MALAYSIA-based VSure.life (VSure Tech Sdn Bhd) has become the country’s first insurtech company to have secured approval from Bank Negara Malaysia (BNM) to introduce on-demand insurance and protection plans for the masses.
The approval from BNM Financial Technology Regulatory Sandbox Framework indicates VSure’s readiness to be commercially tested as a fully on-demand lifestyle digital insurer model in the Malaysian market with the objective of pushing the insurtech industry forward to make digital-first protection a norm for Malaysians.
“We are extremely honored to be given the opportunity to drive the digital insurance revolution in Malaysia,” VSure’s co-founder, CEO and managing director Eddy Wong said.
“The growing demand for digitalised insurance services is set to propel the size of global insurtech market worth to an estimate of US$11.94 bil by 2027.
“We are excited to catalyse Malaysia’s insurtech industry and we foresee that an obtainable market size of RM300 mil can be achieved within the next two to three years, as a reflection of our faith in the potential of insurtech in Malaysia.”
In the initial stage, VSure as Malaysia’s first on-demand lifestyle digital insurer will be rolling out a series of ultra-affordable and flexible lifestyle protection plans.
To realise this vision, VSure will introduce the pay-per-use feature for its underwritten protection plans that gives consumers the options to select coverage by duration or amount.
Users opting for coverage by duration will have the freedom to purchase protection as low as by the hour, to account for key moments that requires protection for an extra peace of mind.
Embracing the norm of digital-first and going paperless, VSure’s protection plans are available exclusively on digital platforms via its website or the VSure mobile app (available on both Apple App Store and Google Play Store).
The entire end to end protection process, from purchasing to claims, is designed to ensure a seamless, easy to understand, and stress-free journey that accommodates the unique and dynamic modern lifestyles of Malaysians.
Over the next few months, VSure will also be introducing a series of its own underwritten on-demand protection solutions with new to market pay-per-use feature.
The company is also in partnership with locally licensed insurers to feature life, health & medical, home, personal accident, travel, motor and Takaful coverage plans.
VSure has also signed strategic and commercial partnerships with a few digital banking license applicants to develop customised and specialised protection coverage plans within the digital banking ecosystem.
Meanwhile, ACE Market-listed company Revenue Group Bhd has also announced today that it has invested RM12 mil into VSure through its wholly owned subsidiary company Revenue Harvest Sdn Bhd.
The partnership between VSure and Revenue Group enables the company to access the latter’s business-to-business-to-consumer (B2B2C) payment ecosystem and solutions to further strengthen VSure’s offerings to mass Malaysians. – Aug 17, 2021.
