Ouch!, a Malaysian-based digital insurance platform, announced that it had raised RM 1.5 million in a seed funding round from Vynn Capital and Temokin, along with a few angel investors.
With the funding, the Ouch! team will be focusing on further product and business development to prepare a stronger foundation for growth.
Ouch! added that it will be improving its platform and service for users and will be rolling out more features and upgrades to the platform across the year.
Ouch! has a simple and intuitive interface where customers can choose from 5 insurance categories; medical, life, travel, motor, and home with curated insurance options from Allianz, AXA, and Etiqa to select from.
The insurtech claims that customers can get a quote for their insurance plans within 5 minutes at any time of the day.
Ouch! has plans for an app revamp and update scheduled for early April this year. Additionally, Ouch! is also looking to raise a pre-Series A funding later in 2021.
“This funding will allow us to build upon our current infrastructure to roll out more features to our customers for an even more holistic experience. We should always be prepared for rainy days, and with the pandemic having devastating effects on people’s lives, I believe there is no better time to educate ourselves on the importance of insurance.
With Ouch!, insurance can be more accessible than ever before. With our platform, we hope that Malaysians will be more confident in insurance to protect their assets and their future instead of being intimidated by it,”
stated Shazy Noorazman, CEO of Ouch!.
Featured image: Ouch! team