MSIG Insurance (Malaysia) Bhd’s Board of Directors and the senior management are committed to delivering good financial consumer outcomes and building long-term and mutually beneficial relationships with our customers. This Charter specifies our commitment to provide the highest standards of fairness in all our dealings with our customers.
To protect the interests and financial well-being of our customers, WE are committed to the following:
1. Fair dealing embedded into our institution’s corporate culture and core values
i) We set minimum standards on fair business practices in all dealings with our customers. This includes providing financial services or products suitable to our customers’ financial circumstances and preserving the confidentiality of our customers’ information;
ii) We train all staff attending to customers to provide quality advice and recommendations; and
iii) We take customers’ feedback seriously and provide immediate constructive feedback to our staff.
2. Customers are provided with fair terms
i) The terms in our contracts or agreements are fair, transparent, and well communicated to customers;
ii) The terms and conditions set out the respective rights, liabilities and obligations clearly and as far as possible in plain language; and
iii) The terms and conditions in contracts or agreements are not altered without prior notification to customers.
3. Customers are provided with clear, relevant and timely information on financial services and products
i) We provide customers with relevant and timely information in a product disclosure sheet;
ii) We disclose key product features, fees and charges, risks and benefits in a clear and concise manner; and
iii) Critical terms are brought to customers’ attention and explained to the customers.
4. Our staff, representatives and agents exercise due care, skill and diligence when dealing with customers
i) We conduct sales, advertising and marketing of our financial services and products with integrity and will not make false or exaggerated claims;
ii) We avoid or clearly disclose actual or potential conflicts of interest; and
iii) Staff remuneration, where relevant, takes into consideration whether key performance indicators relating to fair treatment of customers have been achieved.
5. Customers receive suitable advice and recommendations that take into account their financial needs and circumstances
i) We provide clear, relevant and quality advice or recommendations based on adequate consideration of customers’ financial objectives, needs, circumstances, financial situation and risk appetite so that customers can make informed decisions;
ii) Our advice or recommendations are substantiated with a reasonable basis and in the best interest of customers; and
iii) Our customers’ data and privacy are safeguarded.
6. Customers’ complaints and claims are handled in a prompt, fair and effective manner
i) We have in place proper and well documented complaints handling process and provide clear redress options should customers decide to further escalate their complaints;
ii) Our staff, representatives and agents are properly trained to handle and resolve complaints in an effective and timely manner; and
iii) We monitor and evaluate the nature and trend of complaints received through effective root cause analysis and thereafter take adequate measures to rectify weaknesses identified.
7. Vulnerable consumers are treated fairly and equitably, including by our staff, representatives and agents
i) We assess the needs of vulnerable consumers in our customer base and target market and implement appropriate policies to meet these needs;
ii) Our staff, representatives and agents are well trained to recognise, assess and respond appropriately to the needs of vulnerable customers; and
iii) We have in place sufficient monitoring and evaluation mechanisms to ensure that our staff, representatives and agents are responding to the needs of vulnerable customers and make necessary improvements to ensure vulnerable consumers continue to receive fair and equitable treatment.
