Kuala Lumpur, April 27 \u2013 Leveraging its position as Malaysia\u2019s first and largest online term life insurance provider, U for Life Sdn Bhd has recently partnered with PolicyStreet, an emerging insurance technology (insurtech) player, in a move to elevate the digital movement within the insurance industry.\u00a0<\/p>\n
General Manager of U for Life Sdn Bhd, Kenny Thing said, \u201cIt is indeed worrying that only 55% of Malaysians are currently insured with the demand for life insurance remaining relatively low compared to our neighbouring countries. By identifying the gaps in the market, we created an online solution that is not only convenient and hassle-free, but easy on the pocket \u2013 our policies go as low as RM9.85 a month, averaging lower than one meal at your favourite caf\u00e9.\u201d\u00a0<\/p>\n
With the country moving towards its aspiration of becoming a global digital hub and developing its digital economy, there has been little adoption of digital innovation amongst the key players of the insurance industry, making it prime for disruption amongst newer and more innovative players, especially within the insurtech space.\u00a0<\/p>\n
Commenting further on the partnership, Chief Executive Officer of PolicyStreet, Lee Yen Ming said, \u201cIn making the process of obtaining insurance simpler, easier and more affordable, we hope our innovative approach will start shifting consumers\u2019 perception of the insurance industry to a more positive one. Using our needs-based system, consumers\u2019 protection needs can be better met if they are matched with the right product offerings. Coupled with the affordable pricing offered by U for Life, we hope to get more Malaysians insured and at the same time, and further elevate the importance of life insurance.\u201d<\/p>\n
By providing an avenue for direct awareness, education and knowledge, insurtech players hope to enable consumers to make informed decisions regarding their protection needs. Their added-value of simpler, easier and more affordable solutions play a key role in bridging the country\u2019s protection gap and meeting the envisioned 75% insurance penetration rate by 2020.<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Kuala Lumpur, April 27 \u2013 Leveraging its position as Malaysia\u2019s first and largest online term life insurance provider, U for Life Sdn Bhd has recently partnered with PolicyStreet, an emerging insurance technology (insurtech) player, in a move to elevate the digital movement within the insurance industry.\u00a0 General Manager of U for Life Sdn Bhd, Kenny […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[],"class_list":["post-418","post","type-post","status-publish","format-standard","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/comments?post=418"}],"version-history":[{"count":1,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/418\/revisions"}],"predecessor-version":[{"id":5648,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/418\/revisions\/5648"}],"wp:attachment":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/media?parent=418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/categories?post=418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/tags?post=418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}