Malaysian start-up Jirnexu said that it expects digital insurance sales to significantly contribute to its growth, making up 25% to 30% of total growth.
Jirnexu owns and operates financial comparison websites RinggitPlus in Malaysia and KreditGoGo in Indonesia.
According to Lucas Ooi, Jirnexu’s director for insurance, the firm has recorded a year-on-year increase of 2.6 times for insurance applications through RinggitPlus. Seventy per cent (70%) of applications were made through mobile, showing a strong mobile-first customer mindset.
Late last year, Bank Negara Malaysia (BNM) gave Jirnexu approval to set up an e-commerce insurance marketplace as part of the country’s fintech sandbox. Ooi said that by joining the sandbox, Jirnexu will be able to work with stakeholders to build the platform and soon begin distributing term life and motor insurance directly through RinggitPlus.
“We want to be working with at least 50% of the insurance market by 2019. Of course, this includes life, general and takaful,” Ooi told Bernama.
Insurers can also benefit from Jirnexu’s e-commerce marketplace by gaining access to data about their customers and developing products to reach underserved markets.
Ooi said that the company will work to strengthen its foothold in the Southeast Asian region by investing in its core technology and maximising integration with its clients in order to provide a more unique service for both financial institutions and consumers.
Related stories:
Jirnexu given green light to build online insurance marketplace
Malaysia’s anti-insurance-fraud system fully operational by August
New firms come to play in Malaysia’s fintech sandbox
