Malaysia-based insurtech firm VSure.life has secured a RM12 million investment from ACE market-listed Revenue Group through its wholly-owned subsidiary company Revenue Harvest as well as approved by Bank Negara Malaysia’s (BNM) to participate in its fintech sandbox.
The partnership between VSure and Revenue Group enables the company to access the latter’s B2B2C payment ecosystem and solutions to further strengthen its offerings to Malaysians.
Additionally, the firm said in a statement that the approval from BNM indicates its readiness to be commercially tested in the Malaysian market as a lifestyle digital insurer.
In the initial stage, VSure will be rolling out a series of “affordable and flexible lifestyle protection plans”. Over the coming months, VSure will be introducing a series of its own underwritten on-demand protection solutions.
This includes the introduction of the pay-per-use feature for its underwritten protection plans that gives consumers the options to select coverage by duration or amount.
Users opting for coverage by duration will have the freedom to purchase protection as low as by the hour, to account for key moments that requires protection.
VSure has also signed strategic and commercial partnerships with a few digital banking license applicants to develop customised and specialised protection coverage plans within the digital banking ecosystem.
The company is also in partnership with locally licensed insurers to feature Life, Health & Medical, Home, Personal Accident, Travel, Motor and Takaful coverage plans, that is available on VSure’s platforms.
“We thank both Bank Negara Malaysia and our investors, Revenue, for sharing our excitement for the future that lies ahead. The growing demand for digitalised insurance services is set to propel the size of global insurtech market worth to an estimate of US$ 11.94 billion by 2027.
We are excited to catalyse Malaysia’s insurtech industry and we foresee that an obtainable market size of RM 300 million can be achieved within the next two to three years, as a reflection of our faith in the potential of insurtech in Malaysia.”
commented Eddy Wong, Co-Founder, Chief Executive Officer & Managing Director of VSure.life.
