Boost Expands Digital Insurance Services Following US$70M Investment from Great EasternSeptember 3, 2020 0 comments
Axiata Digital’s e-wallet Boost has introduced a suite of affordable and accessible micro insurance/takaful coverage under ‘Boost Protect’.
This new feature available under the ‘Insurance’ tile in the app marks Boost’s foray into expanding the use of its e-wallet beyond just payments and into digital financial services.
Exclusive to Boost users, it offers a variety of coverages that can be easily viewed and purchased on the app. The coverages are powered by Aspirasi and underwritten by Great Eastern’s General Insurance, Life Assurance and Takaful.
In June, Great Eastern had invested US$70 million in Axiata Digital acquiring a stake of 21.875%, making it the largest fintech investment to date.
Among the seven types of coverage currently offered under Boost Protect include; BillProtect, CardProtect, HospiCash, Protect Super6, ProtectActive, ScreenProtect and SME OwnerProtect.
As a value-added benefit, every Boost Protect insurance/takaful package comes with COVID-19 Assist. It is an additional financial assistance program in the event of being infected with the COVID-19, insurance holders will receive a RM200 daily hospitalisation cash assistance upon diagnosis for up to 60 days and RM20,000 financial assistance upon death.
“We endeavour to #KitaBoostKita by providing users protection and peace of mind while they continue to live life or do business amid the pandemic at a very low cost where users can now enjoy bite-sized protection for extra-large coverage that caters to their various needs.
The provision of micro-insurance/takaful coverage is just the start of what we plan to do with digital financial services through our e-wallet platform, we have bigger plans to further expand on this service over the next couple of years,”
said Mohd Khairil Abdullah, CEO of Boost.