VSure Becomes First BNM-Approved Insurtech Company To Introduce On-Demand Insurance Plans

Alex Cheong Pui Yin

18th August 2021 - 3 min read

Malaysian insurtech company, VSure.life (VSure) has announced that it will be introducing a range of on-demand insurance and protection plans for the public, making it the first digital insurer that has been approved by Bank Negara Malaysia (BNM) to do so. This is in line with VSure’s commitment to make digital insurance more accessible and affordable for Malaysians.

To kickstart its services, VSure said that it will begin with a series of ultra-affordable and flexible lifestyle protection plans. Of particular interest is the pay-per-use feature that has been made available for its underwritten protection plans, allowing consumers the option to choose their coverage by duration or by amount. Interestingly, users who opt for coverage by duration will even have the freedom to purchase protection by the hour, allowing them to truly pay for only what they need and to account for key moments that require protection.

After this initial round of rollout, VSure will then follow up with a series of its own underwritten on-demand protection solutions with the pay-per-use feature over the coming months. The company has also partnered up with locally licenced insurers to bring various coverage plans to the masses at an affordable price – including life, health & medical, home, personal accident, travel, motor, and takaful plans. On top of that, it is working with a few digital banking licence applicants to develop customised and specialised protection coverage plans within the digital banking ecosystem.

In announcing these developments, the co-founder, chief executive officer, and managing director of VSure, Eddy Wong said that the company is honoured for the opportunity to drive the digital insurance revolution in Malaysia.

“The growing demand for digitalised insurance services is set to propel the size of global insurtech market worth to an estimate of US$11.94 billion by 2027. We are excited to catalyse Malaysia’s insurtech industry and we foresee that an obtainable market size of RM300 million can be achieved within the next two to three years, as a reflection of our faith in the potential of insurtech in Malaysia,” said Wong. VSure’s ambition is also propelled by a recent RM12 million investment from Revenue Group Berhad, along with the permission for VSure to access Revenue’s B2B2C payment ecosystem and solutions to better bring its offerings to mass Malaysians.

VSure’s protection plans are made available exclusively on digital platforms via its website or the VSure mobile app. The entire process – from purchasing to claims – can be carried out online, and is designed to ensure a seamless, uncomplicated, and stress-free journey for its customers. VSure’s website itself said that customers will be able to purchase their insurance plans in five simple steps, with facial identification and verification used as a security feature to protect them from identity fraud.

If you’d like to check out VSure’s full range of digital insurance plans that are on offer, head on over to its website here. Alternatively, you can download the VSure app from Google Play or the App Store.

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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