Oyen hits US$22.6mil worth of protection milestone, introduces Malaysia's first online feline insurance agent
By Digital News Asia March 31, 2023
- Projects to achieve 50,000 pets covered in Malaysia, 100,000 in SEA by 2025
- Rolled out new (human) travel insurance designed exclusively with elements of pet protection
Oyen®, Malaysia's premier digital first online pet insurance platform claimed it achieved a milestone of US$22.6 million (RM100 million) worth of protection, a sixfold growth from 2021 to 2022, and unveiled a new look with the country’s first online feline insurance agent.
In addition to becoming a provider of digital pet insurance through its end-to-end platform, it also offers a broad medical bill coverage of up to US$1,800 (RM8,000) per year and hassle-free claims payout.
It said through this rebranding exercise, its brand ethos of approachability, friendliness and care continues to be at its core as it expands to introduce holistic insurance products to a larger audience that will go beyond pet insurance, while its cat agent, Oyen, will help demystify insurance jargon for Malaysians.
Kevin Hoong, CEO & co-founder of Oyen said the firm was founded during the pandemic when he and his co-founder discovered that pet owners were struggling to pay unexpected vet bills.
“As fellow pet owners ourselves, we want our customers to get the best care for their pets through our broad pet insurance coverage and provide insurance claims servicing by an empathetic, caring team," he added.
"However, we believe we have more to offer, and through the encouragement and feedback from our existing customers, we think the time is right to take Oyen through a rebranding exercise that would highlight how an insurance provider can integrate pet and human insurance,” Kevin said.
Established in 2021 through a partnership with MSIG Insurance (Malaysia) Bhd, Oyen has assisted pet owners in managing the medical expenses for their pets, enabling them to save a substantial amount in veterinarian bills that would have been expensive to afford.
Additionally, its insurance coverage is available in every vet clinic in Malaysia hence customers need not visit a panel vet clinic since they can easily reimburse their bills on Oyen’s online platform.
With an easy-to-use user portal and accessible customer service, pet owners can manage and track their pets' claims submission and progress as well as renew their policies online, the firm said.
It added that having raised over RM1.7 million through seed funding with notable investors such as Hustle Fund, there is significant potential for growth with unique insurance policies that provide a pet element for Gen Zs and millennials who emphasise their pets.
Oyen is projecting to achieve 50,000 pets covered in Malaysia and 100,000 in Southeast Asia by 2025.
Michelle Chin, chief operating officer & co-founder of Oyen said, “To stay competitive in a rapidly evolving landscape, our secret sauce lies in owning the end-to-end insurance journey of our customers - from onboarding and claims to renewal. By utilising our proprietary digital insurance platform, our team is empowered to exceed customer expectations beyond their insurance needs. This ensures that every customer and fur kid receive personalised attention and care.”
Meanwhile Chua Seck Guan, CEO of MSIG Malaysia, said, the company is pleased to have supported Oyen at the start of their journey in providing truly unique pet insurance in the Malaysian insurtech space.
“Watching their growth is extremely encouraging, and with their new look and expansion plans, Oyen can only continue to achieve greater milestones with its future offerings," he added.
In tandem with the rebranding exercise, Oyen has rolled out a new (human) travel insurance product designed exclusively with elements of pet protection incorporated. This unique travel insurance not only covers avid traveling pet owners, but also offers additional pet benefits to give pet owners peace of mind should something unfortunate strike during their trip.
This includes trip curtailment, where Oyen travel insurance policy will pay for the unused portion of their trip (up to RM50,000) for returning home early should their pet get severely ill or pass away.
[RM1 = US$0.239]
Additionally it will also pay for pet boarding extension due to travel delay of up to RM1,000.
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