Axiata Digital Capital, a fintech service provider operating under the brand name Aspirasi, and Great Eastern, have signed a strategic partnership to provide affordable and customised insurance and takaful products across Malaysia and Indonesia for consumers, micro-entrepreneurs and SMEs. Fully digital, this will be offered on Aspirasi and its partner platforms.
The comprehensive range of insurance and takaful products are designed to meet the different needs of the customers’ lifestyle, including, life insurance and takaful, health insurance, home insurance, personal accident insurance, with premiums or contributions starting from MYR1.50 (US$0.36) and IDR5,000 (US$0.36).
This marks the first insurtech alliance between a digital financial services platform and an insurance and takaful provider to provide a seamless experience of convenience in immediate online purchase to help bridge the protection and insurance gap in Malaysia and Indonesia, according to the company statement.
The insurance and takaful products are underwritten by Great Eastern Life Assurance (Malaysia) Berhad, Great Eastern General Insurance (Malaysia) Berhad and Great Eastern Takaful Berhad respectively in Malaysia, and by PT Great Eastern Life Indonesia and PT Great Eastern General Insurance Indonesia in Indonesia.
The partnership will leverage on big data, artificial intelligence and behavioural economics, powered by the Aspirasi digital platform and the expertise of insurance and takaful solutions by Great Eastern.
Great Eastern Group Chief Executive Officer, Khor Hock Seng said, "We are pleased to partner with Axiata Digital Capital and provide their customers with seamless access to affordable insurance and takaful solutions customised for their lifestyle. This partnership allows us to reach out to the wider base of consumers who go online to purchase and manage their insurance and takaful needs. Great Eastern’s strong expertise in designing relevant products, coupled with the convenience of digital platforms, will provide a unique value proposition to these customers”.
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Mohd. Khairil Abdullah, Chief Executive Officer of Axiata Digital said, “As part of our ongoing journey to narrow the financial inclusion gap in Malaysia and Indonesia, bite-sized insurance and takaful remains an important financial service that we offer in the market today through the Aspirasi platform. This is why we are pleased to partner with Great Eastern to embrace innovation and improve the lives of customers.”
Aspirasi is an end-to-end digital financial services platform that serves and empowers micro and SME businesses. It is committed to assisting micro-enterprises and SMEs achieve their business goals through a range of micro-finance and bite-sized insurance and takaful solutions. It has disbursed RM50 million worth of micro-loans funds to 9,000 merchants to date, and aims to be a trusted and preferred digital financial partner for the underserved community.
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