Online insurance platform U for Life registers RM165m in sum assured

KUALA LUMPUR: The country’s first online insurance platform U for Life Sdn. Bhd.  has registered over RM165mil in sum assured since its soft launch in May.

The company said the achievement signalled growing acceptance amongst Malaysians for purchasing life insurance online.

U for Life Sdn Bhd is a registered corporate agent of Tokio Marine Life Insurance Bhd.

The company said a recent study commissioned by the Life Insurance Association of Malaysia (LIAM) found that Malaysians are generally under-insured compared to their peers in Singapore, Hong Kong, South Korea and Japan. 

Life insurance and family takaful currently provides insurance protection for only 55.5% of the total population.
“This gap prompted Hannover Re and Tokio Marine Life Insurance Bhd to collaborate in offering the country’s first online life insurance platform under U for Life. 

“It is designed to offer a simple, instant and affordable way to buy life insurance online,” it said. 

Hannover Re is the third largest reinsurer in the world and the main stakeholder in the collaboration, while Tokio Marine Life Insurance Malaysia is the insurer.

Hannover Re executive board member Claude Chevré said customer purchase behaviour has changed over time with the extensive use of technology. 

“We were able to identify a gap in the local market, thus the introduction of U for Life. 

“The fact that it has surpassed RM165mil in sum assured within a short span of time is indicative that Malaysians are ready and accept this platform to buy life insurance,” he said.

The company recently committed to invest RM5mil over the next 12 months to create greater awareness on the importance of life insurance and encourage more Malaysians to sign up for their first life insurance policy.

U for Life general manager Iskandar Ezzahuddin said they hope to reach out to more Malaysians and increase the insurance penetration rate to 75% of the population insured by 2020.

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