LEAP Market-listed Red Ideas Holdings Bhd has partnered with insurance technology company PolicyStreet.com to provide more convenience to the communities where it provides its services.
Under the collaboration, both partners aspire to provide a fuss-free motor insurance renewal services to residents in neighbourhood/communities managed by Red Ideas as well as to the public via the JaGaApp 2.0.
The JaGaApp neighbourhood community app is a brainchild of Red Idea which is a home grown technology start-up. The mobile phone application-based platform targets communities both residential and commercial.
The platform is aimed at enhancing community management and living by offering features such as emergency assist, intercom call with security personnel, real-time notice board, visitor management system, facility bookings, HeyJaGa home services, in-app maintenance bill payment as well as community forms and feedback.
PolicyStreet.com had in 2019 obtained an approval from Bank Negara Malaysia to conduct financial advisory and Islamic financial advisory business under Section 11 and 15(1) of the Financial Services Act 2013 respectively.
The approval enables the online insurer to work with 47 life and general insurance and takaful providers in Malaysia, thus able to offer more than 1,000 insurance products.
In just over three years of operations, PolicyStreet.com has underwritten over RM6 bil in sum assured and sold 100,000 policies. It holds the record as the company that raised the largest funds from an Equity Crowd Funding platform in Malaysia aside from having raised funding from venture capitalists in Asia.
“The partnership with PolicyStreet.com would greatly enhance the convenience of all our users as their platform customizes, curates and sources for the best in value insurance policies that can be purchased online with three simple steps in less than three minutes” Red Ideas’ co-founder and executive director David Foo pointed out.
Currently, Red Ideas has over 400 neighbourhoods in Malaysia of which 80% are located in the Klang Valley with the remaining 20% in Penang, Johor, Seremban, Ipoh and Melaka.
PolicyStreet.com’s co-founder and CEO Lee Yen Ming said what makes the collaboration with Red Ideas stand out is that the residents are able to renew their motor insurance coverage at their comfort of their own home.
“The partnership with Red Ideas will revolutionise the way the public look at home security and financial protection,” he added. – Feb 16, 2021