• DearTime is an authorised participant in the Bank Negara Malaysia Fintech Regulatory Sandbox to operate life insurance businesses.
  • Clients may purchase, update, and claim insurance directly through DearTime’s mobile app.
  • With no commission and no frills, Malaysians can purchase insurance at affordable charges.

Statistics from the Bank Negara Malaysia show that the penetration rate for family takaful and life insurance is an unsettling 36.5%. Currently, just 4 out of 10 Malaysians are protected, well below the government’s prior target of 75% by the year 2020.

In light of this alarming number, Jon Ng, the founder, and CEO of DearTime, set out to address the insurance penetration gap in Malaysia by providing everyone with insurance that is inexpensive, straightforward, and accessible via entirely digital methods.

It is the first life insurer to join the Bank Negara Malaysia Fintech Regulatory Sandbox, which aims to create a regulatory framework that encourages the deployment of financial technology while also facilitating general innovation in the country’s financial sector.

“For years, life insurance has been unaffordable, complicated, and inaccessible for many Malaysians, especially among the B40 community as well as those in less urban areas. We believe life insurance is a fundamental human right, not a privilege. Through DearTime’s unique business model, we have made insurance affordable, simple, and accessible so that even those who cannot afford insurance can get covered by DearTime,”
— Jon Ng, Founder, and CEO of DearTime

An innovative business strategy used by DearTime allows customers to purchase, update, and claim insurance from the company directly through the app. DearTime is able to provide Malaysians with an innovative and cost-effective life insurance solution by establishing a direct connection between the customer and DearTime.

Additionally, as everything is done digitally through the app, users will be able to access DearTime’s services at any time and from any location.

For instance, a healthy 30-year-old person would only need to pay RM73 per month to be insured by DearTime for a coverage value of RM100,000 for each insurance product – medical, critical illness, death, disability, and accident.

“There is no better time to launch a digital life insurance company than now, as mobile and internet usage across all groups of Malaysians is at its highest. With today’s wide connectivity across the nation, DearTime’s fully digital insurance solution is how we want to tackle the issue of low insurance penetration head-on,”
said Jon Ng.

Simplifying Insurance for All

DearTime provides 5 simple-to-understand insurance options for individuals on its mobile app: medical, critical illness, death, disability, and accident. There are no ambiguous terms or unnecessary extras, such as savings or investments, in these pure insurance solutions, which are prioritised for protection alone.

The app’s UI is intuitive and simple to use, and its policy management is convenient and adaptable. Customers may speak with customer service agents from DearTime via the in-app live chat feature or hotline if they have any general questions. Customers may also contact DearTime’s hotline around the clock with questions about claims if they desire.

Currently, DearTime’s panel includes roughly 300 hospitals. Customers only need to wait for the authorised claim settlement to be sent into their separate bank accounts once DearTime communicates directly with panel hospitals on their behalf when a customer submits an insurance claim without third party involvement.

Customers only need to do a face scan in the DearTime app in order to claim insurance from DearTime. A unique claim code will be produced after verification and must be provided over the counter to the panel hospital personnel.

“Over the years, insurance products have grown increasingly bloated and complex, and this deters the everyday Malaysian from taking the step to get protected. We focus on pure-protection insurance products and fully digital insurance processes so that it is simple for customers to understand and effortless to buy, edit, and claim – and therein decide to protect themselves and their loved ones with life insurance from DearTime,”
Jon added.

Insurance for Good

DearTime is also unveiling its Sponsored Insurance initiative, a programme for consumers to pay it forward and ultimately assist in having every Malaysian covered, as part of its motto of “Touching One More Life.”

Customers can donate up to 10% of their premiums through this campaign to the DearTime Charity Fund. The money is automatically utilised to provide DearTime’s insurance to qualifying members of the B1-B2 groups.

“Our manifesto expresses our commitment to providing every person the means to be a part of DearTime’s mission and vision in covering every human life directly with life insurance. To close the insurance penetration gap, we must collectively advocate to friends and family the importance of getting themselves protected with life insurance. Through DearTime’s Sponsored Insurance, you are not just buying insurance for yourself when you get covered by DearTime. You are also sponsoring someone who cannot afford it. Together, we are touching one more life,”
Jon concluded.

Insurtech Spearheading Industry Disruption

DearTime’s pioneering life insurance using a wholly digital approach is set to catalyse a surge of other insurtech businesses disrupting the Malaysian industry.

This aligns with Bank Negara’s 5-year Blueprint 3.0 plan to develop and innovate the financial sector, as well as its Fintech Regulatory Sandbox, which caters to the demand for Insurtech solutions such as end-to-end digital insurance, digital insurance brokers, and financial aggregation businesses.

The DearTime app is available for download on the Apple App Store and Google Play Store. For more information, please visit www.deartime.com.

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