Image (GraphicStock) - Financials
A gap in the local market has opened up, created in part by today's emerging digital society and encouraged by government initiatives, said two Malaysian companies from the insuretech and fintech sectors at the official announcement of their partnership.
Life insurance provider U for Life together with Jirnexu, the company behind financial comparison website, RinggitPlus, said their new strategic partnership will increase efficiency and productivity.
Essentially, the partners said they are strengthening the "offering of a convenient and affordable solution for insurance coverage needs including life insurance coverage online and accessible anywhere that no other Malaysian companies are offering at this present moment.
"Customers can be rest assured that their basic protection needs can be met through rising 'InsurTech' and 'FinTech' players. There is a need for both InsurTech and FinTech to join forces to engage the digital savvy customers and move towards the online space - increasing efficiency and productivity," said U for Life's general manager Kenny Thing.
Lucas Ooi, chief commercial officer at Jirnexu said: "Malaysians are increasingly looking towards alternative channels to find, research and apply for their next financial product."
"By offering simple term life products such as U for Life, RinggitPlus experienced a 200 percent growth in digital insurance applications in 2016," said Ooi. "It is evident that Malaysians are now prepared to purchase insurance online when the insurance provider offers a market competitive product via a digital platform. The success of the U for Life and Jirnexu partnership in such a short time is testament to our combined commitment of providing easy access to purchase affordable life insurance."
eCommerce and the Digital Economy
Soon after being appointed as GM for Malaysia's first online insurance services platform 'U for Life', Kenny Thing (pic below) - in a Computerworld Malaysia 'rapidfire' interview - talked about Malaysia's digital society as " fast emerging and ever-evolving" and predicted that companies will move towards the online space.
"Also, we are supporting of the Malaysian government's drive to embrace the digital economy with our move [as mentioned in Budget 2017]," said Thing. A principal driver is MDEC, which on its recent 20th anniversary adjusted its name to reflect the national focus - Malaysia Digital Economy Corporation.
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