Malaysian digital insurer DearTime has officially launched to offer affordable and accessible life insurance plans in the country.
The company is an approved participant of the Bank Negara Malaysia’s Fintech Regulatory Sandbox to conduct life insurance business in Malaysia.
DearTime has a fully digital business model which allows customers to buy, edit, and claim insurance directly from the company via its app.
On its mobile app, DearTime offers 5 insurance products for individual customers namely medical, critical illness, death, disability, and accident.
These are pure insurance products prioritised for protection only without add-ons such as savings and investments.
When a customer makes an insurance claim, DearTime liaises directly with panel hospitals while customers wait for the approved claim payout to be deposited into their respective bank accounts.
In order to claim insurance from DearTime, customers will need to perform a face scan in the app. Once verified, a unique claim code will be generated, which is to be presented to the panel hospital staff over the counter.
DearTime currently has about 300 hospitals as part of its panel and is available for download on the Apple App Store and Google Play Store.
“There is no better time to launch a digital life insurance company than now, as mobile and internet usage across all groups of Malaysians is at its highest.
With today’s wide connectivity across the nation, DearTime’s fully digital insurance solution is how we want to tackle the issue of low insurance penetration head-on,”
said Jon Ng, Founder and CEO of DearTime.
