Staying true to their core principles of continuously serving and bringing value to Malaysian consumers, Malaysia’s Insurance Technology (InsurTech) company, PolicyStreet is collaborating with a leading insurance and takaful company, Etiqa Takaful, and Bereev, a legacy planning company to provide end-to-end solutions in helping consumers prepare for life’s uncertainties, and on a larger scale, advance takaful protection in this nation.
PolicyStreet, an InsurTech company has been appointed as Etiqa Takaful’s newest marketing and technology partner to distribute i-Secure and i-DoubleSecure takaful products. Customers can now easily access these takaful products through www.policystreet.com, receive a RM50 instant rebate from PolicyStreet and complimentary access to a premium account of Bereev, a legacy planning application that will help craft a plan to guide their families when their time comes.
i-Secure is a takaful term plan that gives a lump sum to the beneficiary of the covered person in the event of death, and also, gives a lump sum to the covered person in the event of a total permanent disability (TPD), during the period of cover. i-DoubleSecure on the other hand, doubles the sum covered benefits if death and TPD are due to accidental causes. Both i-Secure and i-DoubleSecure takaful apply the Tabarru’ and Wakalah concept.
These takaful products cater to different needs – with i-Secure, customers have the flexibility to choose any term of cover up to 75 years of age, and get sum covered up to RM500,000. For i-DoubleSecure, you may choose from 3 options – RM50,000, RM100,000, and RM200,000, and contribute the same level amount throughout its tenure of cover. And the wonderful part is these takaful products can be obtained instantly online with no hassle, and no medical checkup required.
This collaborative effort is in line with Malaysian Takaful Association Chairman, Muhammad Fikri Mohamad Rawi’s comments that the takaful industry should allow InsurTechs to help with cultivating demand for takaful protection products, as the industry has been largely stagnant.
Zafri Ab Halim, Chief Executive Officer of Etiqa Family Takaful Berhad said, “We embrace partnerships with fintech and insuretech startups, and this collaboration between Etiqa Takaful, Policy Street and Bereev comes at a time when there is a call for the takaful industry to further promote the uptake of takaful protection products. At Etiqa Takaful, we believe in giving customers a Fast & Easy experience, whether it is to purchase, submit claims or receive payouts, and thus by making our i-Secure and i-DoubleSecure takaful products available on Policy Street, customers not only have easy access to these products but they can get takaful coverage for themselves and their family right there and then, with no medical checkup needed.”
Lee Yen Ming, CEO of PolicyStreet utters: “There is always this misconception that Takaful plans are only for Muslims but in reality, they are made available for everyone. Under the mutual insurance concept, members contribute a certain sum of money as premiums to a common pool and profits are shared amongst its members should there be any. Hence, it is exciting times for us to be collaborating with Etiqa Takaful and Bereev in offering value-adding products to our customers and we look forward to more Takaful products in the near future.”
Izumi Inoue, CEO of Bereev too adds: “End-of-life planning is still a new concept for most Malaysians and Takaful insurance certainly plays a huge role in it. We’re excited to work with Etiqa Takaful and PolicyStreet to add value beyond insurance by encouraging their customers to craft their own legacy plan on Bereev.”
For more information on how you may receive comprehensive takaful protection and a complimentary Bereev account, visit www.policystreet.com/promotions.
Etiqa is a true multi-channel distributor of Insurance and Takaful products via its 10,000 agency force, 24 Insurance and Takaful branches, more than 350 Maybank branches, ATMs and other third-party banks, providing full accessibility and total convenience to customers in Malaysia. Regionally, we have expanded our wings and set up base in Singapore, the Philippines and also Indonesia.
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PolicyStreet is an insurance technology company which offers an online curated market place with the best-in-value insurance products for its target audience. It is a value seeker, a premium contender and an innovation enabler in the insurance space. PolicyStreet democratizes the industry by making insurance simpler, fun, and more appealing. PolicyStreet is co-founded by former banking and insurance professionals Lee Yen Ming, Wilson Beh and Winnie Chua and the company is the winner of Seedstars Global KL, the world’s largest seed-stage startup competition.
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Bereev is a legacy planning application founded in Malaysia. It aims to be the blueprint that helps walk your family through the entire plan, and holds everything together to make your eventual parting easier for those left behind. The whole process is streamlined on one platform. Bereev is founded by Izumi Inoue and is part of the Khazanah Nasional Entrepreneurship Outreach Programme and also the WatchTower and Friends accelerator programme.
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