Malaysian Insurtech Firm Partners with MSIG to Protect Our Furry Friendsby FintechNews Malaysia February 14, 2018
PolicyStreet has announced a collaboration with their insurance partner MSIG Insurance (Malaysia) Berhad (MSIG) to distribute online pet insurance in Malaysia. This insurance is an annual premium cover, covers veterinary and surgical bills, prescribed drugs and injections (subject to policy terms and conditions) to help dogs and cats in Malaysia get the best chance at recovery from sickness and accidental injuries.
Other notable benefits include owners being reimbursed the purchase price or adoption fee if their pets pass away due to illness or accidental injury, and burial or cremation costs for these pets and the wonderful part is this insurance can be purchased instantly online with no hassle.
In Western countries like Sweden and UK, Pet Insurance is common and readily available; in fact, 80% of pets in Sweden have some form of veterinary care Insurance in 2017, according to the Sweden National Veterinary Institute. According to the press release sent to Fintech News Malaysia there are 3 Pet Insurance providers in Singapore but none in Malaysia prior to the launch of MSIG’s Pet Insurance.
Lee Yen Ming, CEO of PolicyStreet said: “We are excited that MSIG has launched the product Malaysian pet owners have been waiting for and it is timely, especially in this auspicious festive season where Malaysians will be celebrating the Year of the Dog for Chinese New Year. We hope to encourage more Malaysian pet owners to get their beloved furry companions protected.”
PolicyStreet too has secured partners to help promote awareness and educate Malaysian pet owners on the need of insuring their pets. Among them are Ministre’ of Pets, a veterinarian and pet service provider, Cocomomo, an urban pets hotel, and Petsodia and Jompaw, both of which are online pet service providers.
This product is only available for microchipped cats and dogs between the age of 12 weeks to 9 years. Each microchip stores a unique 15-digit number (like a NRIC number) that is detected and read by a microchip scanner. The procedure of implanting microchip takes seconds, and it is inexpensive, safe, and essentially painless. It is extremely useful in reuniting lost pets with their rightful owners as the owners can be contacted via the information from the microchip registry.