Loanstreet – new online bike insurance player

PETALING JAYA: There is a new player in town to provide online purchase of motorcycle insurance and the renewal of road tax.

Financial comparison site Loanstreet.com.my has collaborated with Zurich General Insurance Malaysia Bhd to become the nation’s first insurance agent to offer this service.

Loanstreet launched its online insurance agency service on Jan 1, to offer customers a hassle-free way to purchase motorcycle insurance and renew road tax online.

This means that motorcyclists can now purchase motorcycle insurance directly online via Loanstreet. This service includes doorstep delivery of road tax.

The first insurer to get on board and offer motor insurance through Loanstreet is Zurich Malaysia.

In a release, Loanstreet said that this latest endeavour aims to address the alarmingly low rate of insurance coverage purchased by motorcyclists in Malaysia. A recent survey by The Malaysia Automotive Association released vehicle registration data up to June 30, 2017, with the total number of vehicles on the road standing at more than 28 million units.

Of this number, 45% are motorcycles, and it is estimated that a significant portion of these motorcyclists are uninsured.

Loanstreet managing director Jared Lim said: “We wanted to get the number of uninsured motorcyclists off the road by providing a quick and easy online insurance agency service, and we also wanted to offer a fast-online car insurance agency service which can be completed via a smartphone in just five minutes”.

The Loanstreet insurance portal is powered by financial technology company, Finology Sdn Bhd.

Finology is enabling seamless integration of backend technology systems to power end-to-end online insurance quotation and purchases.

Finology has been engaged in Insurance Technology (InsurTech) for more than two years now, enabling various insurers and agents to offer their products and services online.

In the coming months, Loanstreet plans to provide aggregation services that compare insurance plans and rates to help customers make informed decisions when selecting insurance plans that best meet their needs.

Junior Cho, senior vice-president and head of market management for the general insurance and takaful segment for Zurich Malaysia commended Loanstreet on its new online insurance agency service.

“At Zurich, we welcome innovative opportunities to help Malaysians stay protected on and off the road. We trust the Loanstreet insurance portal will pave the way for customers to obtain the protection that they and their loved ones deserve in a hassle-free and convenient way,” said Cho.