The notion of paying for insurance coverage based on needs or pay per use was a pipedream, policies were lifelong contracts with water tight terms and conditions. This concept is changing and technology is playing a vital part in the disruption. Insuretech is the new frontier and the players are just starting to flex their muscles.
VSure.life is one of them, the digital insurance service provider has received Bank Negara approval to introduce the country’s first on-demand insurance and protection plans. In the initial stage, VSure will be rolling out a series of ultra-affordable and flexible lifestyle protection plans followed by the introduction of pay-per-use feature for its underwritten protection plans. Customers can have options to select coverage by duration or amount this will allow users to opt for coverage by duration and purchase protection as low as by the hour.
According to VSure.Life 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.
Eddy Wong, Co-Founder, CEO of VSure.life commented that the growing demand for digitalised insurance services is set to propel the size of global insurtech market worth to an estimate of USD11.94 billion by 2027. He added “we are excited to catalyze Malaysia’s insurtech industry and we foresee that an obtainable market size of RM 300 million can be achieved within the next two to three years, as a reflection of our faith in the potential of insurtech in Malaysia.”
The company is also in partnership with locally licensed insurers to feature Life, Health & Medical, Home, Personal Accident, Travel, Motor and Takaful coverage plans, readily available on VSure’s platforms today. 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.
In addition to obtaining approval from Bank Negara Malaysia under its Financial Technology Regulatory Sandbox Framework, ACE Market-listed Revenue had also announced to invest RM12 million through its wholly owned subsidiary company, Revenue Harvest Sdn Bhd. The partnership will also enable VSure to access Revenue’s B2B2C payment ecosystem and solutions.