Red Ideas, PolicyStreet.com to provide motor insurance renewal


KUALA LUMPUR: Red Ideas Holdings Bhd has teamed up with PolicyStreet.com motor insurance renewal services to residents in neighbourhoods and communities managed by Red Ideas.

Red Ideas’ co-founder and executive director David Foo said on Tuesday the partnership with PolicyStreet.com would make it easier for its users to purchase best value insurance policies online.

“The partnership with PolicyStreet.com would greatly enhance the convenience of all our users as their platform customises, curates and sources for the best in value insurance policies that can be purchased online with three simple steps in less than three minutes, ” he said.

Red Ideas developed the neighbourhood community app “JaGaApp” mainly for communities and this new insurance service would provide convenience to its users, he added.

Red Ideas has over 400 neighbourhoods in Malaysia of which 80% are from the Klang Valley and the remaining 20% from Penang, Johor, Seremban, Ipoh and Melaka.

PolicyStreet.com’s co-founder and CEO Lee Yen Ming said the residents are able to renew their motor insurance coverage at home.

PolicyStreet.com is an insurance technology company. In 2019, it obtained the approval from Bank Negara to conduct financial advisory and Islamic financial advisory business the Financial Services Act 2013.

The approval enables PolicyStreet.com to work with 47 life and general insurance and takaful providers in Malaysia and offer more than 1,000 insurance products.

In just over three years of operations, PolicyStreet.com has underwritten over RM6bil in sum assured and sold 100,000 policies. It holds the record as the company that raised the largest funds from an equity crowd funding platform in Malaysia and has also raised funding from venture capitalists in Asia.

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