Emerging Regional Insurtech, PolicyStreet Records Exponential Growth in FY22
PolicyStreet increased its topline fivefold and expects strong growth in the coming year by leveraging its underwriting to better serve players within the digital economy.
KUALA LUMPUR, 3 MAY 2023 – PolicyStreet, an emerging regional insurtech company, has recorded exponential growth in FY22, with its topline growing by five times compared to the previous financial year (FY21) and attaining sum insured of more than USD 6 billion.
Despite the challenging business environment in FY22, PolicyStreet has continued to innovate and deliver tailor-made insurance products and services to its customers. Growing its topline by 500% compared to the previous financial year is a testament to its commitment to technology advancements and its ability to adapt to changing market conditions affected by the rising cost of living and threats of a global recession.
“We pride ourselves in understanding and addressing the unique challenges faced by our customers during these uncertain times, and our success is a testament to our agility and customer-centric approach. With over six years of operational excellence, we’ve amassed a sizable customer base and established ourselves as a rising star in the insurtech industry,” says Lee Yen Ming, Co-founder and Chief Executive Officer of PolicyStreet.
The increase of PolicyStreet’s sum insured to over USD 6 billion is attributed to the company’s unwavering commitment to making insurance Purposeful and Simple for consumers and businesses.
PolicyStreet’s strong performance has been fueled by its ability to provide tailored insurance products that meet the specific needs of its customers. The insurtech company has identified and served underserved market segments by leveraging technology and industry expertise.
Since obtaining the Reinsurer and General Insurer license from the Labuan Financial Services Authority (LFSA) in 2021, PolicyStreet has been the reinsurer in its partnerships with onshore insurers, enabling the launch of innovative insurance solutions.
The key insurance solutions that drove the positive financial performance include the Digital HR Solution and the Gig Worker’s Claims Platform in collaboration with p-hailing service providers. The two innovative insurtech solutions cater to the underserved and growing gig and digital economy within Southeast Asia, which is expected to reach up to USD 1 trillion by 2030.
“Stakeholders within the digital economies are drivers of the region’s growth, yet they are the most at risk for financial instability. Gig workers are not offered employee benefits due to their freelancing status. In contrast, employees within SMEs can often fall through the cracks due to the lack of access to Group Medical Insurance for SMEs.
“We aim to continue serving the underserved within this market segment, ensuring the gig and digital economy is sustainable in the long run through embedded insurance and the development of insurance platforms. We believe the insurance industry is ripe for disruption, and we are proud to be at the forefront of this transformation,” says Yen Ming.
PolicyStreet is committed to providing inclusive insurance solutions and remaining competitive in its insurance offerings by continuing to leverage its capabilities as a regional full-stack insurtech company.
“By tapping into our underwriting and tech development capabilities to expand our partnership network with leading industry brands and protect more underserved communities, we are confident that we will register strong growth this financial year (FY23) compared to FY22,” says Yen Ming.
The insurtech company specialises in creating effective embedded insurance solutions that address the pain points of both consumers and businesses while incorporating its in-house tech capabilities and strategic partnerships with industry leaders. PolicyStreet is poised for continued success in the years to come and is confident in its ability to deliver value to its customers and stakeholders.
For more information about PolicyStreet and its innovative insurance solutions, please visit https://www.policystreet.com/.