, where we act as enablers for our customers to do good deeds while ensuring their health and financial well-being, especially when facing unfortunate events in life.

Our primary focus is on helping our customers fulfil their life aspirations. We understand that each individual has unique needs and goals, and that is why we strive to provide comprehensive lifetime solutions. Takaful for you & me means that our products and services are accessible to everyone, regardless of their range of income or walks of life. We believe that everyone deserves the opportunity to protect themselves and their loved ones.

To achieve this vision, we offer a wide range of takaful products that cater to various needs. This approach ensures that our customers have access to the right solutions at every stage of their lives. “Takaful for you & me” encompasses our commitment to provide accessibility, comprehensive coverage, and enabling our customers to achieve their life goals. It means that this opportunity is offered to all Malaysians, irrespective of their backgrounds. Overall, we strive to be there for our customers, providing them with the peace of mind and support their need to lead great and colourful lives.

Can you tell us more about the founding principles of Great Eastern Takaful Berhad, especially highlighting the initiatives you have taken as a CEO to uphold the principles and attain more success?

The founding principles of Great Eastern Takaful Berhad are deeply ingrained in our business operations, and as the CEO, I have taken initiatives to uphold these principles and drive our success even further.

One of our key business principles is ensuring that our customers are well taken care of, and this commitment permeates throughout the entire organisation. To uphold this principle, we have adopted the Fair Treatment of Financial Consumers (FTFC). This initiative focuses on providing excellent customer service, resolving customer concerns promptly, and ensuring customers’ awareness on the takaful products and services they subscribed. FTFC policy ensures that customer’s rights, claims and complaints are taken care of. By placing our customers at the centre of everything we do, we aim to build trust, enhance customer satisfaction, and exceed their expectations.

We continue to emphasise more on our values and principles that can help us stand out and become premier takaful service provided nationwide. Furthermore, we have embedded the i-GREAT values across our entire workforce and agency force. These values, including Integrity, Groovy, Respect, Empathy, Action-Oriented, and Teamwork, guide us in our daily operations and foster a culture of collective success. These values go beyond just marketing our products; they enable us to ramp up our services and ensure that we consistently deliver exceptional experiences to our customers.

As part of our commitment to sustainable impact, we have implemented Value Based Intermediation Takaful (VBIT) initiatives. These initiatives focus on various thrusts, including financial resilience, community empowerment, good governance, and best conduct. For example, we introduced micro-takaful to address the protection gap in the low-income segment and increase accessibility to affordable protection solutions. We have also launched an ESG-led equity fund, aligning our investment strategies with environmental, social, and governance considerations. Additionally, we have implemented environment awareness programs and initiatives to combat plastic pollution, including being the first takaful operator in Malaysia to have a 2-in-1 upcycling machine.

In a nutshell, we have upheld the founding principles of Great Eastern Takaful Berhad by placing a strong emphasis on customer care, embedding the i-GREAT values, and implementing VBIT initiatives for sustainable impact. By adhering to these principles and driving these initiatives, we are committed to delivering added values beyond takaful offerings to our customers, fostering a positive work culture, and contributing to the well-being of the communities we serve.

Since its establishment in 2010, Great Eastern Takaful places a strong emphasis on its mission of caring for customers’ needs, delivering promises on time, and becoming the preferred partner for all stakeholders. How does the company ensure customer satisfaction?

Great Eastern Takaful places a strong emphasis on ensuring customer satisfaction by implementing various initiatives and leveraging technology to meet customers’ needs effectively and efficiently.

One of the key factors contributing to customer satisfaction is diligent and timely customer service. Great Eastern Takaful has been recognised for its commitment to customer experience and was named one of the top 3 CX Pioneers across sectors in the Customer Experience Excellence (CEE) report 2022: Malaysia edition by KPMG. This recognition is a testament to our focus on delivering exceptional customer service. The evaluation was based on the Six Pillars of Customer Experience, which include Integrity, Resolution, Time and Effort, Expectations, Personalisation, and Empathy

To support our commitment to customer satisfaction, we have a strong work culture that emphasises customer care. With over 10,000 takaful advisors serving as an extended arm, we ensure that customers’ needs and concerns are addressed promptly and effectively. In our effort to widen accessibility in a more unique way, we collaborated with Boost in 2020. This collaboration resulted in MikroSayang, our microtakaful product, being available on the Boost e-wallet platform. This allows customers to easily access and purchase takaful products through a popular digital platform.

