U for Life partners Jirnexu for online insurance products

KUALA LUMPUR: U for Life is partnering with Jirnexu, the company behind financial comparison website, RinggitPlus, to offer a a seamless online application experience for insurance products.
“Customers can be rest assured that their basic protection needs can be met through rising insurance technology (insurtech) and financial tech (fintech) players. There is a need for both insurtech and fintech to join forces to engage the digital-savvy customers and move towards the online space – increasing efficiency and productivity,” said U for Life Sdn Bhd general manager Kenny Thing.
“Our consumers are so empowered in this digital era, and serving them with additional options for insurance to their convenience will serve to bridge the protection gap in the country which is sorely lacking,” he added.
According to Jirnexu chief commercial officer Lucas Ooi, Malaysians are now prepared to purchase insurance online when the insurance provider offers a market competitive product via a digital platform.
"By offering simple term life products such as U for Life, RinggitPlus experienced a 200% growth in digital insurance applications in 2016," he said.
The partners hope they will be able to meet Bank Negara Malaysia’s aspiration of 75% insurance penetration rate in Malaysia by 2020, as well as to create opportunities for U for Life to create dynamic online services and segments. U for Life was launched in 2015.