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Wilson Beh

Being one of the pioneer insurtech companies in Malaysia that has obtained approval from the Central Bank, PolicyStreet has no doubt had a number of key successes since their founding in 2016. Wilson Beh, Co-Founder of PolicyStreet talks about how they have adapted to the Covid-19 situation, including some of the new initiatives as a result of the pandemic.
  1. Can you share what PolicyStreet is?

    PolicyStreet is an insurance technology company which makes insurance protection simple, easy and affordable using technology. We have a license approved by the Central Bank of Malaysia and we work with all insurers to simplify hundreds of their products and present to our end customers in layman term. We also use technology to ensure a cost effective distribution and seamless onboarding process for businesses, and also individuals. The company is founded by former banking and insurance professionals who understand the dynamics of FinTech, and also the complexities of the financial services sector.

  2. What are some of the new initiatives and partnerships of PolicyStreet as a result of the COVID-19 situation?
    1. PolicyStreet has launched online medical cards with hospitalization and COVID-19 coverage, starting at only 37 ringgits a month to Malaysians. This initiative is meant to help Malaysians, who are locked down at home and those seeking for medical care without stepping out of the house to get protected at the most affordable price.
    2. We have customized our COVID-19 coverage of 200,000 ringgits to cover all 15,000 FoodPanda riders in Malaysia as our support to the front liners who deliver food to our Malaysians.
    3. We have started a COVID-19 insurance helpline to all Malaysian businesses, even if they are not our customers. We have put in place our experts to help explain, advise and consult them in any insurance plan in regard to COVID-19 coverage.
    4. We have enhanced our motor comparison website at motor.policystreet.com to help Malaysians renew their contracts easily at home. This is also in accordance to the instruction given by the Transport Minister to all Malaysians to renew their contracts online.
    5. We have entered into a few exciting partnerships, namely with Razar Pay who has recently got more than 1 million downloads and JaGaApp who has more than 400 building blocks under the portal, mainly comprising of residential buildings and also offices, which in turn, the end users are able to buy insurance on PolicyStreet. We are also working with Riding Pink, a female car sharing platform or car ride sharing platform to promote and distribute our online medical insurance.
    6. We will be launching a few other initiatives soon, especially on employee benefits, which we will announce from time to time.
  3. How has PolicyStreet impacted the insurtech scene in Malaysia?

    We are happy to say that PolicyStreet is one of the pioneer insurtech companies in Malaysia, having started our business in 2016, even before the word insurtech was made popular. We have piloted and also initiated a couple of offering initiatives, and also products, which we believe have benefited many Malaysians. For instance, we are the first insurtech to partner with insurers to distribute online medical cards and have helped many underserved Malaysians to be protected such as the bottom 40 segment of the population, blue collar workers and fast growing SMEs. As of first January this year, we have conducted more than 3.8 billion ringgits in terms of sum assured coverage. We have also serve more than a quarter million customers, including leading listed companies and also SMEs.

  4. Can you share some of the key successes of PolicyStreet since the beginning?

    I would categorize the successes of PolicyStreet into external and internal. External being some of the recognitions that we got from the public, and internal being some of our internal milestones which we are extremely proud of. I will start with the external. We are very privileged that PolicyStreet is the winner of SeedStar Global in 2017. We are also recognized as one of the Top 10 insurtech companies in Asia, by Insurance Asia Magazine, putting us alongside ZhongAn, PolicyBazaar and other leading insurtech companies in the region. Our thoughts, inputs and ideas have been regularly featured by leading financial portals in Malaysia and beyond. It is also a testament that the offerings at PolicyStreet were recognized by Forbes Asia for the work that we do in ensuring inclusive insurance and finance in Malaysia and the region. But what is more important from our internal perspective is that number one, we believe that we have managed to convince a large segment of the market on the importance of insurance protection. Of course, a lot more work has to be done but I really believe that, especially in the past one year there is increasing demand and interest in insurance protection compared to interest level in other verticals. Number two, we have also demonstrated that it is possible to get protected online with a simple three steps approach based on our proprietary technology initiatives and our in-house development, for example, a customer is able to buy a car insurance from PolicyStreet by just putting in their car plate number and IC number and he will be able to get more than six quotes in less than 60 seconds. The transaction can also be taken place immediately and can only be materialized based on PolicyStreet’s own API technology, which is connected to the core insurance background, or core insurance system of many leading insurers. We have also simplified the complexity of insurance that you can see online with most of the descriptions of insurance products being made understandable in layman terms. We definitely have achieved one of our key missions, which is to make insurance simple but we still have a long way to go. We are very grateful for the support of leading businesses, the likes of listed companies in Malaysia, and also leading SMEs who put their trust in us in getting the best insurance protection.

    PolicyStreet has also embarked on fundraising exercise during this period, just live in mid-April at this time of crisis for our equity crowdfunding journey. We have seen tremendous support from sophisticated investors who are interested to invest in PolicyStreet. In less than a week of the campaign, we have hit 400% of our minimal target. The successful fundraising at this time of crisis is a testament of investors’ trust and confidence in the business fundamental of PolicyStreet.

  5. Top 3 reasons for joining the inaugural ITCA?
    1. Do not miss this opportunity to join the inaugural ITC Asia happening in Asia Pacific for the first time. This platform was previously mainly accessed by the West, but now we have a great opportunity to get into the network of ITC Asia, who is the largest insurtech conference organized in the world at our doorstep.
    2. Do not miss the boat of the insurtech wave, especially at this time of healthcare crisis. There is ever growing demand and interest in insurtech and ITC Asia is the best place to be connected with namely investors, insurtech companies, Government players and various insurtech stakeholders.
    3. You will be able to get the latest insights and industry trends on the future of insurtech from various meetings and industry practitioners at the inaugural ITC Asia.