In 2021, Malaysia was officially declared an aged nation, with the nation’s elderly population composition reaching 7.4% in 2023. However, according to The Star, less than half of the Malaysian population is still not insured.
This is despite industry experts urging the public to have adequate life and medical coverage – especially as we collectively age – to be prepared in the face of unexpected illnesses or accidents. With this in mind, leading digital insurance aggregator GoInsuran has officially partnered with local insurance tech startup FiLife to provide customers with access to life insurance policies, expanding its overall offerings.
In December 2020, GoInsuran – backed by the Tan Chong Group, a stalwart in the automobile industry with over 50 years of experience – was originally created with streamlining car insurance and road tax renewal processes in mind.
Over time, the platform evolved into a more comprehensive solution, adding a roster of diverse offerings spanning travel, home, personal accident, and car insurance, among others. Now, with the addition of FiLife’s life insurance products, the company moves forward in its aspiration to become the premier insurance e-platform.
“We know that life insurance offers invaluable benefits to individuals and their families, providing financial security and stability in times of need,” says Joshua Yong, Head of Tan Chong Insure (formerly Tan Chong Insurance Business Stream). “It was extremely important to us to secure a suite of accessible and affordable life insurance options, and FiLife’s recent updates through its participation in Bank Negara Malaysia’s (BNM) regulatory sandbox felt like the perfect fit.”
With the uncertainties brought about by the global pandemic and other unforeseen events, individuals and families are increasingly recognising the importance of financial security. Sadly, life insurance still remains out of reach for a significant portion of the population, despite its importance in providing financial security and peace of mind. From covering funeral expenses to replacing lost income and paying off debts, life insurance ensures that loved ones are taken care of in the event of the policyholder’s passing.
Nowadays, with premiums going up by as much as 7.3%, those without insurance are at risk – especially senior citizens over the age of 70 – since they would have extremely limited options for medical coverage as a result. Additionally, some still have concerns regarding the trustworthiness and credibility of insurance providers, and without confidence in the reliability and integrity of insurance companies, individuals may hesitate even more in purchasing life insurance policies.
“In fact, it’s completely understandable why many people still don’t have life insurance,” adds Joshua. “Insurance products, especially life insurance, can be complex and confusing, making it difficult for individuals to choose the right coverage for their needs. The intricacies of policy terms, premiums, and coverage levels can deter potential buyers from exploring life insurance options. For us at Golnsuran, our focus has always been on decluttering complex insurance and sticking to insurance principles, making it simple and convenient for our users. We sincerely hope that through this collaboration with FiLife, our platform can give users a seamless life insurance experience that doesn’t break the bank ”
All in all, while GoInsuran’s roots stay firmly in its initial car insurance and road tax offerings, its ultimate goal is to become an online insurance one stop shop that provides a trusted, easy experience for anyone struggling to secure any kind of coverage. For those interested in procuring life insurance, new users can use the promo code “GOINSURAN” at the checkout page for a 10% discount.
Meanwhile, for those curious about GoInsuran’s automobile-related products, they can use the exclusive promo code “REFERME” for up to RM100* off and more when renewing their car insurance with GoInsuran. For more information, visit www.goinsuran.com/. *Subject to the premiums and sum insured of your car insurance