Malaysia’s first on-demand digital lifestyle insurer, VSure.life today announced the launch of its latest products, Flexi-Fit and EzPA, recently approved by Bank Negara (BNM).
“With the approval we are able to realise our vision to provide more convenient and affordable protection to Malaysian citizens,” says Eddy Wong, Co-Founder, CEO & Managing Director of VSure.life.
Flexi-Fit was designed with physically active individuals in mind, providing not only compensation and reimbursement in the event of sports injuries but also covers the loss or damage of sports equipment, identity theft protection, and not to mention, COVID-19 too.
The plan can be secured for sporting events and will last throughout the duration of coverage chosen. Currently, Flexi-Fit is available for runs and marathons, with cycling and hiking being explored as future sporting events that can be covered as well.
“We are attempting (to reach out) with affordable insurance options for a variety of scenarios, we are also aware of the role that a fintech like us can play in ensuring underserved communities are supported during these trying times,” he says.
With insurance premiums in Malaysia increasing over past years between 6% to 8% per year, typical insurance options are becoming unattainable for most B40 and M40 communities.
The major factor of this increase is due to the rising medical costs in Malaysia, as can be seen by the 13.1% increase between 2019 and 2020.
Alongside Flexi-Fit, VSure has also launched EzPA which provides yearly personal accident insurance with 24-hour protection within Malaysia against bodily injury caused by an accident resulting in permanent disablement or death.
