Agency: FCB Group Malaysia
NO PROBLEMS ACQUIRING MEMBERS BUT BIG PROBLEMS WITH AWARENESS AND LOYALTY!
Established in 2005, PIDM is a government authority that administers two protection systems for Malaysian financial institutions. The first being the Deposit Insurance System (DIS) that protects bank customers from losing their deposits should a bank go bankrupt. The second is the Takaful and Insurance Benefits Protection System (TIPS) that guarantees any insurance benefits owed to policy owners will still be honoured in the event of an insurance company becoming insolvent.
Membership into DIS & TIPS is automatic and free. No application or payment is required. In other words, everyone is a member without even being aware of it! And there lay the root of the problem!
Due to the automatic membership, Malaysians were unaware of PIDM's role, often confusing it for a normal insurance brand and even worse, incorrectly assuming it as an excuse from the government to charge a levy and ultimately questioning the need for having membership to it! To forestall any concerns regarding is legitimacy, PIDM had to continuously work at becoming known and appreciated by the Malaysian public.