VSure.life brings lifestyle digital insurance to Malaysia
By Digital News Asia August 18, 2021
- Claims to be first insurtech in M’sia to secure approval from Bank Negara Malaysia
- Received an investment of RM12 mil from Revenue Group Berhad
Malaysia-based VSure.life (VSure) has claimed to be the country’s first insurtech company to have secured approval from Bank Negara Malaysia to introduce on demand insurance and protection plans for the masses.
“We are honored to be given the opportunity to drive the digital insurance revolution in Malaysia,” said Eddy Wong, VSure’s co-founder, chief executive officer (CEO) and managing director in a statement.
“We firmly believe that every Malaysian should have the power to protect what they genuinely care for, and we aim to make protection plans accessible, flexible and affordable for all,” he added.
In the initial stage, VSure said as Malaysia’s first on-demand lifestyle digital insurer, will roll out a series of ultra-affordable and flexible lifestyle protection plans.
To realise this vision, VSure will introduce the pay-per-use feature for its underwritten protection plans that gives consumers the options to select coverage by duration or amount, it said.
Users opting for coverage by duration will have the freedom to purchase protection as low as by the hour, to account for key moments that require protection for an extra peace of mind, it added.
Embracing the norm of digital-first and going paperless, VSure’s protection plans are available exclusively on digital platforms via its website or the VSure mobile app.
The entire end-to-end protection process, from purchasing to claims, is designed to ensure a seamless, easy to understand, and stress-free journey that accommodates the unique and dynamic modern lifestyles of Malaysians, the company claimed.
Over the next few months, VSure will introduce a series of its own underwritten on-demand protection solutions with new to market pay-per-use features, the company said.
The company said it is also in partnership with locally licensed insurers to feature life, health and medical, home, personal accident, travel, motor and Takaful coverage plans.
VSure is also in discussion with several digital banking license applicants for the opportunity to develop customised and specialised protection coverage plans within the digital banking ecosystem, it said.
Meanwhile, ACE Market-listed company Revenue has also announced that it has invested RM12 mil into VSure through its wholly-owned subsidiary company Revenue Harvest Sdn Bhd.
The partnership between VSure and Revenue enables the company to access the latter’s business-to-business-to-consumer payment ecosystem and solutions to further strengthen VSure’s offerings to mass Malaysians, it said.
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