Founder and CEO Jon Ng has launched DearTime to close the insurance penetration gap in Malaysia by offering insurance that is affordable, simple, and accessible to all through fully digital means. It is the first life insurer in the Bank Negara Malaysia Fintech Regulatory Sandbox, which aims to provide a…
Founder and CEO Jon Ng has launched DearTime to close the insurance penetration gap in Malaysia by offering insurance that is affordable, simple, and accessible to all through fully digital means. It is the first life insurer in the Bank Negara Malaysia Fintech Regulatory Sandbox, which aims to provide a regulatory environment that is conducive for the deployment of financial technology and facilitate overall innovation in the country’s financial sector.
“For years, life insurance has been unaffordable, complicated, and inaccessible for many Malaysians, especially among the B40 community as well as those in less urban areas. We believe life insurance is a fundamental human right, not a privilege. Through DearTime’s unique business model, we have made insurance affordable, simple, and accessible so that even those who cannot afford insurance can get covered by DearTime,” said Jon.
DearTime’s fully digital business model is an innovative one, which allows customers to buy, edit, and claim insurance directly from the company via the app. By creating a direct link between the customer and DearTime without the involvement of third parties, DearTime is able to offer an innovative and affordable life insurance option to Malaysians. Moreover, customers will be able to access DearTime’s services anytime and anywhere, as the entire process is done digitally via the app.
To put things into perspective, a healthy 30-year-old male would only need to pay RM73 per month to be covered by DearTime for a coverage amount of RM100,000 for every insurance product – medical, critical illness, death, disability, and accident.
“There is no better time to launch a digital life insurance company than now, as mobile and internet usage across all groups of Malaysians is at its highest. With today’s wide connectivity across the nation, DearTime’s fully digital insurance solution is how we want to tackle the issue of low insurance penetration head-on,” added Jon.
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