Insurtech: CTOS Partners with PolicyStreet to Provide Auto Insurance, Road Tax Renewal in Malaysia

CTOS Digital, via its subsidiary firm, CTOS IDS, is further expanding its range of services with the introduction of CTOS Car Insurance, an online platform for car insurance and road tax renewal with assistance from Insurtech PolicyStreet.com.

This new product offering enables clients to make price comparisons of various policies from over 10 insurance providers within a few minutes, allowing them to identify the most competitive deals in the market.

Clients may renew/update their insurance and road tax digitally by visiting the official CTOS website and providing their personal as well as car details.

They will get their e-policy through e-mail within minutes of making the purchase, meanwhile, home delivery of roadtax may be available nationwide via MYEG within 5 working days.

Working with PolicyStreet should see CTOS Car Insurance platform providing clients with policies from; Tune Insurance Malaysia, AXA Affin General Insurance, Etiqa General, Takaful, Berjaya Sompo Insurance, Syarikat Takaful Malaysia Am, RHB Insurance, MSIG Insurance, Zurich General Insurance Malaysia, Pacific &, Orient Insurance Co. and Allianz General Insurance Company (Malaysia).

By comparing different quotes from a range of insurance providers, CTOS noted that clients may find savings of up to RM1,000 from their current deals.

There will also be additional discounts on automobile insurance quotes based on the value of premiums chosen.

Additionally, clients who renew or purchase their insurance through the updated platform will be able to obtain a free MyCTOS Score Report.

Eric Hamburger, Group CEO of CTOS Digital, remarked:

“CTOS Car Insurance reflects how we are focusing our partnership efforts to offer consumers end-end digital solutions in increasingly varied industries. Also, in time, we hope to be able to offer even more value by taking into account credit scores to present consumers better prices, in line with the motor insurance de-tariffication process started by Bank Negara in 2016.”

Wilson Beh, Co-founder at PolicyStreet.com and newly elected President of the Fintech Association of Malaysia (FAOM), stated:

“The strategic partnership between CTOS and an insurance technology company is the first of its kind in Malaysia. We are proud to have partnered with CTOS and believe the collaboration will pave way to more innovative, customised and inclusive insurance protection, leveraging on credit scores and big data for all Malaysians.”

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