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BANKING & FINANCE
In 2017, the association introduced the Motor
Claims Guidelines (MCG), a best practice
initiative to be followed by all motor insurers in
the country which provides clear and common
procedures on what to do in the event of a
motor accident.
The initiative is a joint effort between the Land
Transport Department (JPD), Royal Brunei Police
Force (RBPF) and the Brunei Insurance Takaful
Association (BITA), and has the objective of
providing motorists with an enhanced claims
experience and clear and common procedures
for reporting of motor accidents, as well as
to allow motorists to make motor claims in a
simple, efficient and speedy manner.
According to the guidelines, those involved
in accidents should contact their respective
insurance agent or motor vehicle takaful
company for further advice and to exchange
particulars such as their name, identity card
number, address, mobile phone number of driver
and car owner, vehicle registration number,
type of vehicle, and information on insurance or
motor vehicle takaful.
Other steps include taking pictures of the
vehicles involved and the accident site, and
sending the cars to the Accident Reporting
Centre (ARC) appointed by the respective
insurance and takaful companies (either by
driving the vehicle directly or using a towing
service appointed by the insurance or takaful
company within 24 hours, or by the following
working day).
The aim of introducing the MCG, besides
providing an efficient and transparent claims
process, is to enhance customer experience in
the procedure in line with international best
practices.
BITA is also committed to ensuring its members
are continuously conducting global best
practices. In 2018, it held a professional skills
refresher training day for authorised agent
members. The training day was held to ensure
members conduct their daily operations based
on international standards.
AIA
AIA Brunei is the largest commercial life
insurance company in Brunei, commanding the
leading market share in the country in new
business and renewal premiums. It offers a wide
range of solutions to satisfy their customers’
individual needs, such as investment-linked,
traditional life, single premium, life accident
and health, term and group insurance products.
It was the first insurance company to introduce
Australian, Canadian and US currency
denominated products as well as investment-
linked policies into the Brunei market.
AIA Group Limited and its subsidiaries
(collectively “AIA” or “the Group”) comprise the
largest independent publicly-listed pan-Asian
life insurance group.
It has a presence in 18 markets in Asia-Pacific –
wholly-owned branches and subsidiaries in Bru-
nei, Hong Kong, Thailand, Singapore, Malaysia,
China, Korea, the Philippines, Australia, Indone-
sia, Taiwan, Vietnam, New Zealand, Macau, a
97 per cent subsidiary in Sri Lanka, a 26 per cent
joint venture in India and representative offices
in Myanmar and Cambodia.
Audley Insurance Company Sdn Bhd
Audley Insurance Company Sdn Bhd (AIC), a
subsidiary of Brunei Investment Agency (BIA),
was established on October 30, 1996 with
the primary objective of acting as a “Captive
Insurer” for all BIA-owned assets and interests.
In recent years, the company extended its
services to cover all assets and interests owned
and partly-owned by the Government of His
Majesty and others of strategic importance to
Brunei.
Etiqa Insurance Berhad
Etiqa Insurance Berhad, Brunei branch
(previously known as Malaysian National
Insurance Berhad) is a fully owned subsidiary
of the Maybank Group. The company offers
general insurance designed to provide coverage
for businesses, individuals, properties and
assets.
Products offered by Etiqa Brunei include fire
insurance, burglary insurance, motor insurance
and all risks insurance for industries, such as the
construction sector, which entails a significant
risk factor due to the use of heavy machinery.