Posted on 8 November 2012 - 05:39am
KUALA LUMPUR (Nov 8, 2012): Great Eastern Takaful Sdn Bhd (GETSB), which saw a revenue growth of 50% as of Oct 31 2012 from a year earlier, is confident of achieving a 60% to 70% growth in revenue for the full year, said its appointed representative and CFO Zafri Ab Halim.
GETSB, which currently has a 4% share of the local takaful market, will focus on driving both its single contribution business and regular contribution businesses.
Single contribution refers to plans where a policyholder invests one single lump-sum payment, while a regular contribution plan lets the policyholder make his or her contributions either monthly, quarterly, half-yearly or yearly.
"We're confident of a 60% to 70% growth in revenue this year but (it could go as high as a) 100% growth," Zafri told reporters at the launch of an affordable family takaful plan i-Great Teras here yesterday.
"We also expect our agency force to grow from 5,000 agents now to 6,500 by 2013."
Earlier, the newly-launched i-Great Teras, which caters to the mass market, is a product envisaged to be a market opener for its agency force to boost sales.
The company expects 10,000 customers to take up the plan, which is designed to suit basic needs and provide the solution in assisting customers to better manage their financial needs.
"Even though we only expect a RM2 million revenue contribution in 2013 from the product, the i-Great Teras is a market opener for our agency force.
"It will be easier for agents to market our products as the i-Great Teras can be taken up by everyone," said Zafri.
From as low as RM25 per month, i-Great Teras offers the solution in settling debts such as business or personal financing, credit card dues, mortgages or any form of debt when a policyholder dies.
It is open to all who has attained the age of 30 days to the maximum age of 60.
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