MoneyHero Limited, a digital platform focused on personal finance and insurance brokerage in Southeast Asia, has unveiled its new car insurance service.
This launch comes through a strategic partnership with bolttech, an international insurtech company, which will integrate its insurance exchange technology into the MoneyHero platform.
The service is already operational in Hong Kong and is expected to be available in Singapore by the end of 2024, followed by the Philippines in early 2025.
The collaboration aims to improve MoneyHero’s position in the digital insurance sector by merging its financial product comparison tools with bolttech’s advanced insurance technology.
This new car insurance marketplace is designed to offer consumers more coverage options and a simplified purchasing process.
Rohith Murthy (pictured, left), CEO of MoneyHero, said the partnership is a significant step for MoneyHero as it expands its car insurance offerings and enhances its position in the digital insurance landscape.
“This launch marks a significant milestone for MoneyHero as we expand our car insurance offerings and enhance our capabilities as a leading digital insurance brokerage,” he said.
He said that working with bolttech enables MoneyHero to create a seamless journey for consumers – from comparison to policy purchase, all within the MoneyHero platform.
The new car insurance platform will feature enhanced tools for comparing coverage options, providing users with real-time pricing and a more integrated shopping experience. T
The partnership allows MoneyHero to offer a streamlined process, simplifying the customer’s journey from selecting a policy to finalising the purchase.
Philip Weiner, CEO for Asia and the Middle East at bolttech, said the insurance exchange platform provides greater transparency and ease for consumers, helping them make more informed decisions.
“By digitally integrating with our insurance exchange platform, we are empowering MoneyHero to offer a seamless and transparent user experience, giving customers greater control and clarity in their car insurance decisions,” he said.
The expansion of MoneyHero’s car insurance service is expected to contribute significantly to the company’s revenue growth.
According to MoneyHero, insurance services accounted for 7% of the company’s total revenue in 2023, and by Q2 2024, this figure had grown to 11%, representing an 89% increase in year-over-year growth for the second quarter.
The company anticipates that the new car insurance platform will further accelerate this trend, as digital insurance solutions gain more traction in the region.
Murthy highlighted that this partnership with bolttech positions MoneyHero to capture a larger share of the car insurance market and expand its customer base across the region. He added that the company’s vertically integrated approach to digital insurance brokerage will be key in maintaining its growth trajectory in Southeast Asia’s competitive landscape.
“Insurance will continue to be a key contributor to our bottom line, driving new customer acquisition across our broader personal finance platform,” he said.
In addition to the car insurance collaboration, bolttech entered a partnership with HAVA.id, a B2B procurement firm in Indonesia.
Under this agreement, bolttech will offer device protection plans to HAVA.id’s business clients, covering a range of devices such as smartphones, laptops, and tablets.
This partnership further extends bolttech’s presence in the region, demonstrating its commitment to providing comprehensive insurance and device protection services.
