Axiata Digital Capital, a fintech service provider operating under the brand name Aspirasi, and Great Eastern, have signed a strategic partnership to provide affordable and customized insurance and takaful products for consumers, micro-entrepreneurs and SMEs. Fully digital, this will be offered on Aspirasi and its partner platforms.
The comprehensive range of insurance and takaful products are designed to meet the different needs of the customers’ lifestyle, including but not limited to, life insurance and takaful, health insurance, home insurance, personal accident insurance, with premiums or contributions starting from MYR1.50 and IDR5,000.
This marks the first insurtech alliance between a digital financial services platform and an insurance and takaful provider to provide a seamless experience of convenience in immediate online purchase to help bridge the protection and insurance gap in Malaysia and Indonesia. Through this partnership, Malaysians and Indonesians can access a wide range of insurance and takaful products that are simple and bite-sized to suit specific needs.
The insurance and takaful products are underwritten by Great Eastern Life Assurance (Malaysia) Berhad, Great Eastern General Insurance (Malaysia) Berhad and Great Eastern Takaful Berhad respectively in Malaysia, and by PT Great Eastern Life Indonesia and PT Great Eastern General Insurance Indonesia in Indonesia.
By leveraging on big data, artificial intelligence and behavioural economics, powered by the Aspirasi digital platform and the expertise of insurance and takaful solutions by Great Eastern, Axiata Digital Capital and Great Eastern are committed to putting customers at the center of fulfilling a variety of needs in one integrated experience.
As part of our ongoing journey to narrow the financial inclusion gap in Malaysia and Indonesia, bite-sized insurance and takaful remains an important financial service that we offer in the market today through the Aspirasi platform. This is why we are pleased to partner with Great Eastern to embrace innovation and improve the lives of customers.” said Mohd. Khairil Abdullah, Chief Executive Officer of Axiata Digital.
“We are excited to work with Great Eastern, a leading insurer that continuously sets new standards in the industry. At Aspirasi, we are focused on technology and data that not only enables business innovation at an unprecedented level and scale but gives us invaluable insight into the different needs of our broad range of consumers. Through this collaboration, we then match the bite-size products with specific needs of the customer for an unparalleled digital experience,” said Sheyantha Abeykoon, Executive Director of Aspirasi and Chief Financial Officer of Axiata Digital.
Aspirasi is committed to assisting micro-enterprises and SMEs achieve their business goals through a range of micro-finance and bite-sized insurance and takaful solutions. Having also disbursed RM50 million worth of micro-loans funds to 9,000 merchants to date, Aspirasi aims to be a trusted and preferred digital financial partner for the underserved community.
Great Eastern Group Chief Executive Officer, Khor Hock Seng said, “We are pleased to partner with Axiata Digital Capital and provide their customers with seamless access to affordable insurance and takaful solutions customized for their lifestyle. This partnership allows us to reach out to the wider base of consumers who go online to purchase and manage their insurance and takaful needs. Great Eastern’s strong expertise in designing relevant products, coupled with the convenience of digital platforms, will provide a unique value proposition to these customers”.
This partnership also allows Great Eastern to continue its on-going focus on digital innovation to meet the protection needs of the digitally driven and discerning customer base, complementing their hassle-free cashless lifestyle every day.