QUOTE
Insures and takaful operators have agreed to incorporate into their motor insurance policy a reference point to determine the market value of vehicles.
Last month, both Bank Negara Malaysia and the General Insurance Association of Malaysia (Piam) endorsed Insurance Services Malaysia's automotive business intelligence system (ISM-ABI).
....
With the new system from ISM, insurers and takaful operators may also choose to pre-determine the compensation upon theft and total loss claims by referencing the database.
"Consumers are also able to verify the vehicle's market value themselves from the website and access the same information that insurers are accessing," he said.
The new service will reduce uncertainty when insuring a vehicle and reduce dissatisfaction that consumers experience when making a claim.
Last month, both Bank Negara Malaysia and the General Insurance Association of Malaysia (Piam) endorsed Insurance Services Malaysia's automotive business intelligence system (ISM-ABI).
....
With the new system from ISM, insurers and takaful operators may also choose to pre-determine the compensation upon theft and total loss claims by referencing the database.
"Consumers are also able to verify the vehicle's market value themselves from the website and access the same information that insurers are accessing," he said.
The new service will reduce uncertainty when insuring a vehicle and reduce dissatisfaction that consumers experience when making a claim.
source http://www.btimes.co.../ism06/Article/
