Recently, U for Life Sdn Bhd – Malaysia’s first internet insurance platform – announced that it has registered more than RM165 million in sum assured since its soft launch in May 2015. The online insurance platform helps you get basic coverage of RM100,000 for as low as RM9.85 per month.
With the encouraging response, the online platform has committed an investment of up to RM5 million over the next 12 months to create greater awareness of the importance of life insurance.
Present at the press briefing was Mr. Claude Chevré, member of executive board of Hannover Re; Toi See Jong, Chief Executive Officer of Tokio Marine Life Insurance Malaysia Bhd; En.Iskandar Ezzahuddin, General Manager of U for Life Sdn. Bhd. and a special appearance by reigning Miss Universe Malaysia Vanessa Tevi Kumares.
An untapped market
In a shocking revelation by Life Insurance Association of Malaysia (LIAM), only 55.5% of Malaysians are covered by insurance, whether life insurance or family takaful. We are generally under-insured compared to neighbouring countries like Singapore, Hong Kong, South Korea and Japan.
Considering the vastly untapped market, Hannover Re and Tokio Marine Life Insurance Malaysia Bhd has made the right move to offer the country’s first online life insurance platform. Hannover Re is the third-largest reinsurer in the world, also the main stakeholder in the collaboration. On the other hand, Tokyo Marine Life Insurance Malaysia is the insurer.
The U for Life platform was developed by Intelligent Life, a New Zealand software developer focused on the insurance industry. It has a proven track record in countries like New Zealand, Australia, US, South Africa and China.
Together, the collaboration through U for Life hopes to protect more Malaysians and help increase the insurance penetration rate to 75% of the population insured by 2020.
Insurance made easy
Signing up for U for Life is easy. Just head over to uforlife.com.my and answer a simple set of questions. You’ll be done within 10 minutes. The great thing is that U for Life policies are highly affordable, with monthly payments as low as RM9.85 for a RM100,000 coverage. This of course depends on age and other variables, but affordability with basic coverage is certainly the main focus here.
The U for Life platform also includes an interactive chat feature for prompt customer support. Payment options are extensive, thanks to iPay88 – via online banking or credit/debit cards.
The U for Life offering is basically a no-frills term life insurance product that can cover you for up to RM500,000.
Online vs the agent
So will U for Life replace the traditional insurance agent? Yes and no. It’s important to understand that the primary customer U for Life is going for is one who doesn’t already have basic coverage. U for Life makes it exceptionally easy to apply (without medical check-up) and to get coverage quickly.
If you need a more comprehensive solution e.g medical card, extra riders, etc then the traditional agent route would be ideal.
Want more information about U for Life? Ready to get your first life insurance policy? Check out uforlife.com.my.