ISM Insurance Service Malaysia Berhad

What ISM Insurance Service Malaysia Berhad does

ISM Insurance Service Malaysia Berhad is a private, industry-owned Company Limited by Guarantee that operates as the central data and analytics infrastructure provider for the Malaysian Insurance and Takaful industry. Incorporated on 18 February 2005 with 35 insurers and 4 Takaful operators as founding members, the company traces its origins to the Malaysian Insurance Rating Organisation (MIRO) project conceptualised by PIAM in 1998. Its members today include general insurers, takaful operators, life insurers, and reinsurers such as AIA, AIG, Allianz, Chubb, Zurich, Etiqa, Tokio Marine, Hannover Re, Swiss Re, and Malaysian Re. The Board includes senior representatives from member organizations, and the company is independently governed rather than subsidiary to any parent.

ISM's product portfolio spans vehicle valuation (Automotive Business Intelligence, updated monthly), cross-industry fraud detection (Fraud Intelligence System), central underwriting and claims exchange (CUE Motor, CUE Accident & Health, Vehicle Information Exchange), a Knowledge Management System for member analytics, a Motor Rating Model supporting detariffication, geocoding services, and No-Claim Discount verification, plus data center hosting, a Takaful Agency System for MTA, and a Circular Distribution System for industry communications. All member-facing services are delivered through a Single Sign-On portal, with restricted role-based access, and a public-facing MyCarInfo website extends vehicle valuation data to consumers. The company is ISO/IEC 27001:2022 certified, holds Malaysia Digital status, and is a founding member of the regional IIRFA forum.

Revenue is generated primarily through subscription-based access to databases and analytics systems, supplemented by statistical publication sales (ISM Statistical Yearbook FY2011–2023 and targeted research reports such as the Risk Margins study co-developed with Malaysian Re and PRAD). Pricing is not publicly disclosed, and access is restricted to members and affiliates. The company operates from Kuala Lumpur with a lean team and is governed as a non-shareholder utility, meaning commercial expansion is tied to industry growth, regulatory mandates (e.g., Bank Negara Malaysia data requirements), and productization of new analytical services rather than equity-driven growth.

Name

ISM Insurance Service Malaysia Berhad

Legal name

ISM Insurance Services Malaysia Berhad

Website

https://ism.net.my

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

ISM Insurance Service Malaysia Berhad is the industry-owned data and analytics utility for the Malaysian Insurance and Takaful sector, providing vehicle valuation, fraud detection, underwriting exchange, NCD verification, and BI services to 35+ insurers, takaful operators, and reinsurers via a subscription SSO portal.

Ownership category

akta.pro rank

Product category

Insurance Data Analytics

NAICS

Other Insurance Related Activities (52429), Claims Adjusting (524291)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Accident Management Services (Incident Response, Towing, Repair Coordination) (TLABANAI)

Keywords

• Insurance data analytics
• Vehicle valuation database
• Fraud detection platform
• Claims underwriting exchange
• Takaful industry services

Headquarters

HQ city

Petaling

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Member Subscription and System Access: ISM provides database and analytics services to member insurance and takaful companies through subscription-based access to various systems including KMS, CDS, ICVS, ICIS, NCD System, Takaful Agency System, and ABI Market Valuation System.
2. Statistical Publications: ISM Statistical Yearbook provides audited General Insurance, General Takaful, Life and Family Takaful statistics. Available for download from Financial Year 2011 through 2023.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

ISM Insurance Services Malaysia Berhad operates a centralized data and analytics platform serving the Malaysian Insurance and Takaful industry. It delivers vehicle valuation databases (ABI), cross-industry fraud detection (FIS), claims and underwriting exchange platforms (CUE Motor, CUE A&H, VIX), business intelligence tools (KMS, Motor Rating Model, Location Analytics), and supporting IT infrastructure (Data Center Hosting, Takaful Agency System, CDS). Members access these services through a secure Single Sign-On portal, while the general public can access vehicle valuation information through MyCarInfo.

