- Consumers can turn on or off insurance protection whenever, wherever and however
- Has been working closely with BNM's Fintech Sandbox Framework
SOUTHEAST Asian on-demand lifestyle insurer VSure.Life, made its international debut at the Hong Kong edition of Europe's largest technology conference, RISE on July 11.
"We are exhilarated at this opportunity to be able to present VSure.Life at such an international arena. RISE gathers some of the top minds from Fortune 500 companies, ground-breaking start-ups and world-class speakers. We look forward to making a mark in the Insurtech landscape as the first on-demand lifestyle insurance provider for the region," quips chairman Eddy Wong, who with CEO Jason Ho are co-founders of VSure.Life.
They add that they envision VSure.Life to be the preferred personalised digital lifestyle risk partner for the people of Southeast Asia.
"We are on a mission to provide people with access to affordable insurance, on-demand, and lifestyle protection in a simple and innovative way," says Wong.
The concept of on-demand lifestyle insurance enables consumers to turn on or off all types of insurance protection whenever, wherever and however - bringing insurance protection to the hands of the general public.
"Our vision to provide affordable insurance to people living in Southeast Asia. In doing so, we will also play a role in the social economic empowerment of those with no prior financial identity records to access financial services with affordable insurance as an easy entry point.
“Once their financial identity is established, they can then access other financial services such as loans, mortgages, etc.," adds Wong.
Looking at insurance as a utility, where it is a necessity, paying a nominal base rate just to get your life insured, then the decision-making is in the user's hands as they go through life. It is affordability and scalability in an insurance product never offered before. VSure.Life is unique in this market positioning.
The VSure.Life app is designed with removing complications of insurance, from purchasing to claims, in mind.
The innovative workflow is believed to be able to improve customer experience and engagement that will effectively address the gap in insurance protection.
The app differentiates itself from other established insurance start-ups by setting up the trend for a habitual lifestyle protection. Users are able to choose, purchase and claim, and switch protection on and off as needed, wherever and whenever they want.
This essentially means that users will have the power to purchase insurance they need at any time of the day at their fingertips.
Their current product focus areas include On-Demand Insurance for sporting enthusiasts and in the next phase, VSure.Life Health & Medical, Affordable Term Life, and other General & Specialty Insurance products.
Bootstrapping up until this year, VSure.Life will be launching in Malaysia in the third quarter of 2018 and is seeking seed and venture capital to expand within the Southeast Asian region, for example in Hong Kong, Singapore, Indonesia, Thailand, and Vietnam.
VSure.Life is currently collaborating with Axa Affin Life Malaysia to launch an industry's first innovative product. VSure.Life is also open to work with other insurance partners in the future for various insurance products.
Insurtech is a heavily regulated industry with compliance to be met by Bank Negara of Malaysia (BNM) stipulations, and VSure.Life has been working closely with BNM's Fintech Sandbox Framework and is currently undergoing Phase 2 evaluation process review of the Framework.
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