Kuala Lumpur, 27 July 2018 – Allianz Malaysia is embarking on a new partnership with one of the leading online marketplaces in Malaysia, 11street. This collaboration aims to provide Malaysians with some peace of mind by offering protection that caters to our varying needs through the insurance products that are now available on the online shopping platform.
Together, Allianz and 11street are making purchasing insurance even more convenient and seamless by offering three comprehensive products that suits the customer’s needs. These products include:
- Personal Accident Insurance, which prepares us for the unexpected at all times
- Roadside Assistance Program, which provides drivers with a comprehensive scope of protection during a car breakdown and
- Smart Home Cover, which allows us the comfort of knowing that our homes are protected
Michael Fong, Head of Digital Partnerships and Innovation of Allianz General Insurance Company (Malaysia) Berhad said: “This is an exciting, proactive step for us towards not only raising awareness about the importance of insurance coverage, but also towards making this essential form of protection more accessible and affordable to the general public. By exploring this new approach to selling insurance plans, we hope to encourage more Malaysians to take this crucial step towards protecting themselves and their families, as well as to reduce the protection gap amongst the public.”
The current national insurance penetration rate remains at around 56%, with only about 32% of Malaysians owning more than one policy, according to the Life Insurance Association of Malaysia 1 . With Bank Negara Malaysia’s target of 75% insurance penetration by the year 2020, 2 and the potential to exceed 100%, this partnership between Allianz and 11street is a calculated move towards ensuring that every Malaysian is protected.
Henry Ho, General Manager of Business Development & Partnership of 11street said: “This is definitely a milestone for 11street. We are a holistic platform that’s constantly looking for ways to add value and enrich the lives of our customers.”