My personal experiences in dealing our customers were all about being empathy and attentive which resonates with how much me as a CEO and the company care about customer satisfaction. I wish to share one of my experiences where there was a customer who was upset over the processing time (usually around 3 days) and he started shouting while being inside our office premise. I took the matter personally and decided to talk to the grieving customer who has recently lost one of his family members. After carefully listening to the client and responding to him with care and respect, the client calmed down. Eventually, we became good friends. This is how serious we are when it comes to ensuring customer satisfaction.

Elevating customer’s experience with digitalised services, we launched i-Get in Touch (iGIT), a one-stop self-service portal that empowers customers to manage their accounts and conduct transactions electronically and securely. Through this portal, customers have greater control and convenience in accessing and managing their takaful policies.

In brief, Great Eastern Takaful ensures customer satisfaction through diligent and timely customer service, a strong work culture, collaborations with digital platforms, implementation of technology such as Robotic Process Automation (RPA), and the introduction of self-service portals to reduce processing time and increase efficiency. These initiatives enable us to deliver on our promises, enhance customer experience, and become the preferred partner for all stakeholders.

Great Eastern Takaful has received numerous awards and accolades in the takaful industry. How does the company consistently maintain its position as a top performer and provide breakthrough solutions to its customers?

Great Eastern Takaful consistently maintains its position as a top performer in the takaful industry and provides breakthrough solutions to its customers through its innovative approach to product design and its commitment to delivering best-in-class solutions. Our distribution channels are important elements in keeping the company’s position as the topmost successful takaful provider in Malaysia. With the strength of over 10,000 agency force nationwide, we are able to reach our customers with speed. We are known for our prompt action and customer reachability nationwide.

One of the ways Great Eastern Takaful stands out is by daring to be different and ensuring that its takaful offerings are designed with the customers’ evolving needs in mind. For example, the company introduced automatic upgrades in coverage without the need for underwriting. This means that as customers’ takaful needs increase over time, their coverage automatically increases without the hassle of additional underwriting requirements. In the medical coverage segment, Great Eastern Takaful’s i-Great Evo product is a prime example of providing breakthrough solutions. It offers automatic increases in room and board limits and annual coverage limits, taking into account the escalating medical costs and inflation. This ensures that customers’ medical needs are adequately covered, even as expenses increase over time.

Another notable product is i-Great Nova, launched in 2022, which has gained popularity for its hibah (gift) and income protection proposition. This product provides an increasing sum covered every 5 years, addressing the customers’ need for enhanced protection and income stability as they progress through different stages of life.

We are committed to offering a complete suite of advisory and creditrelated takaful products. This ensures that customers have access to a wide range of solutions that are tailored to suit their unique protection needs, financial goals, budgets, and risk profiles at every stage of their life cycle. By providing comprehensive and customised solutions, Great Eastern Takaful remains at the forefront of the industry and consistently meets the diverse needs of its customers.

The company’s dedication to delivering breakthrough solutions is further reflected in the recognition it receives. In 2022, Great Eastern Takaful was awarded the Best Takaful Operator (Malaysia) by Global Business Outlook, affirming its commitment to excellence and innovation in the takaful industry. Overall, the company maintains its position as a top performer and deliversinnovative solutions to its customers through its innovative product design, automatic coverage upgrades, and comprehensive suite of tailored solutions.

Could you highlight some of the key products and services offered by Great Eastern Takaful, such family Takaful, health protection, future goals, online Takaful plans, and group Takaful solutions?

We offer a diverse range of products and services to meet the protection needs and financial goals of our customers. One of our notable offerings is MikroSayang, which was introduced in line with the government’s Perlindungan Tenang scheme. This mikrotakaful (micro-takaful) plan provides extended coverage, including hospitalisation, critical illness, death, and total and permanent disability benefits.

Among the top products offered by Great Eastern Takaful is i-Great Evo, which adapts to customers’ evolving needs and affordability. It offers comprehensive optional riders that allow individuals to customise their coverage according to their specific requirements. Moreover, i-Great Inspirasi and i-Great Nova are designed to provide protection and financial security for different stages of life.