Product overview

ISM Insurance Services Malaysia Berhad operates as a platform-plus-modules organisation providing data and analytics services for the Malaysian Insurance and Takaful industry. Its core portfolio comprises several interconnected product lines: the Automotive Business Intelligence (ABI) database for vehicle valuation; the Fraud Intelligence System (FIS) for cross-industry fraud detection; the Claims & Underwriting Exchange (CUE) encompassing CUE Motor, CUE Accident & Health, and the Vehicle Information Exchange (VIX); and a Statistics and Analytics suite including the Knowledge Management System (KMS), Motor Rating Model, Location Analytics, and Statistical Bulletin & Reports. Supporting IT services include Data Center Hosting, the Takaful Agency System, and the Circular Distribution System (CDS). The company also provides public-facing portals (MyCarInfo) and publishes the ISM Statistical Yearbook. All member-facing services are accessible through a Single Sign-On (SSO) system.

Differentiator

Problem solved

Functional benefit

Products and services

• Automotive Business Intelligence (ABI) A database for vehicle valuation widely used as a benchmark during policy inception and claims, providing up-to-date market values, new selling prices, detailed specifications, and standard features for a wide variety of vehicle makes in Malaysia. Market values are updated monthly to reflect vehicle depreciation accurately.
• Fraud Intelligence System (FIS) A cross-industry fraud detection platform that integrates industry-wide data and uses state-of-the-art technology and analytical techniques to identify potential fraudulent motor claims, aiming to reduce premium leakages, lower premiums, and improve turnaround time.
• Claims & Underwriting Exchange (CUE) An integrated platform serving as a central database for the Insurance and Takaful industry, providing essential information for underwriting and claim processing purposes. Encompasses CUE Motor, CUE Accident & Health, and Vehicle Information Exchange (VIX).
• Knowledge Management System (KMS) An interactive internet-based Business Intelligence tool that allows member companies to analyse their company's performance in the industry. Modules offered include market performance, motor insurance, and fire insurance. Reports are generated in a predefined format and can be downloaded for further analysis.
• Motor Rating Model A model dedicated to assisting with the detariffication of motor insurance by supporting risk-based pricing through generating a risk premium based on various factors derived from industry data. Reference rates cover private cars, motorcycles, and commercial vehicles.
• Location Analytics (Geocoding Services) Geocoding services that convert postal address descriptions into geographic coordinates, providing a precise measure of distance that enables insurers to expand their market analysis capabilities for risk location assessment, asset planning, and marketing strategy.
• Data Center Hosting Hosting services for servers and backup devices with complete features including infrastructure with 24/7 monitoring, vulnerability assessment, and disaster recovery planning.
• Takaful Agency System An application used by the Malaysia Takaful Association (MTA) for the management of Takaful Operator's agents, available via the web with automated processes and real-time responses.
• Circular Distribution System (CDS) A system allowing Insurance and Takaful associations to upload circulars to ISM's server and distribute them throughout the Insurance and Takaful industry.
• ISM Statistical Yearbook An annual publication providing a comprehensive and credible source of audited General Insurance, General Takaful, Life Insurance, and Family Takaful statistics, including an analytical view of the industry's growth and performance.
• ISM Claims Verification System (ICVS) An ISM system for verifying claims, accessible via the Single Sign-On system for member companies.
• ISM Claims Info System (ICIS) An ISM system providing claims information, accessible via the Single Sign-On system for member companies.
• No-Claim Discount System (NCD) An ISM system for managing No-Claim Discounts, accessible via the Single Sign-On system for member companies.
• MyCarInfo Public Portal A public-facing website providing vehicle valuation and insurance information, including vehicle market values, No Claims Discount (NCD) information, vehicle insurance information, and more.

Quantifiable outcome

• Improved fraud detection leading to reduced premium leakages, lower premiums, and improved turnaround time for claims processing
• +1 more outcomes

