MALAYSIA ACE INSURANCE OFFERS COVER FOR PC's, LAPTOPS Ace Insurance offers cover for PCs, laptops

Wednesday December 19, 2007

Ace Insurance offers cover for PCs, laptops

Insurer in tie-up to provide worldwide insurance cover

By DALJIT DHESI

PETALING JAYA: ACE Synergy Insurance Bhd (ACE Insurance) has sealed a strategic partnership to offer insurance cover for theft of personal computers or laptops to TISS MSC Sdn Bhd customers.

Called T3 Insurance, the insurance scheme is offered exclusively to customers who purchase the T3 Security Key distributed by TISS, a Multimedia Super Corridor status company.

The universal serial bus-based T3 Security Key manages, protects and secures access as well as communication of confidential and sensitive information for the end-user. T3 Insurance provides worldwide cover.

“This means the insurance will also take effect even though the laptop or personal computer is stolen outside Malaysia.

“This gives the end-user a certain level of comfort knowing that his or her computer is fully insured against theft anytime and anywhere in the world,” said chief executive officer and managing director Raj Nanra in an interview.

ACE Insurance will provide complimentary T3 Insurance cover for a year for first-time buyers of T3 Security Key.

The complimentary insurance provides cover for up to 90% of the value of the laptop.

ACE Insurance ventured into the retail, and small and medium-scale industry two years ago as part of its multi-distribution and multi-product strategy.

According to Nanra, T3 Insurance was the first specialty product launched by ACE Insurance to boost its personal line business in Malaysia.

At present, the personal line business contributes about 10% to ACE Insurance's gross written premiums.

ACE Insurance is a 51:49 joint venture between ACE INA Holdings Ltd, whose ultimate parent is US-based ACE Ltd, and Malaysia-listed Advance Synergy Capital Bhd.

For the financial year ended Dec 31, 2006 (FY06), ACE Insurance recorded total gross written premiums of RM170.3mil, representing a growth of 4.6% from FY05.

It is currently a market leader in the innovative distribution of accident and health products via direct marketing and telemarketing.

The ACE group is a global leader in insurance and reinsurance with customers in a wide range of industries. The group, which has US$67bil (RM221bil) of assets and subsidiaries in more than 50 countries, recorded total gross written premiums of US$17bil (RM56bil) last year.