Censof Backed Digital Insurance, Takaful Startup Joins BNM Sandbox

Digital Insurance and Takaful Aggregation Platform, insureKU, says it has received Bank Negara approval to participate in the national Financial Technology Regulatory Sandbox.

A product of Censof Maal Sdn Bhd, which is a subsidiary of Censof Holdings Bhd, insureKU has been under active stealth development and alpha testing for the past 24 months. It is the first end-to-end industry integrated insurance and takaful aggregation and solutions platform in the country.

“We prioritise people above all else and are driven by our vision of positive and accessible transformation in a critical part of our everyday needs – insurance. Bank Negara Malaysia has been an amazing partner – guiding, supporting and trusting us to provide insurance and takaful solutions that are firmly aimed at Malaysians across every level of society. As the digital age accelerates, we must ensure that no one is left behind, especially in such a critical area like insurance and takaful solutions,” said Shadhana Sekaran, Co-Founder and  CEO of insureKU Malaysia. The platform offers life, general, and takaful insurance categories on a new innovation ecosystem that focuses on customer satisfaction it said.

Bank Negara Malaysia announced updates to its Financial Technology Regulatory Sandbox Framework policy document in a bid to further boost fintech innovation in the country. Initially launched in October 2016, the framework was designed to foster a regulatory environment conducive to fintech deployment, encouraging meaningful innovation in the financial sector. 

“Our strategic partnerships with leading world-class insurance and takaful providers, deep familiarity with traditional insurance sales and service processes, and access to consumers both online and offline will enable us to support the Malaysian vision of a resilient, healthy, thriving and accessible insurance and takaful ecosystem for every Malaysian,” added Sekaran, explaining one of the key pillars that support insureKU’s direction.

Recognising the complexities inherent in insurance and takaful decisions, coupled with a lack of expert guidance, insureKU is out to simplify the process by offering consumers a seamless, all-in-one platform.

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