Great Eastern Takaful also places emphasis on wealth management, and i-Great Prestij is an example of a product that combines savings and investment opportunities while ensuring financial goals are protected. This offering allows individuals to grow their wealth while safeguarding their family’s future.

Furthermore, the company launched the Guaranteed Issuance Offer (GIO) protection plan, i-Great Ilham, which has been well-received and promotes financial exclusivity so that everyone can be protected. This periodical takaful offering provides customers with the convenience of obtaining coverage through a simple issuance process. Through these products and services, Great Eastern Takaful strives to provide comprehensive and tailored solutions that address the diverse protection needs, financial goals, and budgets of their customers.

Banks play a vital role in insurance/ takaful-related services. Could you explain how the company collaborates with its bank partners to offer superior customer experiences and innovative takaful solutions?

We recognise the vital role that banks play in providing insurance and takafulrelated services. To offer superior customer experiences and innovative takaful solutions, the company collaborates closely with its bank partners. Through these partnerships, the company goes beyond traditional approaches by anticipating the significant changes shaping customers’ preferences. This enables them to develop innovative takaful solutions that effectively meet the evolving needs of customers in terms of protection and savings.

The company has established collaborations with several prominent partners, including OCBC Al-Amin Bank Berhad, Lembaga Pembiayaan Perumahan Sektor Awam (LPPSA), Bank Muamalat Malaysia Berhad, Affin Islamic Bank Berhad, and MBSB Bank Berhad. These partnerships allow Great Eastern Takaful to leverage multi-channel engagement strategies and platforms to enhance the overall customer experience.

Furthermore, in 2023, Great Eastern Takaful has successfully been empanelled by Co-opBank Pertama (CBP) to offer credit takaful solutions to CBP’s customers. This expansion of partnerships demonstrates the company’s commitment to reaching a wider customer base and delivering innovative takaful solutions in collaboration with banks.

By collaborating closely with their bank partners, Great Eastern Takaful strives to enhance customer experiences, provide innovative solutions, and effectively address the protection and financial needs of individuals and businesses.

I would like to delve into your motivation for being involved in the field of Takaful, and more broadly, the insurance sector. What fuels your passion for this industry, and what are your aspirations for further accomplishments within this sector?

The first part of the question touches me emotionally. While working in this sector, one of the things I have noticed closely in the eyes of the customers is that they express the feeling that they are being helped. I mean literally they are being helped and empowered. I make it a point with myself when I am in the office, I am involved as much as I can with my people. Every quarter, each of my Senior Management Team rotate to handover claim cheques to our customers. I can share one story briefly. Two months ago, I saw RM250,000 takaful benefit money to be given to the late client’s mother and sister. I went far deep inside the rural area in Pahang to meet the family and handover the check. The client was a lorry driver and he subscribed Takaful some 3 years ago. The mother and sister were so emotional to see me and to receive the check. The mother said, although my son is not here, he still takes care of me indirectly through this takaful plan. This is how I get inspiration to work in this sector and in this great company that can help people.

My passion for the field of Takaful and the broader insurance/takaful sector stems from the opportunity to make a positive impact on people’s lives. It is aligned with the aspiration of Bank Negara Malaysia (BNM) to narrow the protection gap among Malaysians, as currently only 20% of the population is protected with Takaful.

One of my main motivations is to reach out to more underserved segments of society and assist them in achieving financial protection, especially during challenging times in their lives. By providing accessible Takaful solutions, we aim to ensure that individuals and families have the necessary support and financial security when facing unfortunate events.

Furthermore, in this digital era, my aspirations extend beyond reaching more individuals with Takaful coverage. We actively explore opportunities to enhance our Takaful offerings and find new ways to communicate with our customers and prospects. By embracing technology and digital channels, we can effectively engage with a wider audience and cater to their evolving needs.

Education and awareness are also crucial aspects of my aspirations. It is essential to ensure that Malaysians understand the importance of takaful protection and the concept of hibah (gift). By promoting awareness, we can help individuals comprehend how takaful can alleviate their financial burdens during unfortunate events and provide them with peace of mind.

To achieve these goals, we continuously strive to understand the needs of our customers. We enhance our takaful offerings based on their feedback and leverage our extensive distribution networks, including our agency force, bank partners, and corporate collaborations, to ensure that our products are accessible to a wide range of individuals and businesses.

