ACE Malaysia and MBF Launch WalletGuard

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Hand-bag insurance - a necessity for ladies. ACE Synergy Insurance Berhad (ACE Insurance Malaysia) recently launched the first-of-its-kind wallet protection plan exclusively for the members of MBF Lady Platinum Card as part of ACE Malaysia's Specialty Insurance Product.

ACE Synergy Insurance Berhad (ACE Insurance Malaysia), a part of the ACE Group of Companies®, one of the global leaders in insurance and reinsurance, recently launched the first-of-its-kind wallet protection plan exclusively for the members of MBF Lady Platinum Card as part of ACE Malaysia's Specialty Insurance Product.

A woman's hand-bag is not only a fashion statement but one which is a practical necessity. For some, the bag is an investment in itself, and it also contains valuables like a wallet, house/car keys, mobile phone and increasingly today, some form of portable music equipment. With the likelihood of snatch thefts on the rise given the economic downturn, it is easy to envisage more women being left stranded without money, credit card(s), keys and mobile phone. Should some victims end up being injured during the snatch-theft, the trauma of the loss could be worsened.

Given this possible scenario, MBF Cards, in partnership with ACE Insurance Malaysia, have launched an insurance program - Lady WalletGuard - to provide medical and financial protection exclusively for MBF Lady Platinum cardholders. Underwritten by ACE Insurance Malaysia, Lady WalletGuard is a unique feature built into the MBF Lady Platinum Card that allows its cardholders to enjoy 24-hour protection on a worldwide basis at no additional cost for the first twelve months of their membership. Some of the key benefits of Lady WalletGuard are:

  •     replacement costs for personal effects such as wallet, keys and locks for home, ID cards, drivers license, credit cards, passports, and portable electronic items
  •     financial relief for fraudulent credit card transactions and stolen cash
  •     medical expenses resulting from theft
  •     assistance service to report lost or stolen credit cards and source for locksmith

"As an underwriting company cognizant of the risks faced by mobile women, ACE Insurance Malaysia has designed this product to suit MBF's profile of customers. Lady WalletGuard is geared to provide confidence and security to MBF's Lady Platinum card-holders who are at risk whether in Malaysia or in any country they travel to. Packed with useful benefits, this product goes a long way towards mitigating the financial loss, physical injury and inconvenience suffered during the misfortune of a handbag lost or theft. Asset protection is important in ordinary times and more so under challenging economic conditions making the launch of this product timely", said Raj Nanra, Chief Executive Officer of ACE Insurance Malaysia.

Mr John Ding, President, MBF Cards (M'sia) Sdn Bhd is confident that the offering of Lady WalletGuard will help to increase the take-up rate of its Lady Platinum Card. "We are very selective with the benefits offered to our card-members. The inclusion of this tailored protection benefit puts the Lady Platinum Card one step ahead of the competition in meeting the needs of Malaysian women today". The offering of this benefit has also created a niche for us where no other credit cards in the country has", said Mr John Ding .

Lady WalletGuard is a product of ACE Insurance Malaysia's Specialty Lines Insurance which develops products to protect the consumer's personal possessions and portable digital equipment from hazards such as theft and accidental damage. For more information on other specialty line insurance products offered by ACE Insurance Malaysia, please visit or email aceinsurance(at)

About ACE Group of Companies®
The ACE Group of Companies® is one of the global leaders in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries with a strong presence in Asia Pacific.

About ACE Synergy Insurance Berhad (ACE Insurance Malaysia)
ACE Synergy Insurance Berhad (ACE Insurance Malaysia) has been operating in Malaysia as a general insurer since 1948. It was previously known as Perdana CIGNA Insurance Berhad and prior to that, as Insurance Company of North America INA.

The Company is a joint-venture entity between ACE Limited and Advance Synergy Capital Berhad (a Bursa Malaysia-listed company) with ACE holding the controlling stake of 51%. This joint venture arrangement is in line with the Government's ambition to localize insurance companies by combining the strengths and expertise of foreign insurance companies with that of its local partners.

ACE in Malaysia provides retail, middle market and corporate general insurance services. The company has a strong reputation in underwriting large and specialized risks in commercial and industrial projects that require high levels of expertise and capacity. It is a leader in the innovative distribution of Accident & Health products via Direct Marketing and Telemarketing.

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April Lim
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