Takaful Tech: Ouch! champions digital transformation in Malaysia’s takaful sector

  • Aims to modernise traditional takaful via a user-friendly digital platform
  • Launches Jaga Generasi campaign to empower M’sians financially during Ramadan

Takaful Tech: Ouch! champions digital transformation in Malaysia’s takaful sector

Over 60% of Malaysians are not insured with any takaful plans. In an effort to reduce these numbers, Ouch!, which claims to be the first digital takaful operator recognized by the BNM Regulatory Sandbox, is shepherding a new era of financial protection.

In a statement, the firm said it aims to revolutionise traditional takaful by utilising technology to create an accessible digital platform and introducing programs such as the Kita Cover Challenge to engage its community. 

This Ramadan, Ouch! has introduced the Jaga Generasi campaign, an initiative to empower more Malaysians to secure their financial well-being during this time of reflection and charity. In a gesture of solidarity and giving back to the community, Ouch! will donate US$2.12 (RM10) Touch ‘n Go vouchers, which can be used for buka puasa, and an additional RM10 to its charity partner, Pertiwi, with each certificate sold.

As a fully digitalised takaful platform, Ouch! prioritises technology to streamline all processes for a more accessible, affordable, and efficient takaful experience. Participants can start with a quick coverage calculator on the application to determine their ideal protection plan in mere minutes. Additionally, certificate holders can still customise their plans to further tailor them to their needs at any given time – providing a level of personalization unmatched in traditional models.

Shazy Noorazman, CEO of Ouch!, said, “When it comes to takaful tech or insurtech, it is not just a matter of taking an existing product and selling it online. We need to reach out to the 20 million Malaysians who are not insured by any takaful protection plans, which is why at Ouch!, everything is digitalised to make the process easier and less complicated.”

He added that with Ouch!’s innovative back-end processes, the company is able to promote better engagement with its participants to use the platform to obtain information and manage their takaful plans. “We are providing an affordable, transparent, and efficient takaful solution for all Malaysians.”

Seeking to broaden takaful access for more Malaysians. The Kita Cover Challenge motivates members to spread the word by offering up to US$528 (RM2,500) for 25 successful referrals. Furthermore, both the referrer and new member will earn bonus points (equivalent to RM10) with their Ouch! Pusara Pro membership.

“We envision the Kita Cover Challenge, together with our Jaga Generasi efforts, welcoming more Malaysians into the Ouch! Family and creating a space where everyone looks out for each other’s financial health, just like Takaful intends,” Shazy added.

Participants can sign up for the Ouch! Pusara Pro plans online without additional fees, granting users full control over their takaful certificates. Adopting a paperless approach, the application provides secure and easy access to all necessary information. Ouch! also has an integrated communication channel within their website and mobile application, offering participants a centralised hub for all interactions related to their takaful services.

Ouch! is set to expand its suite of solutions, soon offering members a comprehensive range of options including medical, travel, and personal accident plans, all accessible through the website and app.

Download the application from the Google Play Store and Apple App Store.


Related Stories :

Keyword(s) :
Author Name :
Download Digerati50 2020-2021 PDF

Digerati50 2020-2021

Get and download a digital copy of Digerati50 2020-2021