Oyen, a digital pet healthcare insurance provider based in Malaysia, has raised US$420,000 in a seed roun, aiming to utilise the fund to enhance its propriety digital insurance platform and reinforce Malaysia’s pet healthcare insurance ecosystem.
Oyen’s pet insurance platform, which was founded in Malaysia, allows pet owners to manage their pets’ medical requirements through a smooth insurance purchase and claims process.
The company’s services are integrated with a panel of veterinary clinic partners in Malaysia, making it easier for owners to contact Oyen’s increasing network of vets for excellent vet services and rapidly seeking medical assistance for their pets – especially in emergency situations.
Kevin Hoong, Founder and Chief Executive Officer of Oyen said, “The number of people who have pets for companionship have increased during one of the world’s biggest recent crises, and our platform was specifically designed to alleviate concerns by pet owners – especially new ones – when managing their pets’ medical needs.”
“With the help of our investors, Oyen is now better positioned to expand and improve its services throughout Malaysia, while also investigating how we might extend the benefits of our platform to pet owners across the region,” he added.
Oyen operates to provide the country’s veterinary medical coverage, with up to RM 8, 000 (US$1,941) of the amount claimable in vet medical fees, up to RM1,000 in pet burial cost, and up to RM 50, 000 (US$12,132) in third party liability claims in Malaysia.
Pet owners will be able to budget their expenditure and increase the customisation of their pets’ medical needs through Oyen, rather than having to rely on their finances, which is especially important given the ever-increasing costs of treatments and veterinary bills.
Additionally, amid a growing consumer shift towards digitised insurance offerings, Oyen is looking to work closely with industry players and regulators in the region to expand its services to more markets, with a view to introduce services for other consumer insurance segments for people such as home, life and medical insurance.
“We are excited by the growth that Kevin and his team have achieved in Malaysia and are keen to see the innovations that they will bring to the pet insurance ecosystem – both as an investor and dog-lover,” said Shiyan Koh, General Partner and CoFounder at Hustle Fund
The company is also aggressively expanding its recruitment in various roles in technology (such as software engineering) and non-technology (such as growth marketing) in effort to offer more holistic pet healthcare services to pet owners such as medical protection, preventive care, and wellness among other benefits.