Insurtech Startup Ouch! Raises Pre-Series A, Eyes Digital Takaful LicenseJanuary 12, 2023 0 comments
Ouch!, a tech-enabled insurance platform has announced a fully subscribed six figures pre-series A round and is set to continue this momentum with Ouch! exercising Its over-allotment for additional investors to come on board.
This follows their RM 1.5 Million seed funding announced just a year ago.
Following the investment Ouch! is now looking to acquire final approval from Bank Negara Malaysia (BNM) to operate in its regulatory sandbox.
The company said that this comes as a prelude to their mission to become Malaysia’s first digital Takaful operator with the planned launch of its new digital Takaful product within the first quarter of 2023.
The new licensing framework for Digital Insurers and Takaful Operators (DITO) is part of BNM’s goal to encourage innovation and inclusion within the sector, it was first announced in late 2022.
“Obtaining the license will expand our market and thereby potential, significantly. This is all in line with our ambition to be a first-of-its-kind digital Takaful operator especially focusing on the younger generation bringing our signature approach to insurance to a new space.
There are now multiple generations that either don’t see the importance of or can’t quite wrap their heads around the layers of insurance offerings and processes. Ouch! aims to strip all of that out for a simple, straightforward product that resonates with the youth of today and tomorrow,” said Shazy, CEO, Ouch!
Ouch! has also announced the appointment of board member and advisor, Mukesh Dhawan — a former CEO of Zurich Takaful Malaysia and currently the founder of Drivn Fintech a startup focused on embedded insurance solutions.
Founded in September 2019, to date, Ouch! offers insurance solutions across life, home, travel and motor, all powered by an app platform that makes the process and tracking easy and transparent.