Axiata Digital partners Great Eastern to offer affordable insurance, takaful

(From left) Axiata Digital CEO Mohd Khairil Abdullah, Axiata Group group CEO Tan Sri Jamaludin Ibrahim, Khor, Sheyantha, Great Eastern Holdings managing director Ryan Cheong and Great Eastern Life Assurance CEO Datuk Koh Yaw Hui at the signing ceremony today. Photo by Patrick Goh/The Edge

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KUALA LUMPUR (Dec 12): Axiata Group Bhd's digital services arm Axiata Digital Services (ADS) is partnering insurance provider Great Eastern to provide affordable and customized insurance and takaful products for consumers, micro-entrepreneurs and SMEs.

ADS chief financial officer Sheyantha Abeykoon said the partnership is formed between ADS' fintech service provider unit Axiata Digital Capital, which operates under the brand name Aspirasi, and Great Eastern.

Sheyantha, who is also Aspirasi's executive director, said the insurance and takaful products will be offered on Aspirasi and its partner platforms.

Sheyantha said the insurance and takaful products are underwritten by Great Eastern Life Assurance (Malaysia) Bhd, Great Eastern General Insurance (Malaysia) Bhd and Great Eastern Takaful Bhd respectively in Malaysia, and by PT Great Eastern Life Indonesia and PT Great Eastern General Insurance Indonesia in Indonesia.

"We are excited to work with Great Eastern, a leading insurer that continuously sets new standards in the industry," he said at the signing ceremony today.

"At Aspirasi, we are focused on technology and data that not only enables business innovation at an unprecedented level and scale but gives us invaluable insight into the different needs of our broad range of consumers.

"Through this collaboration, we then match the bite-sized products with specific needs of the customer for an unparalleled digital experience," he added.

Sheyantha said Aspirasi is committed to assisting micro-enterprises and SMEs to achieve their business goals through a range of micro-finance and bite-sized insurance and takaful solutions.

"Having also disbursed RM50 million worth of micro-loans funds to 9,000 merchants to date, Aspirasi aims to be a trusted and preferred digital financial partner for the underserved community," he said.

"The comprehensive range of insurance and takaful products are designed to meet the different needs of the customers' lifestyle, including, but not limited to, life insurance and takaful, health insurance, home insurance, personal accident insurance, with premiums or contributions starting from RM1.50 and IDR5,000," he added.

Sheyantha said this partnership marks the first insurtech alliance between a digital financial services platform and an insurance and takaful provider to provide a seamless experience of convenience in immediate online purchase to help bridge the protection and insurance gap in Malaysia and Indonesia.

"Through this partnership, Malaysians and Indonesians can access a wide range of insurance and takaful products that are simple and bite-sized to suit specific needs," he said.

Meanwhile, Great Eastern group chief executive officer Khor Hock Seng said this partnership allows the insurer to reach out to the wider base of consumers who go online to purchase and manage their insurance and takaful needs.

"Great Eastern's strong expertise in designing relevant products, coupled with the convenience of digital platforms, will provide a unique value proposition to these customers," he said.

At 2.57pm today, Axiata shares fell 0.24% or 1 sen to RM4.19, giving it a market capitsalisation of RM38.4 billion.