Malaysia-based digital insurance firm VSure.life recently revealed that it’s expanding operations into the UK in order to make it more affordable for SMBs to access insurance.
VSure will be working with local service provider McGill and Partners, a boutique re-insurance broker focused on developing bespoke, streamlined solutions for customers, in order to support its market penetration into the United Kingdom.
The firm has also joined forces with specialist insurance platform Pro MGA Global Solutions in order to gain an in-depth understanding of the UK insurance sector.
As an appointed representative of Pro MGA Global Solutions, the firm has acquired its Managing General Agent (MGA) license.
This allows VSure to offer regulated/compliant insurance services in the UK starting with community-based commercial insurance programs later on in 2022.
As part of the update, Gary Ross has been appointed as the VSure’s UK CEO to spearhead its business operations in the area.
Gary brings more than 30 years of professional experience in the UK insurance sector and has held various leadership roles in different organizations over the course of his career.
“Being a part of VSure is an exciting step in transforming the UK insurance industry to provide more simple, affordable, and flexible solutions to empower and grow local business communities. VSure have all the necessary approvals and licenses from regulators and cannot wait to start making waves locally.”
Eddy Wong, Co-founder, CEO and Managing Director at VSure Group, added:
“Our launch in the UK represents a significant step forward for the company in becoming a serious player in using technology to revolutionise the insurance industry globally. Having a foothold in the UK and partnering up with local players will give us a strong platform and profile to continue expanding internationally.”
As noted by its management, VSure Group owns “a group of companies which provide on-demand insurance, shariah compliant financial assistance programs and insurance & financial services marketplace for individuals, commercial businesses and institutions.”
VSure.life is Malaysia’s first on-demand lifestyle digital insurer “approved by Central Bank of Malaysia under the Fintech Regulatory Sandbox.”
With a mission to create a new future where protection can be truly accessible, inclusive and a second nature to all, VSure.life has “introduced a series of on-demand solutions with a pay-per-use feature.”
Now everyone can “opt for coverage by duration of choice, full freedom to purchase protection by the hour.”
All VSure.life’s protection plans “are available exclusively on our website or mobile app (available on both Apple App Store and Google Play Store).”
Headquartered in Malaysia, they are growing their presence in the UK and Singapore.