7 May 2015 KUALA LUMPUR: U for Life Sdn Bhd, an online platform provider, launched the country’s first internet insurance platform to issue e-policies instantly, on Tuesday.
Hannover Re, with a gross premium of around EUR 14.0 billion, is the third-largest reinsurer in the world, is a principle shareholder in U for Life.
Designed with the needs of consumers in mind, U for Life is committed to help more Malaysians be insured by offering a simple, instant and affordable way to buy life insurance online.
The policy offered by U for Life is underwritten by Tokio Marine Life Insurance Malaysia Bhd, a member of the Tokio Marine Holdings, Inc. the oldest and one of the largest insurance group in Japan.
U for Life general manager Iskandar Ezzahuddin said a recent study commissioned by the Life Insurance Association of Malaysia (LIAM) indicated that Malaysians are generally under-insured compared with neighbouring countries like Singapore, Hong Kong, South Korea and Japan.
“There is certainly a need to increase the life insurance penetration rate in this country, and I’m confident that our online insurance platform can contribute towards realising that objective,” Iskandar said in a statement.
Tokio Marine Life Insurance Malaysia Bhd CEO Toi See Jong said with this platform, customers can find out more about life insurance online and purchase a basic protection plan and be issued an e-policy instantly.
“This platform will be a game changer in the life insurance industry as it will help to broaden our customer base especially among Gen Y. Our agents can refer this internet insurance to their customers who wants a basic plan and then follow up with their customers who want to buy medical and health insurance products. This move will greatly increase productivity for agents,” Toi said.
U for Life focuses on addressing the pain points of a buyer who currently views buying life insurance as a tedious and costly process. Customers can now review and purchase their e-policy within just 10 minutes. This allows customers to be instantly covered once payment is confirmed, so there is no need to wait for manual approval which typically takes weeks.
Customers pay as little as RM9.85 per month for life insurance protection of RM100,000. In view of the current cost of living and life insurance being a necessity, U for Life is fully committed to providing life insurance policies at an affordable low price in the market.
“Simplicity, instant and affordability are the key pillars of U for Life. Through our strategic collaboration with Tokio Marine Life Insurance Malaysia, we are optimistic that our affordable products will encourage more Malaysians to be adequately insured. We intend to expand the term protection to include medical and health soon,” said Iskandar.
U for Life is available at https://uforlife.com.my.