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.
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.
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.