Policystreet, an insurtech startup that makes insurance more affordable for Malaysians, says it’s now a fully-fledged financial adviser in Malaysia. With approval from regulators, the home-grown company will face no restrictions from insurance providers when recommending insurance products to its customers.
Founded in 2016, Policystreet works with traditional insurance providers to take and re-package insurance policies to make insurances available to more Malaysians, especially those underinsured or uninsured. Basic life protection policies, for example, are sold at prices as low as USD 2.32 per month, according to PolicyStreet. On the business end, Policystreet is actively working with more than 100 companies, including mobile food delivery marketplace Foodpanda, proptech startup HostelHunting, co-working space Co-labs, and Malaysia’s Digital Economy Corporation (MDEC) to create customized insurance solutions.
Policystreet has also expanded its reach to include pet insurance.
Altogether, PolicyStreet claims to have underwritten a total of over MYR 400 million (USD 100 million) in assurances and sold more than 10,000 policies.
A large gap in Malaysia’s insurance industry remains. There are at least another 8 million working-age individuals and over 700,000 microenterprises that lack protection, the governor of the Malaysian Central Bank, Datuk Nor Shamsiah Mohd Yunus said at the Malaysian Insurance Institute (MII) Summit in 2018.
Other players in the insurtech market in Malaysia include Katsana, and U For Life.