Life Engineering targets 20,000 subscribers by year-end

KUALA LUMPUR: Life Engineering, a crowd sharing app developed to raise funds for medical fees, aims to sign up 20,000 subscribers or "sharers" by year-end.
The app, which was launched today, seeks to address the rising cost in medical fees by providing an alternative to traditional medical funding options such as self-pay, insurance and charity.
"Medical costs have risen significantly in recent times and it puts an additional strain on people who suffer mishaps. The app was born out of the desire to help alleviate the financial burden of Malaysians in their medical care. We want people to have access to affordable medical treatment that would otherwise be difficult for them to afford," founder and executive chairman Gideon Leong said at the launch today.
Sharers join the community by paying an annual participation fee of RM100 and depositing RM100 into a crowd sharing fund pool managed by external trustee TMF Group.
Contribution varies from month to month, depending on the total medical bills paid and the number of sharers there are in the preceding month; contribution per sharer is less when there are more sharers on board.
The monthly contribution is also capped at RM50 per month per sharer, which amounts to a maximum of RM600 per year.
Co-founder and CEO Loh Gim Chuan said it has already raised RM1 million prior to the launch, to fund operating expenses, and is in the process of raising another RM1.5 million through private investors.