PolicyStreet Offers Accident Coverage, Loan Protection for Auto Repairs
by Fintech News Malaysia March 11, 2024Regional insurtech company PolicyStreet has joined forces with Direct Lending to launch DirectCare+, an embedded microtakaful plan providing personal accident coverage and loan protection. This marks PolicyStreet’s first-ever microtakaful product.
The launch of DirectCare+ comes at a critical time, given the concerning statistics from the previous year that recorded 12,407 road accidents during the Hari Raya period, with a slight increase in fatalities.
DirectCare+ aims to mitigate these risks by offering financial protection against accidental death or permanent disability, specifically for customers of Direct Lending’s Auto Service Financing Plan. This plan allows for up to 12 months of payment terms for car service or repair expenses.
The service is accessible entirely online, through Direct Lending’s platform or via a QR code at over 1,400 affiliated workshops throughout Malaysia.
The coverage provided by DirectCare+ includes RM15,000 for accidental death and loan protection, ensuring that any outstanding loan amounts are covered.
In addition, it offers RM3,000 for funeral expenses through Khairat Kematian and up to RM15,000 in financial support for accidental permanent disability, with loan protection extending up to 12 months in case of unemployment caused by such disabilities.
Customers eligible for DirectCare+ with the Auto Service Financing Plan have the option to extend their coverage for an additional 12 months at a reduced rate.
Yen Ming Lee
“We are incredibly proud to launch our first microtakaful product, DirectCare+, in collaboration with Direct Lending.
Being the first home-grown insurtech to tap into the microtakaful segment, the launch marks a significant milestone for PolicyStreet. DirectCare+ not only expands our reach to a wider audience but also enhances accessibility to insurance, especially for underserved communities during this Ramadan season,”
said Yen Ming Lee, Co-Founder and Group Chief Executive Officer of PolicyStreet.
Hui Yik Seong
“This collaboration aims to ease the financial burden of vehicle repair or service, which, if overlooked or delayed, can impact a car’s performance and jeopardise safety on the roads.
By offering a more inclusive and user-friendly car service instalment plan, with added free personal accident insurance protection, we hope Malaysians can have a safe journey home without financial stress,”
said Hui Yik Seong, Founder and Director of Direct Lending.
PolicyStreet earned the Top Insurtech Startup award at the Fintech Frontiers Awards 2023, while Direct Lending was recognised as the industry’s Top Rising Star.
