Mobile operator, U Mobile will soon offer life insurance plans to its subscribers, in partnership with Sun Life Malaysia.
Both companies signed a Memorandum of Understanding (MoU) last week which will soon allow U Mobile subscribers to apply, subscribe and manage their life insurance coverage entirely via their mobile phone, a first of its kind in Malaysia.
Jasmine Lee, the Chief Marketing Officer of U Mobile told MalaysianWireless that Insurance plan starts from RM5 a month and subscribers will be able to mange their subscription via the U Mobile app or SMS.
During the Memorandum of Understanding (MoU) signing ceremony, U Mobile’s Chief Executive Officer, Wong Heang Tuck pointed out that insurance coverage is just one of the many services the telco will be launching this year. “We believe that all our customers would want to have unlimited peace of mind during their time of need. As a start, we will be partnering with Sun Life Malaysia to offer life microinsurance which provides necessary and adequate protection at low monthly premiums.”
Heang Tuck added that Sun Life Malaysia is the ideal life insurance partner, “Sun Life Malaysia not only shares our challenger mindset, but also has extensive expertise in insurance product innovation which we can tap into. Together, we will be able to offer products that are suitable yet financially accessible.”
Sun Life Malaysia is a joint venture by Sun Life Financial Inc. and Avicennia Capital Sdn. Bhd., a fully owned Khazanah Nasional Berhad investment holding company, specialising in Insurance and Takaful. The company offers a comprehensive range of life insurance and Takaful products and services and is focused on helping customers achieve financial security. At the moment, Sun Life Malaysia distributes its products through a range of distribution channels including bancassurance (banks), direct marketing, telemarketing and government and corporate business.
“Sun Life Malaysia’s vision is to provide lifetime financial security to more Malaysians through our multi-channel distribution strategy, and we have identified telco-assurance as a key digital channel. Today’s partnership marks our foray into telco-assurance and we are very excited to offer microinsurance products that are cost-effective and accessible while also supporting our government’s objective to achieve an insurance penetration rate of 75% by 20202,” Raymond Lew added.
U Mobile said it will be making Sun Life Malaysia microinsurance products available to its customers from October 2017 onwards. The Telco has over five million subscribers.