On-demand igital insurance: These are insurance products that can be purchased and activated anytime, anywhere, and for any duration through a mobile app or website. Some examples are Tune Protect, which offers travel, motor, personal accident and gadget insurance, and PolicyStreet, which offers life, health, pet, car and business insurance.
Peer-to-peer (P2P) insurance: These are insurance products that are based on a social network of policyholders who pool their premiums and share their risks. Some international examples are Germany’s Friendsurance, which offers car, home and liability insurance, and Canada’s Besure, which offers health, travel and gadget insurance. In Malaysia, TREVO Shield partnered Allianz General to launch car-sharing coverage for the P2P market.
Telematics insurance: These are insurance products that use data from sensors or devices to monitor the behavior or performance of the insured and adjust the premiums accordingly. Some examples are AXA FlexiDrive, which offers motor insurance based on driving habits, and Allianz Flight Care, which offers travel insurance based on flight delays or cancellations.
Microinsurance: These are insurance products that provide low-cost coverage for low-income or underserved segments of the population. Some examples are Axiata Digital, which offers life, health and personal accident insurance through mobile platforms, and GKash, which offers health and personal accident insurance through e-wallets.
These are but a sampling of what digital insurance products can offer protection for in Malaysia. Here are some of the standalone digital insurance products from both insurtechs and incumbents that can be purchased in Malaysia, that differ from run-of-the-mill life, health, and property coverage.
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