What problem is Bank Negara trying to solve with Semak Kasih?

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Bank Negara Malaysia Aims to Streamline Unclaimed Insurance and Takaful Benefit Claims with Semak Kasih Portal

Bank Negara Malaysia (BNM) has introduced the "Semak Kasih" portal to address the issue of beneficiaries struggling to identify and claim outstanding insurance policies and takaful certificates. The portal serves as a dedicated platform to simplify the process for individuals to verify if they are covered by such policies and to connect them with the relevant insurance or takaful providers for claim initiation. This initiative is particularly crucial given the substantial number of death benefit-related policies that remain unclaimed.
Addressing the Challenge of Unclaimed Benefits

The Semak Kasih portal was developed in response to the significant number of unclaimed insurance and takaful benefits, which can leave eligible family members without financial support during critical times. Many individuals are unaware that their deceased loved ones had secured such protection, leading to a gap in the intended welfare provision. The portal aims to bridge this information gap and facilitate a more direct pathway for beneficiaries to ascertain their entitlements.
Facilitating Easier Access to Coverage Information

A key objective of Semak Kasih is to empower beneficiaries by making it easier to check for existing coverage. According to estimates from the Malaysian Takaful Association (MTA) and the Life Insurance Association of Malaysia (LIAM), approximately 50,000 insurance policies and takaful certificates related to death benefits are currently unclaimed. This highlights a substantial need for a centralised and accessible method for beneficiaries to verify their potential claims.
Enhancing Efficiency in the Claims Process

By providing a straightforward mechanism for beneficiaries to check for coverage and contact the relevant providers, the Semak Kasih portal is designed to improve the overall efficiency of the benefit claim payment process. This streamlined approach ensures that rightful benefits can reach qualified family members more effectively and with less administrative burden. The initiative seeks to overcome previous challenges where insurance and takaful companies' efforts to contact beneficiaries through letters and agents were not always successful.

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What problem is Bank Negara trying to solve with Semak Kasih?

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