Financial comparison site, Loanstreet collaborates with Zurich Malaysia to become the nation’s first insurance agent to offer online purchase of motorcycle insurance.
Loanstreet.com.my recently launched its online insurance agency service on January 1, 2019 to offer customers a fast and hassle-free way to purchase motorcycle insurance and renew road tax online.
This endeavour aims to address the alarmingly low rate of insurance coverage purchased by motorcyclists in Malaysia.
A recent survey by The Malaysia Automotive Association (MAA) which revealed vehicle registration data up to June 30, 2017, stated that the total number of vehicles on the road stands at more than 28 million units, where 45% consist of motorcycles and it is estimated that a significant portion of these motorcycles is uninsured.
Malaysia has the highest road fatality risk (per 100,000 population) among the countries in Southeast Asia, with more than 50% of the road accident fatalities involving a motorcycle. -Research paper by IATSS Research in Malaysia (July 2012)-
This study drew its analysis from data collected from the police, government authorities, as well as national and international research institutes. The analysis reveals that the majority are motorcyclists (89%), aged between 16 and 20 years old (22.5%). Although fatal motorcycle crashes mostly involve ‘passenger cars’ (28%), motorcyclists are responsible for 50% of the collisions either by crashing singly (25%) or with other motorcyclists (25%).
Jared Lim, Managing Director of Loanstreet, expressed his reasons for launching the new online service, “We wanted to get the number of uninsured motorcycles off the road by providing a quick and easy online insurance agency service”.
The Loanstreet online insurance application can be done in 3 simple steps:
Step 1: Enter Vehicle and Personal Information
Step 2: Agree to the price and make a payment
Step 3: Receive a cover note via email
Jared also saw the need for road tax renewal service to be made available via an online platform. He added, “Road tax is sometimes forgotten and neglected. It’s also a bit of an annoyance sometimes but it is essential so we added an easy online road tax service to complement motorcycle insurance. Our service includes doorstep delivery of road tax too.”
Finology Sdn Bhd (Finology), a Malaysian FinTech company is the technology provider behind the service which has enabled seamless integration of backend technology systems to power end-to-end online insurance quotation and purchases. Finology has been engaged in Insurance Technology (InsurTech) for more than two years now, enabling various insurers and agents to offer their products and services online.
In the coming months, Loanstreet plans to provide aggregation services that compare insurance plans and rates to help customers make informed decisions when selecting insurance plans that best meet their needs.
The first insurer to get on board and offer motor insurance through Loanstreet is Zurich General Insurance Malaysia Berhad (Zurich). Junior Cho, Senior Vice President and Head of Market Management for the General Insurance and Takaful segment for Zurich Malaysia commended Loanstreet on its new online insurance agency service.
He said, “At Zurich, we welcome innovative opportunities to help Malaysians stay protected on and off the road. We trust the Loanstreet insurance portal will pave the way for customers to obtain the protection that they and their loved ones deserve in a hassle-free and convenient way.”
Finology and Zurich aim to empower more insurance agents to move into the digital space. Agents who are interested to bring their offerings online can get in touch with Zurich. To check out Loanstreet and its insurance product offerings, visit loanstreet.com.my.