Simple, instant and affordable insurance coverage comes to your doorstep.
With the click of a button ONLINE, Malaysians need only pay from as low as9 ringgit and 85 sen per month for a 100 thousand ringgit insurance coverage.
This has resulted in internet insurance provider U for Life Sdn Bhd expecting to sell over 200 million ringgit worth of life policies by year-end.
U for Life has registered more than 165 million ringgit in sum assured in less than 6 months since its soft launch in May this year.
A study by the Life Insurance Association of Malaysia (LIAM) show that Malaysians are generally under-insured compared to its neighbours.
This prompted Hanover Re, the third largest reinsurer in the world, to invest in U for Life. Meanwhile, Tokio Marine Life Insurance Malaysia Bhd is the insurer for U for Life.
Via the internet insurance platform, U for Life offers a simplified way to fill in forms, make payment and receive an e-policy.
For the first time, customers can actually get instant life coverage within 10 minutes.
If they need any assistance, an interactive chat feature is availableto reach out to the help desk for instant help.
The term life product with sum insured of up to 500 thousand ringgit without having to do a medical, makes it simple and fast for customers to buy life insurance.
They don’t have to go through the hassle of trying to make sense of complicated insurance and financial jargons, multiple forms to fill in and long processing time.
“It’s the right time for us to move forward and take this further and we believe Malaysians are ready and for the next 12 months investing about 5 million ringgit to take this to as many Malaysians as possible, making life insurance affordable for every Malaysian.” – Iskandar Ezzahuddin, General Manager, U for Life Sdn. Bhd.
U For Life collaborates with Hannover Re as the principal shareholder, Tokio Marine Life Insurance as the insurer and New Zealand-based Intelligent Life for the technology know-how.
“We’re making the market bigger. We’re taking care of an underserved end consumer. Nobody took care of the people who are buying life insurance over the internet, no agent so far. So we are not taking the space out of the agent. But we are opening the markets to much more people.” – Claude Chevré/ Member of executive board of Hannover Re
“Our business partner like RHB Bank and the agent actually look forward to it for reason it’s a tool allow them help their customer to purchase insurance.” – Toi See Jong, Chief Executive Officer of Tokio Marine Life Insurance Malaysia Bhd.
The encouraging response to U for Life since its soft launch in June has also convinced the company to invest between up to 5 million ringgit over the next 12 months to create greater awareness amongst Malaysians on the importance of being insured.
This synergizes with the Government’s effort in addressing Malaysia’s low insurance penetration rate of 2.8 percent of GDP.
Through its Entry Point Project(EPP), Malaysia’s insurance penetration rate is projected to rise to 4 percent by 2020, with 75 percent of its population insured.
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