Insurtech and Fintech players join forces
By Digital News Asia March 13, 2017
- U for Life offers customers term life insurance online
- RinggitPlus will offer a seamless online application experience for insurance products
U FOR LIFE Sdn Bhd, a Malaysian online term life insurance provider and Jirnexu, the company behind Malaysian financial comparison website, RinggitPlus.com, announced a strategic partnership recently.
The move is aimed at aiding consumers in progressing with the digital movement, especially within the insurance technology (insurtech) and financial technology (fintech) industries, where U for Life and Jirnexu are active players.
By identifying a gap in the market for convenient and affordable solutions in respect of insurance coverage needs, U for Life offers customers term life insurance available online and accessible anywhere.
“Customers can be rest assured that their basic protection needs can be met through rising insurtech and fintech players. There is a need for both insurtech and fintech to join forces to engage the digital savvy customers and move towards the online space – increasing efficiency and productivity,” said U for Life general manager Kenny Thing (pic, above).
In support of U for Life’s intention to build on their digital distribution of simple hassle-free insurance online, Jirnexu is committed to ensuring that RinggitPlus will not just serve as the consumer reference point, but also offer a seamless online application experience for insurance products.
Jirnexu chief commercial officer Lucas Ooi (pic, above) said, “Malaysians are increasingly looking towards alternative channels to find, research and apply for their next financial product. By offering simple term life products such as U for Life, RinggitPlus experienced a 200% growth in digital insurance applications in 2016.
“It is evident that Malaysians are now prepared to purchase insurance online when the insurance provider offers a market competitive product via a digital platform. The success of the U for Life and Jirnexu partnership in such a short time is testament to our combined commitment of providing easy access to purchase affordable life insurance.”
This partnership between also plays a key role in supporting the government’s drive to embrace the digital economy, as well as providing an opportunity for U for Life to create dynamic online services and segments.