U for Life, Malaysia’s first and largest online term life insurance provider together with Jirnexu, the company behind Malaysia’s largest financial comparison website, RinggitPlus.com, announced its strategic partnership – a move to aid consumers in progressing with the digital movement, especially within the insurance technology (InsurTech) and financial technology (FinTech) industries, where U for Life and Jirnexu are leaders respectively.
The digital society is fast emerging and ever-evolving. By identifying a gap in the market for a convenient and affordable solution in respect of insurance coverage needs, U for Life offers customers term life insurance available online and accessible anywhere that no other Malaysian companies are offering at this present moment.
“Customers can be rest assured that their basic protection needs can be met through rising InsurTech and FinTech players. There is a need for both InsurTech and FinTech to join forces to engage the digital savvy customers and move towards the online space – increasing efficiency and productivity,” expressed Kenny Thing, General Manager of U for Life Sdn Bhd.
In support of U for Life’s intention to build on their digital distribution of simple hassle-free insurance online, Jirnexu is committed to ensure that RinggitPlus will not just serve as the consumer reference point, but also offer a seamless online application experience for insurance products.
Lucas Ooi, Chief Commercial Officer at Jirnexu made the observation that, “Malaysians are increasingly looking towards alternative channels to find, research and apply for their next financial product. By offering simple term life products such as U for Life, RinggitPlus experienced a 200% growth in digital insurance applications in 2016. It is evident that Malaysians are now prepared to purchase insurance online when the insurance provider offers a market competitive product via a digital platform. The success of the U for Life and Jirnexu partnership in such a short time is testament to our combined commitment of providing easy access to purchase affordable life insurance.”
This strategic partnership between U for Life and Jirnexu also plays a key role in supporting the government’s drive to embrace the digital economy, as well as an opportunity for U for Life to create dynamic online services and segments.
Commenting further on the strategic partnership, Thing said, “Our consumers are so empowered in this digital era, and serving them with additional options for insurance to their convenience will serve to bridge the protection gap in the country which is sorely lacking.”
With this partnership, it is hoped that Bank Negara’s aspiration of meeting 75% insurance penetration rate in Malaysia by 2020 can be achieved.