PolicyStreet has recorded exponential growth in FY22, with its topline growing by five times compared to the previous financial year (FY21) and attaining sum insured of more than USD 6 billion.
“We pride ourselves in understanding and addressing the unique challenges faced by our customers during these uncertain times, and our success is a testament to our agility and customer-centric approach. With over six years of operational excellence, we’ve amassed a sizable customer base and established ourselves as a rising star in the insurtech industry,” says Lee Yen Ming, Co-founder and CEO of PolicyStreet.
Despite the challenging business environment in FY22, PolicyStreet has continued to innovate and deliver tailor-made insurance products and services to its customers. Growing its topline by 500% compared to the previous financial year is a testament to its commitment to technology advancements and its ability to adapt to changing market conditions affected by the rising cost of living and threats of a global recession.
The increase of PolicyStreet’s sum insured to over USD 6 billion is attributed to the company’s unwavering commitment to making insurance Purposeful and Simple for consumers and businesses.
Since obtaining the Reinsurer and General Insurer license from the Labuan Financial Services Authority (LFSA) in 2021, PolicyStreet has been the reinsurer in its partnerships with onshore insurers, enabling the launch of innovative insurance solutions.
PolicyStreet’s strong performance has been fueled by its ability to provide tailored insurance products that meet the specific needs of its customers. The insurtech company has identified and served underserved market segments by leveraging technology and industry expertise.
“Stakeholders within the digital economies are drivers of the region’s growth, yet they are the most at risk for financial instability. Gig workers are not offered employee benefits due to their freelancing status. In contrast, employees within SMEs can often fall through the cracks due to the lack of access to Group Medical Insurance for SMEs.
“We aim to continue serving the underserved within this market segment, ensuring the gig and digital economy is sustainable in the long run through embedded insurance and the development of insurance platforms. We believe the insurance industry is ripe for disruption, and we are proud to be at the forefront of this transformation,” says Yen Ming.
“By tapping into our underwriting and tech development capabilities to expand our partnership network with leading industry brands and protect more underserved communities, we are confident that we will register strong growth this financial year (FY23) compared to FY22,” says Yen Ming.
