This article first appeared in The Edge Financial Daily on May 14, 2019

KUALA LUMPUR: BFM founder Malek Ali’s (pic) insurance technology (insurtech) company, Fi Life Sdn Bhd, has taken over online life insurance provider U for Life from German reinsurer Hannover Re and New Zealand insurance software company, Intelligent Life.

Following the takeover last year, U for Life has been rebranded Fi Life, Fi Life said in a statement yesterday.

Set up in 2018 by Malek and Tan Jiann Meng, Fi Life’s acquisition of the business and assets of U For Life, Malaysia’s first online life insurance service, was its first move in the insurtech space.

Fi Life’s financial backers include former founder-owner of Alliance Cosmetics, Tan Thiam Hock; former co-founder of Jobstreet Corp, Ng Kay Yip; and principal of seed capital venture firm Intelligent Capital, Asgari Stephens.

As part of the rebranding, certain service enhancements were added to Fi Life, such as a more intuitive interface, an expansion of age eligibility and coverage period, greater eligibility for higher cover for certain age or income levels, and premium savings of up to 10% for its RM1 million life covers, the statement read.

Fi Life’s insurance products are underwritten by Tokio Marine Life Insurance Malaysia Bhd, and among their existing features are: Immediate life cover issuance from the web/mobile site, no medical examination required for coverage up to RM1 million, and the option of obtaining accelerated payment cover for certain critical illnesses.

Fi Life provides immediate cover for those paying premium by credit card or debit card, and has no blanket ban on potential policyholders with prior medical issues, although the latter is subject to a declaration of medical history.

Together with the legacy business from U For Life and its own new business, Fi Life currently has over 3,000 active insurance policies in force, covering more than half a billion ringgit in sum assured.