ISM was conceptualised in 1998 by the General Insurance Association of Malaysia (PIAM) as the Malaysian Insurance Rating Organisation (MIRO) project. The objective of MIRO was to put in place databases to support pricing and reserving in a liberalised pricing environment. In 2000, the project took shape when PIAM established the MIRO department and employed an Actuarial Manager to coordinate the project.
In July 2003, the PIAM management committee decided to merge the MIRO and MIS department to form the ISM department. The scope for the project was also expanded to include anti-fraud and information technology-related services. Takaful operators began to participate and contribute data to ISM in 2003, and life insurance companies followed this in 2004.
The PIAM management committee recognised the need to create a separate entity to enable ISM to carry out its role more effectively and also formally involve the Takaful and Life Insurance industry. On 18 February 2005, ISM Insurance Services Malaysia Berhad was incorporated as a company limited by guarantee (CLBG) with 35 Insurers and 4 Takaful operators as members. Thus, ISM commenced operations on 1 April 2005. ISM is also one of the founding members of the IIRFA “Insurance Information and Ratemaking Forum of Asia” (IIRFA).
Vision and Mission
More than Just Data
- Provide infrastructure of databases and analytics that allows members to make informed decisions and support liberalised pricing environment.
- Build competencies in quantitative underwriting and technical pricing.
- Increase efficiencies in operations by:
- Providing online access to shared information
- Utilizing of information technology solutions
- Providing effective fraud detection systems and capabilities
Proven and Trusted Analytics
Awards & Recognition
ISM Insurance Services Malaysia Berhad is an MSC Status company. We are also ISO/IEC 27001:2013 certified, a premier certification for information security management.