Deartime is launched to close the insurance penetration gap in Malaysia by offering insurance that is affordable, simple, and accessible to all through fully digital means, according to founder and CEO Jon Ng
It is the first life insurer in the Bank Negara Malaysia Fintech Regulatory Sandbox, which aims to provide a regulatory environment that is conducive to the deployment of financial technology and facilitates overall innovation in the country’s financial sector.
“For years, life insurance has been unaffordable, complicated, and inaccessible for many Malaysians, especially among the B40 community as well as those in less urban areas. We believe life insurance is a fundamental human right, not a privilege. Through DearTime’s unique business model, we have made insurance affordable, simple, and accessible so that even those who cannot afford insurance can get covered by DearTime,” said Jon.
DearTime’s fully digital business model allows customers to buy, edit, and claim insurance directly from the company via the app. By creating a direct link between the customer and DearTime without the involvement of third parties, the platform is able to offer an innovative and affordable life insurance option to Malaysians.
For instance, a healthy 30-year-old male would only need to pay RM73 per month to be covered by DearTime for a coverage amount of RM100,000 for every insurance product – medical, critical illness, death, disability, and accident.
“There is no better time to launch a digital life insurance company than now, as mobile and internet usage across all groups of Malaysians is at its highest. With today’s wide connectivity across the nation, DearTime’s fully digital insurance solution is how we want to tackle the issue of low insurance penetration head-on,” added Jon.
According to Bank Negara Malaysia, the life insurance and family takaful penetration rate lies at a worrying 36.5% . Only 4 out of 10 Malaysians are currently protected, a far cry from the government’s previous aim of reaching 75% by the year 2020.
Simplifying Insurance for All
On its mobile app, DearTime offers 5 easy-to-understand insurance products for individual customers: medical, critical illness, death, disability, and accident. These are pure insurance products prioritised for protection only, without confusing terminologies and unnecessary frills such as savings and investments.
The app’s User Interface (UI) is user-friendly and easy to navigate, while its policy management is flexible and convenient. If customers have any general enquiries, they can contact DearTime’s customer care representatives via the in-app live chat or hotline. Should a customer require it, claims-related enquiries can be made 24/7 via DearTime’s hotline as well.
DearTime currently has about 300 hospitals as part of its panel. When a customer makes an insurance claim, DearTime liaises directly with panel hospitals, without needing to involve other insurance third-parties, while customers need only wait for the approved claim payout to be deposited into their respective bank accounts. To claim insurance from DearTime, customers simply need to perform a face scan in the DearTime app. Once verified, a unique claim code will be generated, which is to be presented to the panel hospital staff over the counter.
“Over the years, insurance products have grown increasingly bloated and complex, and this deters the everyday Malaysian from taking the step to get protected. We focus on pure-protection insurance products and fully digital insurance processes so that it is simple for customers to understand and effortless to buy, edit, and claim – and therein decide to protect themselves and their loved ones with life insurance from DearTime,” Jon added.
