Online insurance comparison portal, insureKU has been greenlit by Bank Negara Malaysia (BNM) to begin operating within Malaysia. Specifically, the platform – which is owned by Censof Maal Sdn Bhd, the wholly owned subsidiary of financial solutions provider Censof Holdings Bhd – has been accepted to participate in the national Financial Technology Regulatory Sandbox, in anticipation of an official launch later this year.

In a statement, Censof Maal described insureKU as the first “end-to-end industry integrated insurance and takaful aggregation and solutions platform in the country”, which is meant to simplify the process of purchasing insurance for the public. Additionally, the platform has been under development and alpha testing for the past two years.

Censof Maal also said that it is leveraging on technology via insureKU to bring a comprehensive selection of insurance to local consumers in a new way that focuses on customer satisfaction. Among other things, customers can use the platform’s assessment tools (comprising of a needs analysis calculator and a financial budget calculator) to help them along their financial journey. On top of that, you can find plans from a variety of insurance categories – including life, general, and takaful – from established insurers like AIA, Great Eastern, Allianz, Tokio Marine, Pacific Insurance, and Zurich.

“We prioritise people above all else, and are driven by our vision of positive and accessible transformation in a critical part of our everyday needs – insurance. BNM has been an amazing partner – guiding, supporting, and trusting us to provide insurance and takaful solutions that are firmly aimed at Malaysians across every level of society,” said the co-founder and chief executive officer of insureKU Malaysia, Shadhana Sekaran.

Sekaran also stressed that in this day and age, no one must be left behind, especially in critical matters such as insurance and takaful solutions.

“Our strategic partnerships with leading world-class insurance and takaful providers, deep familiarity with traditional insurance sales and service processes, and access to consumers both online and offline will enable us to support the Malaysian vision of a resilient, healthy, thriving, and accessible insurance and takaful ecosystem for every Malaysian,” said Sekaran.

For context, the conception and development of the insureKU platform had actually begun much earlier, even before 2020. In fact, Censof Holdings signed an agreement with insurance claims specialist OSCA Sdn Bhd back in 2019 to kickstart the project.

You can check out the insureKU platform here, if you’re interested, but do note that it is not officially launched yet. While you can play around with the features that are available on the platform, payments and orders cannot be made until its official launch.

• TAGS:
• Bank Negara Malaysia
• BNM
• Censof Holdings Bhd
• Censof Maal Sdn Bhd
• Financial Technology Regulatory Sandbox
• InsureKU
• Shadhana Sekaran