Quick look
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With deregulation, insurance companies have worked harder to differentiate their offerings with more value-added services.
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Allianz General is one of the companies with innovative enhancements that give more peace of mind and convenience to customers.
It used to be that when you bought insurance for your car (which you must get each year in order to use it on the road), all you got was coverage for compensation for costs of repairs if the vehicle was damaged in an accident, and coverage against injuries to third parties.
Some years, you might be glad you had insurance when you had an accident and the repair costs were great (as they usually are these days). Other years, you might not make a claim at all so you did not enjoy any of the benefits.
Deregulation creates competition
That’s changed in the past 10 years with the deregulation of the insurance industry, replacing the fix premium rates with variable premiums based on risk-based factors such as driver age, safety features, and claims history.
As a result, an element of competition started among insurance companies wanting to retain and win new customers. They now had to differentiate themselves and this was done through adding value to the coverage with extra services like towing and 24/7 roadside assistance. Some were included in the policy while some were add-ons for a small extra charge.
Allianz General’s innovative ideas
Allianz General has been among the more innovative in this aspect with various services being added for its customers to give them more peace of mind. Two notable On-The-Go services are Windscreen Replacement and EV Charging.
The Windscreen Replacement service was introduced in 2020, offering replacement or repair for cracked and damaged windscreens for those who had comprehensive insurance coverage. The replacement could be done at a location specified by the customer. Only genuine glass replacements are supplied and come with a lifetime warranty.
Of course, if you have a rare model, then it would be tricky getting the right windscreen but generally, Allianz says thousands of customers have benefited from the service, without requiring lengthy documentation.
Industry-first
Adapting to changes in the automotive landscape, Allianz General introduced EV Shield coverage for those buying EVs, which only began 3 years ago. EV Charging is part of the service and began in the Klang Valley.
The company’s own Allianz EV Rangers carry portable chargers which can provide enough electricity to recharge a battery so the EV can make it to the nearest charging station. That’s quite a life-saver when you’re on a long journey.
Since launching the EV Charging service as an industry-first in 2024, Allianz General has been making it available in other key regions as well.
“We are proud to be at the forefront of innovation in the industry, delivering services that not only meet but exceed customer expectations. At the same time, we remain committed to supporting sustainable mobility by addressing EV adoption challenges with innovative services,” said Allianz Malaysia CEO Sean Wang.
Customers with Allianz EV Shield can also expect benefits covering related areas of powering up an EV. They can claim up to RM15,000 for losses or damages due to fire, theft and natural causes to wallboxes and RM2,000 for losses due to fire, theft and accidental causes for portable charging cables.
If mishap occurs while charging using a public EV charger, a compassionate cover of up to RM5,000 is given to the customer for the cost of repair or for medical expenses if the vehicle is damaged and the insured suffers bodily injuries. Furthermore, the insured is covered up to RM50,000 for third-party bodily injury and property damaged caused by the insured’s direct use of an EV home wallcharger.
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