MIT CAPTIVE
BOARD AND MANAGEMENT
1. RAJA ZAILAN PUTRA BIN RAJA DATO’ SERI HAJI AZAM
MIT Insurance Brokers Berhad was incorporated on 22nd September 1973. The company is a Licensed Insurance and Reinsurance Broker and also a Licensed Takaful Broker. MIT is a registered Insurance Broker with Ministry of Finance with Bumiputra Contractor status
MIT has over the years had several changes of shareholders and in June 2010 became a subsidiary company of Kulim Sindora Berhad, a wholly owned subsidiary of the Johore Corporation, or better known as JCorp. JCorp has interest in a wide range of industries which includes Oil Palm plantations, Healthcare Services, Township developments as well as Fast Food to name just a few.
MIT acts as a confidential retail broker and risk consultant for our clients in ensuring that their insurance programme and arrangements are carefully and systematically identified and managed. Each client has its own unique insurance requirements that deserve a customised approach.
As a provider of professional services, we have to be sensitive to our client’s need which continues to evolve simultaneously with demands of their industry. Our mission is to hold ourselves as the resource centre in the area of risk management and insurance. MIT brings together a team of established and experienced personnel with the skills and experiences to provide fresh, innovative and strategic solutions to enterprises. In the rendering of our services, our personnel are supported by a dynamic ICT support system which continues to develop in response to market demands.
Our objective at MIT is to assist our clients in attaining new standards for excellence and results by means of a critical identification and assessment of risk exposure and thereupon the formulation of innovative and cost efficient solutions to mitigate and manage the identified risks. At the same time, the cost of insurance coverage is always important and one of our prime tasks is to provide our clients with optimum insurance cover at affordable cost.
MIT has also decided to explore other available insurance alternatives in the market. One of the better solutions that we have identified is captive insurance programmes. To start with, MIT had conducted a feasibility study on the possibility of creating a captive programme to our own JCORP group of companies. Upon seeing the future benefits of captive programme for the group, MIT finally established its wholly owned subsidiary company namely MIT Captive Limited, which was incorporated in December 2015 and licence to commence operation was approved by the Labuan Financial Services Authority (Labuan FSA) on 1st of June 2016.
At the moment, MIT Captive Limited, being a Pure Captive company, only concentrates on arranging a captive programme for JCorp group of companies which is progressing well. MIT Captive has also been approached by a few GLCs, local financial and educational institutions interested in the possibilities of developing their own captive programme. Thus, MIT is looking on the possibility of expanding our Captive portfolio to accommodate these requests.
MIT Insurance Brokers is aware that the local Insurance Industry is evolving and preparing to participate in the global market. The primary buyers of Insurance have become increasingly aware of the importance Insurance has played in their approach towards Risk Management.
Intermediaries, in line, with their consultancy role for the consumer should provide alternatives on how their Insurance premium can be managed to their advantage.