OYEN Sdn Bhd, Malaysia’s premier digital pet insurance platform, has achieved a significant milestone of RM100 mil worth of protection, marking its success in providing seamless and hassle-free insurance services to pet owners in the country.
The platform has also undergone a rebranding exercise with the introduction of Malaysia’s first-ever cat insurance agent to expand its reach and introduce holistic insurance products beyond pet insurance to a larger audience.
Oyen’s broad veterinary medical bill coverage of up to RM8,000 per year and easy payout claims have made it the No. 1 provider of digital pet insurance in Malaysia.
The platform’s user-friendly portal and accessible customer service make it easy for pet owners to manage and track their pets’ claim submission and progress as well as renew their policies online.
With coverage available in every vet clinic in Malaysia, customers can easily reimburse their bills on Oyen’s online platform.
The company’s success has been fuelled by a partnership with MSIG Insurance (M) Bhd and has enjoyed an exponential growth of six-fold from 2021 to 2022.
“Oyen is projecting to achieve 50,000 pets covered in Malaysia and 100,000 in South East Asia by 2025,” its CEO and co-founder Kevin Hoong said during the Oyen rebranding launch.
He further projected that Oyen’s re-branding exercise has allowed the company to expand its insurance products to include a human travel insurance policy with elements of pet protection incorporated.
This unique travel insurance covers avid travelling pet owners and offers additional pet benefits, providing pet owners with peace of mind while travelling.
“With its focus on incorporating pets as a key element in its product offerings, Oyen is set to continue exceeding customer expectations beyond their insurance needs,” noted Hoong. “As pet ownership continues to rise among Gen Zs and millennials, Oyen is well-positioned to capitalise on this trend and achieve even greater milestones in the future.”
A panel that discussed the future of pet insurance in Malaysia was also staged during yesterday’s (March 30) rebranding event.
It featured Hoong; Dr Salehatul Khuzaimah (Dr Ima) of the Veterinarian Serv-U Veterinary Clinic & Trio Veterinary Clinic; the Malaysia Digital Economy Corporation (MDEC) director (digital finance and Islamic digital economy) Ruslena Ramli; and MSIG’s vice president (personal lines underwriting) Jenny Yeoh. – March 31, 2023