- The partnership is focused on making insurance more accessible and affordable.
- Shoppers now have the option of purchasing three different insurance products that will provide coverage for individuals, homes and cars.
Kuala Lumpur, 27 July 2018 – Allianz Malaysia is embarking on an exciting new partnership with one of the leading online marketplaces in Malaysia, 11street. This collaboration aims to provide Malaysians with some peace of mind by offering protection that caters to our varying needs through the insurance products that are now available on the online shopping platform.
Together, Allianz and 11street are making purchasing insurance even more convenient and seamless by offering three comprehensive products that suits the customer’s needs. These products include; Personal Accident Insurance, which prepares us for the unexpected at all times, the Roadside Assistance Program, which provides drivers with a comprehensive scope of protection during a car breakdown and Smart Home Cover, which allows us the comfort of knowing that our homes are protected.
Michael Fong, Head of Digital Partnerships and Innovation of Allianz General Insurance Company (Malaysia) Berhad said: “This is an exciting, proactive step for us towards not only raising awareness about the importance of insurance coverage, but also towards making this essential form of protection more accessible and affordable to the general public. By exploring this new approach to selling insurance plans, we hope to encourage more Malaysians to take this crucial step towards protecting themselves and their families, as well as to reduce the protection gap amongst the public.”
The current national insurance penetration rate remains at around 56%, with only about 32% of Malaysians owning more than one policy, according to the Life Insurance Association of Malaysia[1]. With Bank Negara Malaysia’s target of 75% insurance penetration by the year 2020,[2] and the potential to exceed 100%, this partnership between Allianz and 11street is a calculated move towards ensuring that every Malaysian is protected.
Henry Ho, General Manager of Business Development & Partnership of 11street said: “This is definitely a milestone for 11street. We are a holistic platform that’s constantly looking for ways to add value and enrich the lives of our customers. Purchasing insurance coverage is essential in the long-term and as the 25-35-year-old customers are our largest demographic, we’ve worked closely with Allianz to curate these three products that cater specifically to the needs of working adults. With more and more people depending on online shopping in their daily lives, we feel that this is an important addition to our already diverse range of product offerings.”
Allianz and 11street are offering three different products that will provide protection for your home, your car and most importantly yourself and your family. Under the Allianz Personal Accident Insurance product, customers will be entitled to double indemnity in the event of a death or permanent disablement as well as cashless hospital admission and discharge. The plan also covers medical expenses and snatch thefts.
As for the Allianz Roadside Assistance Program, customers who purchase this product will have access to 24-hour unlimited towing distance and car assistance, including minor roadside repairs as well as a wide choice of authorised panel workshops to ensure the most convenient location for their car repair needs. On top of that, those insured under this program will also be granted a free car replacement for 5 days.
The third product available for purchase is the Allianz Smart Home Cover which allows customers to save on premiums with a tailor-made package according to their needs and wants. Customers have the option to either just cover the contents of their homes, or extend to cover home fix as well, and all for an affordable price!
To purchase any of these insurance products, head on over to the Allianz Insurance Official Store on 11street to make a purchase. A designated agent will be in touch within 3 days to gather information required to issue the policy.
For more information, visit www.11street.my.
[1] According to The Edge Markets report ‘LIAM seeks govt support on insurance penetration’ on 01 July 2018
[2] According to News Straits Times report ‘BNM targets national insurance penetration rate to breach 75 pct by 2020’ on 30 October 2017
