FI Life - Women Insurance

Fi Life has launched an online life insurance product with a price guarantee for women below the age of 55. The company, in a press release, states that the price difference will be refunded if comparison premiums are cheaper elsewhere for a given health and lifestyle profile.

Being an online-only insurance company allows Fi Life to reduce its operating costs – with agent commissions going up as high as 40% of premiums - which in turn is passed on to its customers. While the price guarantee is specifically for women within the approved age bracket, the company also states that it offers the highest sum assured of US$223,400 (RM1 million) for online insurance and the cheapest life insurance for men between the ages of 35-45.

Bank Negara Malaysia (BNM) released a paper on Licensing Framework for Digital Insurance and Takaful Operators (DITO) in January 2022. The purpose of the framework, as noted by BNM, was to attract new digital players with innovative solutions to address the protection gaps among the unserved and underserved segments of the population.

The mean wage for Malaysian males in 2021 was US$689 (RM3,085) versus US$663 (RM2,968) for females. The pay gap between males and females in both management and professional roles widened between 2019 and 2021. The gender pay gap for managers had widened from 4.57% in 2019 to 18.12% in 2021, while for professionals the gap rose from 13.98% to 16.72% between 2019 and 2021.