PolicyStreet Wins SOBA Award, Reaffirms its Leadership in Malaysian Insurtech Space
PolicyStreet secures prestigious “Meritorious Achievement” accolade in “Best Use of Tech” category at Star Outstanding Business Awards (SOBA) 2023.
KUALA LUMPUR, 8 MARCH 2024 — PolicyStreet, a regional insurtech company, has triumphed in the “Best Use of Tech” category at the prestigious Star Outstanding Business Awards (SOBA) 2023. The company’s “Meritorious Achievement” award underscores its exceptional contributions to the Malaysian economy and innovative use of technology in the insurtech sector.
“The SOBA Meritorious Award in the Best Use of Tech category is a testament to our commitment to excellence and innovation in the insurtech industry. We are grateful for this acknowledgement and remain steadfast in our mission to provide Purposeful and Simple insurance solutions powered by technology to meet the evolving needs of our customers,” says Wilson Beh, Co-founder and Group Chief Operating Officer.
Originating in Malaysia and expanding across Singapore, Australia, and Indonesia, the insurtech is known for innovative technology integration into the insurance industry, challenging industry standards to improve financial inclusivity.
With its in-house tech development teams, PolicyStreet has invested heavily in technology and digital initiatives to enhance user experience and improve operational efficiency. Among PolicyStreet’s key products that helped clinch the award was its Gig Workers’ Claims Platform, its claims portal for its Damage Protection Plan with Shopee Malaysia, and its Digital HR Portal.
Bridging Tech and Insurance for Impact
PolicyStreet’s investment in technology, particularly through its Gig Workers’ Claims Platform, complements its commitment to creating an impact. Partnering with foodpanda Malaysia and ShopeeFood, the insurtech has insured over 200,000 p-hailing delivery riders to date, with an average sum insured of RM100,000 per gig worker.
The embedded on-the-job protection is offered for free to all delivery riders, compensating them in the event of accidents on the road resulting in death or permanent disability. PolicyStreet has also extended the protection on an opt-in basis, offering 24/7, worldwide coverage for riders and their family members for as low as RM3 per month.
PolicyStreet also sees over 12 million online purchases insured annually through the Damage Protection Plan in partnership with Shopee Malaysia. Protecting online purchases against all risks, including wear and tear for selected item categories, the microinsurance policy aims to serve as financial protection against natural disasters such as flooding, an annual occurrence for countless Malaysians.
After purchasing the protection during checkout on the e-commerce platform, users can seamlessly submit and manage their claims through our intuitive Digital Claims Platform. This mobile-first platform keeps users informed at every step of the claims process, ensuring a smooth experience.
Additionally, more than 200 SMEs currently benefit from PolicyStreet’s Customised Group Insurance Plans, with access to a Digital HR Portal for simplified insurance management. A first in the market, the Digital HR Portal is designed to streamline and simplify claims management for employers. HR managers can manage their customised plans on the platform, anytime, anywhere— minimising the likelihood of human error and the administrative workforce needed to upkeep the insurance plan.
With a deep understanding of the insurance industry and capabilities in tech development, PolicyStreet remains committed to delivering comprehensive insurance solutions with a focus on simplifying insurance processes and enhancing accessibility to insurance for businesses and consumers.
For more information about PolicyStreet and its award-winning insurtech solutions, visit www.policystreet.com.
