VSure expands into the UK to deliver digital insurance
By Digital News Asia July 18, 2022
- Partners with Pro PMGA Global Solutions, McGill & Partners, MDEC
- To modenise insurance market, more affordable for small businesses
VSure.life, Malaysia’s on-demand lifestyle digital insurer approved by the Bank Negara Malaysia, under the Fintech Regulatory Sandbox, has announced its expansion to the United Kingdom.
In a statement, the company said through this expansion it aims to modernise the traditional insurance market by revolutionising the digital insurance landscape, and to make it affordable for small businesses to access insurance collectively.
“Our launch in the UK represents a significant step forward for the company in becoming a serious player in using technology to revolutionise the insurance industry globally,” VSure group’s co-founder, chief executive officer (CEO) and managing director, Eddy Wong said.
“Having a foothold in the UK and partnering up with local players will give us a strong platform and profile to continue expanding internationally,” he said.
The establishment of VSure UK at the Malaysian High Commission in London also saw the company announcing its strategic partnership with Pro MGA Global Solutions and McGill & Partners with the support of Malaysia Digital Economy Corporation (MDEC) and the Malaysian High Commission.
According to MDEC’s CEO, Mahadhir Aziz, VSure is an innovative and revolutionary scale-up that is transforming the traditional insurance industry.
“MDEC is proud to have supported VSure in their journey, especially through participation in the MDEC x Alibaba Ant Financial 10x1000 Leadership and Innovator Program, MDEC’s eBerkat platform and Southeast Asia Tech Innovators Workshop.
“VSure’s expansion to the UK is in line with the goals and vision of Malaysia Digital, the national strategic initiative to enable Malaysian businesses to play a leading part in the global digital economy and we look forward to working closely with them to drive the development of Malaysia’s Digital focus sectors, particularly fintech and the islamic digital economy,” said Mahadhir.
As part of the announcement, VSure has appointed Gary Ross as the VSure UK CEO to further solidify its presence in the UK.
The company said Ross brings with him over 30 years of experience in the UK insurance industry and has held numerous leadership roles in various organisations over the course of his career.
“Being a part of VSure is an exciting step in transforming the UK insurance industry to provide more simple, affordable, and flexible solutions to empower and grow local business communities.
“VSure has all the necessary approvals and licenses from regulators and cannot wait to start making waves locally," he said.
As an appointed representative of Pro MGA Global Solutions, VSure has obtained its Managing General Agent licence which enables it to carry out regulated insurance activities in the United Kingdom, beginning with community-based commercial insurance programmes later this year.
“As part of our strong partnership approach, we are excited to work with VSure, especially uplifting their technology and know-how from Malaysia into the UK,” said Danny Maleary, PRO MGA Global Solutions CEO.
Additionally, VSure has aligned with local players, including McGill and Partners, a leading boutique (re)insurance broker specialising in creating bespoke, game-changing solutions for clients, to increase market penetration in the UK.
“Working with VSure, gives us opportunities to marry traditional insurance structures with VSure’s existing digital platform expertise to create something uniquely disruptive in the insurtech space” said Oliver Clarry, partner at McGill & Partners.
Click here for more information about VSure, VSure UK and its products.
Related Stories :