Malaysian Fintech Finology and AXA Affin General Insurance to Enable Digital Auto Insurance Services

AXA Affin General Insurance and Malaysia’s Finology, a Fintech firm focused on supporting efficient lending and insurance for individual consumers and businesses, have teamed up to allow clients to buy or renew car and motorcycle insurance and settle road taxes via online platforms.

As noted on its website, Finology was launched in 2017 and it’s based out of Kuala Lumpur, Malaysia. Their goal is to “enable seamless access to financial products for everyone.”

The company has shared:

“We started … by absorbing and reinventing from a lead gen portal into one that could provide approvals from banks within 10 minutes. Today Loanstreet receives upwards of 800,000 visits and thousands of product enquiries every month.”

In 2018, they activated instant home loan approvals for the real estate sector through their mortgage pre-approval gateway platform Loanplus. By 2019, Loanplus “processed home loan pre-approval requests totaling more than RM1.4b.”

In 2019, the firm became the first in Malaysia “to offer online renewals of motorcycle insurance and road tax.” Then they noticed many B40 motorcyclists would ask if they could take cash. Knowing this, the firm “enabled renewal of motor insurances and road taxes on 250 cash deposit eKiosks throughout Malaysia.”

The firm further notes it has “enabled seamless access on many 3rd party platforms via [their] APIs and technology since 2017, including brand names such as iProperty, MyEG and Mudah.”

Currently, the company holds patents in 2 countries, and “have clients in 4 countries where we continue to make a difference to the lives of millions of people.”

Via Finology’s portal, clients may acquire fast quotations for AXA’s insurance to either buy or renew existing policies within minutes.

This collaboration will see Finology act as an online distribution driver for AXA via all-digital platforms.

Emmanuel Nivet, CEO at AXA, noted that this partnership will aim to expand AXA’s distribution footprint in the virtual space and allow clients to obtain protection conveniently via their preferred channels at any given time and from anywhere.

Nivet stated:

“At AXA, we believe that digitalization is the way forward to support and deliver greater value to customers; that is why we continuously look for strategic partners to expand our digital distribution channels and enhance accessibility to our products and services. We are truly excited to partner with Finology to align on our customer-centric values and collectively deliver fast, simple and secure online insurance solutions via innovative digital technology.”

Robin Ang, Director of Finology Sdn Bhd (Holding company of Loanstreet), remarked:

“We have been focusing on seamless access to financial products to allow convenience and efficiency to consumers. When we first pioneered motorcycle insurance and road tax renewals digitally in 2019, the awareness was low. However, due to the changes brought about by Covid-19, we have seen a sustained 5x spike in transactions. Our partnership with AXA will further provide our customers with more options from one of the top insurers in Malaysia.”

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