Malaysia’s Insurtech Startup PolicyStreet has experienced exponential growth in FY22, with its topline increasing fivefold compared to FY21 and a sum insured of over US$6 billion. Despite challenging market conditions, the company has continued to innovate, delivering tailor-made insurance products and services to customers by leveraging technology and industry expertise.
Since obtaining the Reinsurer and General Insurer license from the Labuan Financial Services Authority (LFSA) in 2021, PolicyStreet has been the reinsurer in its partnerships with onshore insurers, enabling the launch of innovative insurance solutions.
Key drivers of this growth include the Digital HR Solution and Gig Worker’s Claims Platform in collaboration with p-hailing service providers. These solutions cater to Southeast Asia’s underserved gig and digital economy, which is expected to reach US$1 trillion by 2030.
Lee Yen Ming, Co-founder and CEO of PolicyStreet stated the company is committed to serving the underserved market segments, ensuring sustainability in the gig and digital economy through embedded insurance and platform development.
“By tapping into our underwriting and tech development capabilities to expand our partnership network with leading industry brands and protect more underserved communities, we are confident that we will register strong growth this financial year (FY23) compared to FY22,” said Yen Ming.
The company specializes in creating embedded insurance solutions, addressing the pain points of consumers and businesses while incorporating in-house tech capabilities and strategic partnerships with industry leaders.
