Red Ideas, PolicyStreet Ink Partnership to Provide Motor Insurance Renewal via JaGaApp

KUALA LUMPUR: Red Ideas Holdings Bhd (RIHB) a home grown technology start-up that develops neighbourhood community app

JaGaApp, has partnered with to provide motor insurance renewal services to residents in neighbourhood and communities managed by RIHB via JaGaApp 2.0.

RIHB co-founder and executive director David Foo said this is an important milestone for the company as it already has the reach into communities using JaGaApp as it will provide greater service to its users.

“The partnership with PolicyStreet would greatly enhance the convenience of all our users as their platform customises, curates and sources for the best in value insurance policies that can be purchased online with three simple steps in less than three minutes” he said in a statement today.

JaGaApp is a mobile phone application based platform that targets communities both residential and commercial.

The platform is aimed at enhancing community management and living by offering features such as emergency assist, intercom call with security personnel, real-time notice board, visitor management system, facility bookings, HeyJaGa home services, in-app maintenance bill payment as well as community forms and feedback.

PolicyStreet is an insurance technology company that in 2019, obtained approval from Bank Negara to conduct financial advisory and Islamic financial advisory business services.

The approval enabled PolicyStreet to work with 47 life and general insurance and takaful providers in Malaysia and offer more than 1,000 insurance products.

Currently, RIHB – which is listed on the LEAP Market of Bursa Malaysia, has over 400 neighbourhoods in Malaysia of which 80 per cent are from the Klang Valley and the remaining 20 per cent from Penang, Johor, Seremban, Ipoh and Melaka.

PolicyStreet co-founder and chief executive officer Lee Yen Ming said through this collaboration, residents are able to renew their motor insurance coverage at their comfort of their own home.

“The partnership with RIHB will revolutionise the way the public look at home security and financial protection.

“I have no doubt in the fact that maximum convenience all-in-one app is the future, and we are glad to be taking steps in that direction,” he said.

In just over three years of operations, PolicyStreet has underwritten over RM6 billion in sum assured and sold 100,000 policies.

It holds the record as the company that raised the largest funds from an equity crowd funding platform in Malaysia and has also raised funding from venture capitalists in Asia.

It has also worked with more than 100 companies, organisations and groups in curating products to identify business pain points and curate products to enhance their business models.

PolicyStreet is licensed by Labuan Financial Services Authority, Bank Negara Malaysia and Australian Securities & Investments Commission.

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