Insurtech

Finology Lands Partnership with Zurich for Road Tax and Motor Insurance Renewal Services

by Fintech News Malaysia July 2, 2020

Over two million Malaysian road taxes remain expired since the Road Transport Department (JPJ) counters closed during the Movement Control Order (MCO). In an effort to help address this as well as Malaysia’s alarming number of uninsured vehicles on the road, Zurich General Insurance Malaysia is collaborating with Finology and their affiliate partner PayLink Global (M) Sdn Bhd (Payquik) to provide road tax renewal services and motor insurance purchase via Payquik’s network of kiosks in Malaysia.

Through this collaboration, road users in Malaysia will be able to renew their road tax or purchase motor insurance for their vehicles at approximately 250 kiosks. This will be available nationwide located primarily in the offices of utility companies, shopping malls, and government buildings for easy access.

Junior Cho

Zurich General Insurance Chief Executive Officer, Junior Cho, commented,

“We are constantly seeking fresh solutions that would meet the market’s evolving needs. Modern lifestyles have fueled the growing demand for convenience and ease of purchasing goods and services. With economic activities starting to resume, we understand the importance of road tax renewal, as well as motor insurance so Malaysians can commute to work with peace of mind as their renewal exemption period ends. This three-way collaboration with Finology and Payquik will provide wider access for drivers as well as riders to obtain the service and protection they need in a fast and easy manner.”

According to the 2018 statistics from JPJ, there are about 29 million registered vehicles in Malaysia. Out of this, only 19 million vehicles renew their road tax every year and about 95% of expired road tax are motorcycles.

Jared Lim

Jared Lim, Managing Director of Finology, shared,

“One might ask why a service kiosk is necessary if people have the option of paying online now. The reality is that there are still customers who prefer to pay with cash or who do not own a credit card. This means that these people do not have sufficient access to the necessary financial services online. Enabling motor insurance purchasing and road tax renewal through kiosks is a great alternative to paying online or over the counter. Plus, these kiosks are available 24 hours, allowing customers to make purchases or renewal at their convenience.”

They described this collaboration as a joint effort to promote financial inclusion and offer Malaysians comprehensive coverage while on the road. In 2019, Zurich and Finology collaborated to offer customers end-to-end online insurance quotation and purchase services via Finology’s platform loanstreet.com.my.