The spark of an idea came naturally when Dato Ranjith was looking for a way on how to support PKRM, a non-government organisation financially. Having spent 15 years in the insurance industry, Dato Ranjith aspires to do what he knows best – setting up an insurance company.
“In 2010, we requested fund from the government to subside our activities due to limited fund. Instead, the Ministry of Finance suggested us to think ‘what can we do to sustain the NGO’s operation without getting a fund from the government?’ So, the only way I can propose, given my background in the insurance industry is to be an insurance consultant,” he says.
MIAC, a subsidiary company of PKRM
Determined to make it work, Dato Ranjith set a plan to approach all the GLCs to be their insurance consultant. From there, all the revenue he generated will be forwarded to the NGO to carry out CSR activities.
The recommendation was fully supported by the Ministry of Finance because there’s no involvement of cash and funding from the government.
“However, we can’t use PKRM as the registered corporate agent for the insurance company. So we need to set up a company. Hence, Malaysian Intermediary Advisory Consulting Sdn Bhd (MIAC) was founded and 100% owned and managed by PKRM as a subsidiary company. We have been given the full mandate Ministry of Finance to focus on this insurance segment through this intermediary.”
Building trust among customers
Headquartered in Kuala Lumpur, MIAC is one of the strongest networks in the health and group benefits business lead by Dato Ranjith himself as the CEO.
“MIAC works closely with organisations to help control health care costs while keeping employees healthy and productive. We also help organisations improve performance through effective people, risk and financial management throughout Malaysia.”
Recently, MIAC formed another company called Ikhlas Broker Berhad. “We have signed an MoU with the MIYA Health, a consultation company. They are very expert in the insurance-related matters, specifically on the cost-utilisation with involvement of expert such as doctors, technologist, insurance experts and managed care practitioners who believe that with the technology we could lowering the cost .
The establishment of Ikhlas Broker Berhad and the connection with MIYA Health allows them to widen their offering. MIAC come out with a special programme where they can provide clients with an analytic report so they can identify which employee is utilising the medical coverage often.
It’s very important for an organisation to understand on what criteria they are spending for under insurance guideline and this will determine by the experts in MIAC with special drawn report for the clients to understand and observe deep insight on what they have spent for.
“We notice some companies have difficulties to understand and explore more on their insurance bills and reports provided by the insurance companies, here is our task and duties starts to table out the proposal and advisory services which we intent to do without any additional charges.”
“We are here to help them to minimise the cost-effectively. Within the first 6 months, they will be able to see a full analytic report on their staff and the progress of the employees’ benefits. At the end of the day, we can help them to reduce the cost up to 10% to 15% easily.”
Throughout the operation, MIAC has grown to have 10 staff and their services have expanded from human resource consulting, risk and financial services, effective talent and reward program as well as employer benefits. “It’s been an incredible journey for us and I hope we can sustain in the industry and expand our offerings,” he says.
I strongly believe that we have a positive impact on people’s lives, indirectly. People might say, “what’s your contribution to society?”
“At MIAC, all the proceeds from the insurance sales are channelled to the NGO organisation to aid them in improving the well-being of the society. I never felt that what I was doing was that valuable. But, certainly, I’m doing the right thing to the society,” he ends.
For free consultation by the expert, please contact MIAC at 03-21611999, 03-2164 4999,2163 3999 or email to [email protected]. You will get the right platform on how you can manage your spending in healthcare utilisation.