Named customers16 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• IIRFA (Insurance Information and Ratemaking Forum of Asia)coreStrategic or Co-development Partner · 1 January 2012IIRFA is a non-profit organisation established in 2012 consisting of Asia's insurance rate making and statistical organisations. ISM is a founding member. The IIRFA Annual Member Forum and Open Forum provides a platform for participants to exchange information and knowledge on current trends of insurance rate-making, statistics topics, discuss initiatives in implementing effective fraud detection systems, and address challenges of the changing environment.
• General Insurance Rating Organization of Japan (GIROJ)minorOthersMember of IIRFA - Asia's insurance rate making and statistical organisations forum.
• Indonesia Financial Services Authority (Otoritas Jasa Keuangan)minorOthersMember of IIRFA - Asia's insurance rate making and statistical organisations forum.
• Insurance Association of China (IAC)minorOthersMember of IIRFA - Asia's insurance rate making and statistical organisations forum.
• Insurance Information Bureau of India (IIB)minorOthersMember of IIRFA - Asia's insurance rate making and statistical organisations forum.
• Korea Insurance Development Institute (KIDI)minorOthersMember of IIRFA - Asia's insurance rate making and statistical organisations forum.
• Taiwan Insurance Institute (TII)minorOthersMember of IIRFA - Asia's insurance rate making and statistical organisations forum.
• Thai Insurance Research and Development (TIRD)minorOthersMember of IIRFA - Asia's insurance rate making and statistical organisations forum.
• Malaysia Takaful Association (MTA)coreStrategic or Co-development PartnerThe Malaysia Takaful Association (MTA) utilizes the Takaful Agency System developed by ISM for the management of Takaful Operator's agents. This system is available via the web with automated process and real-time responses.
• Persatuan Insurans Am Malaysia (PIAM)coreOthersISM was conceptualised in 1998 by PIAM (then General Insurance Association of Malaysia) as the Malaysian Insurance Rating Organisation (MIRO) project. PIAM continues to be closely linked with ISM through industry representation.
• Life Insurance Association of Malaysia (LIAM)coreOthersIndustry association representing life insurance companies in Malaysia. Life insurance companies participate in ISM through LIAM membership.
• Bank Negara MalaysiacoreOthersCentral bank of Malaysia and regulator of the insurance and takaful industry. ISM provides industry data and analytics that support regulatory functions.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Verisk Analytics: Public US-listed data analytics and risk assessment firm serving the global insurance industry. Provides property/casualty statistical data, fraud detection, and analytics at scale. Operates commercially where ISM is member-funded, but is the dominant commercial alternative.
• LexisNexis Risk Solutions: Global data and analytics provider for insurance underwriting, claims, and fraud detection. Comparable in fraud analytics and data aggregation capabilities, but serves commercial insurance buyers globally rather than as a national industry utility.
• CCC Intelligent Solutions: US-based data and workflow platform serving the auto insurance and collision repair ecosystem. Comparable in vehicle valuation and claims data exchange, though commercially positioned rather than industry-utility structured.

Direct peers

• Insurance Information Bureau of India (IIB): Industry data repository for the Indian insurance market, providing claims history, underwriting information, and fraud detection across insurers. Operates under similar industry-utility model as ISM, aggregating cross-insurer data for the benefit of members.
• General Insurance Rating Organization of Japan (GIROJ): Japan's general insurance rating organization providing reference rates, statistical data, and industry analytics to Japanese insurers. Mirrors ISM's Motor Rating Model and Statistical Yearbook functions for the Japanese market.
• National Insurance Crime Bureau (NICB): US industry-funded organization focused specifically on insurance fraud detection, claims analytics, and cross-carrier data sharing. Closely comparable to ISM's Fraud Intelligence System (FIS) function, though with a narrower fraud-only mandate.
• Insurance Association of China (IAC): China's insurance industry association involved in data collection, statistical reporting, and rate-making coordination. Comparable industry-utility function for the Chinese insurance market, though with broader association duties.
• Korea Insurance Development Institute (KIDI): Korea's industry-funded insurance rating and statistical organization, providing rate-making data, loss statistics, and analytics to Korean insurers. Directly comparable role to ISM within the Korean market.
• Thai Insurance Research and Development (TIRD): Thailand's insurance research and development organization, part of the Office of Insurance Commission. Performs rate-making and statistical functions for the Thai insurance market — a direct functional counterpart to ISM within the ASEAN region.

Emerging players

• Shift Technology: AI-native fraud detection and claims automation provider for global insurers. Offers modern cloud-based alternatives to legacy industry data utilities like ISM, with stronger AI/ML capabilities but without cross-industry data aggregation.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ism-insurance-services-malaysia-bhd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ISM Insurance Service Malaysia Berhad