Ultimately, my aspiration is to contribute to a society where more Malaysians are financially protected and have peace of mind, knowing that they have the necessary support and coverage in times of need. Our Takaful solutions provide inclusive coverage for all walks of life - you can get coverage as low as RM5 per month to comprehensive coverage that evolves with your life stage to ensure sufficient coverage throughout your life. Through ongoing innovation, education, and reaching underserved segments, we can accomplish these objectives and make a meaningful difference in people’s lives.

How GETB implement VBIT and ESG initiatives in terms of socio-economical and environment conservation aspects?

Great Eastern Takaful Berhad (GETB) is committed to implementing ValueBased Intermediation Takaful (VBIT) and Environmental, Social, and Governance (ESG) initiatives, focusing on socio-economic and environmental conservation aspects. We are proud to be the first takaful company to implement the plan of turning plastic waste into usable items inside the office. This is how we are doing our part. We might not be able to do it at a global scale but at least we can upcycle the plastic we use and create awareness to our employees regarding the environmental issues and how they can contribute on personal capacity.

Furthermore, we have established meaningful collaborations with nongovernmental organisations (NGOs) that advocate for reducing plastic pollution and promoting sustainable practices. These collaborations involve initiatives such as recycling and upcycling wastematerials to create reusable products. To support these efforts, we have launched a Sustainability Room within our organisation and invested in a 2-in1 recycling and upcycling machine at our workplace. This initiative does not only contribute to environmental conservation but also raises public awareness about the importance of sustainable practices.

As part of our sustainable business journey, we have embraced digital and sustainable practices in line with the VBIT framework set out by Bank Negara Malaysia (BNM). In December 2021, we introduced a new fund called Dana i-Ekuiti Global, which incorporates ESG considerations into its equity investment process. This initiative demonstrates our commitment to responsible investing and supporting sustainable businesses. One of our key focuses is on the microtakaful product segment, which is aimed at the B40 community. This product is designed to alleviate their financial burdens and provide them with access to affordable and inclusive protection. By catering to this segment, we are addressing socio-economic inequalities and striving to improve the well-being of the community.

At Great Eastern Takaful, we firmly believe that business growth should go hand in hand with socio-economic well-being. Our commitment to the community we serve remains a pillar of strength, and we are dedicated to creating a positive impact on both the society and the environment through our initiatives.

Through the implementation of VBIT and ESG initiatives, we are actively integrating sustainability into our business operations and ensuring that our practices align with social and environmental considerations. We are committed to continuously exploring innovative ways to contribute to the betterment of society and the preservation of our planet

Lastly, we would be grateful if you could provide insights into the company’s future plans and goals for growth and expansion. Specifically, where do you envision the company in the next five years? What strategic directions and initiatives are you considering to propel the company forward and achieve further success?

Great Eastern Takaful Berhad envisions a bright future with a focus on growth and expansion over the next five years. We are committed to continuously evolving and embracing updated technology to meet the changing needs and expectations of our customers.

One of our key strategic directions is the full-on digitalisation of our business operations, products and services. We recognise the importance of digital platforms and innovative solutions in enhancing customer experiences, improving operational efficiency, and expanding our reach. We will continue to invest in digital tools, processes, and infrastructure to provide seamless and convenient services to our customers.

In line with our commitment to sustainability, we are dedicated to creating a workplace that is environmentally friendly. We will continue to implement initiatives that promote energy efficiency, waste reduction, and responsible consumption within our operations. By integrating sustainable practices into our daily operations, we aim to contribute to a greener future and be a responsible corporate citizen.

Additionally, we are exploring strategic collaborations and partnerships to further expand our market presence and product offerings. By working with key stakeholders, including banks, corporate partners, and fintech companies, we aim to tap into new customer segments and explore innovative solutions that address their evolving needs.

As part of our growth and expansion plans, we also prioritise talent development and continuous learning within our organisation, which has about 10,000 workforce. By investing in our agency force, providing training that emphasise need-based selling, and fostering a culture of innovation, we aim to build a high-performing team that is equipped to drive our future success.

Overall, our future plans revolve around leveraging technology, digitalisation, sustainability, strategic collaborations, and talent development to propel Great Eastern Takaful Berhad forward. By staying ahead of the curve and embracing new opportunities, we are confident in achieving further success and becoming a leading player in the takaful industry.