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Allianz Malaysia has partnered with e-commerce marketplace 11street to distribute its products online.
Three comprehensive products are initially available: personal accident insurance, motor insurance with 24/7 roadside assistance service, and a customisable, modular home insurance policy.
“This is an exciting, proactive step for us towards not only raising awareness about the importance of insurance coverage, but also towards making this essential form of protection more accessible and affordable to the general public,” said Michael Fong, head of digital partnerships and innovation at Allianz Malaysia. “By exploring this new approach to selling insurance plans, we hope to encourage more Malaysians to take this crucial step towards protecting themselves and their families, as well as to reduce the protection gap amongst the public.”
Meanwhile, 11street business development and partnership general manager Henry Ho added: “This is definitely a milestone for 11street. We are a holistic platform that’s constantly looking for ways to add value and enrich the lives of our customers.”
According to Ho, the partnership is targeted at customers aged 25 to 35 years old, which are some of the most prolific users of e-commerce.
“We’ve worked closely with Allianz to curate these three products that cater specifically to the needs of working adults,” Ho said.
The move contributes to Bank Negara Malaysia’s goal of 75% insurance penetration by the year 2020, the companies said. Data from the Life Insurance Association of Malaysia shows that insurance penetration in the country is currently at 56%.
