The Dawn Of Digital Insurance

Insurance has a public relations problem. When the word is dropped into conversation, the mind cuts to the Gif of Zach Galifianakis surrounded by a vortex of numbers and formulas. 

It’s dramatic, but true for most of us – insurance is perceived as an expensive nice-to-have. For those who realise its importance, the desire for an insurance plan is often dampened further by having to register our details with an insurance provider, waiting for an insurance agent to pencil us into an awkward meeting, waiting for the premium to kick in, and the very user-unfriendly claims processes. But is the insurance process all that bad? Google tells us that insurance isn’t difficult or expensive, but we simply do not appreciate its importance. 

Malaysians disagree. As many as 70 percent of the Malaysian population feel like the available insurance options are too expensive and 43 percent of Malaysia’s uninsured population cannot afford insurance, to which some providers have responded with “It’s all about budgeting”. But how will this suggestion work for the households who live paycheck to paycheck? 

A mainstay of social media feeds over the last few months have been families struggling to make ends meet, losing their businesses, and selling off what little valuables they own to pay off medical bills. The never-ending updates make one thing clear: Our B40 and lower M40 community, and Micro Small & Medium Enterprises (MSMEs) and SMEs are among the most vulnerable, and unprotected groups in Malaysia.

Malaysia has a population of 32 million people and 907,000 SME businesses. Of these, over 68 percent of Malaysians don’t have insurance, 50 percent of SMEs are uninsured and 85 percent of SMEs are underinsured. The numbers become more dismal as we think about the B40s and Lower M40 segments that make up approximately 19.2 million people in Malaysia, 80 percent of these segments do not have Life Insurance. 

Everything we have read, seen, learnt and heard has left us asking: Are we doing enough to protect these communities? One particular Malaysia company is trying to do just that. Meet, GFlex40, a business striving to be Malaysia’s first virtual Takaful Channel that offers insurance to families (through its’ MyLindung plan) and SMEs (through its’ FlexyProtect Plan) from rates as low as RM2 per month. 

GFlex40 believes that financial security and having a secured future isn’t a luxury – but a basic need. With their breakthrough technology – EVAN, they cut through the barriers of cost, time, and knowledge to ensure that the communities that need the most protection, get them. Taking all our anxieties surrounding insurance into stride, EVAN (Expert Visual (aided) Actuarial Nexus) onboards customers, issues policies within minutes and processes claims within hours, all online, within a matter of clicks! 

This goes a long way for  businesses, whose key concerns aren’t just affordability, but also time. The reason why businesses apply for insurance in the first place, is to protect them from unexpected losses, damages and natural disasters, and it seems unfair to not get coverage if these unfortunate events happen before the premium kicks in. GFlex40 provides immediate insurance coverage for SMEs, protecting you against every business owners’ recurring nightmares.

Families can breathe better as well, the MyLindung plan, families are able to sign up for comprehensive insurance plans from as low as RM2 per month, and subscribe to plans offering payouts between RM10,000 to RM40,000 at the passing of an account holder. While for some, this amount seems small, for others who stand inheriting nothing at the passing of a breadwinner, the amount goes a long way in giving them time to get back on their feet.  

With Malaysia as a stepping stone, GFlex40’s products will also be rolled out to the indonesian and South East Asian markets, widening its market from the 2.3 million targeted people and 90,000 targeted SMEs in Malaysia, to 39 million people in indonesia, and 64 million people around South East Asia. For those less familiar with the topic of insurance and technology, GFlex40 is going back to our roots and utilising trust centres within our communities, such as village heads, prayer leaders and local grocery stores to introduce the product to their communities. 

GFlex40 fits perfectly into the gaps left by traditional insurance providers in Malaysia, being affordable, inclusive, and simple to navigate. Be a part of catalysing change in Malaysia, and play a role in protecting our most vulnerable through GFlex40’S crowdfunding campaign, or learn more about their products and services through their website.