KUALA LUMPUR (Feb 16): Technology start-up Red Ideas Holdings Bhd is partnering with insurance technology company PolicyStreet.com to provide motor insurance renewal services.
In a joint statement, Red Ideas and PolicyStreet.com said the services will be provided to residents in neighbourhoods/communities managed by Red Ideas and to the public via JaGaApp 2.0.
JaGaApp is a mobile phone application-based platform that targets communities, both residential and commercial.
Red Ideas, which is listed on the LEAP Market of Bursa Malaysia, has over 400 neighbourhoods in Malaysia of which 80% are in the Klang Valley and the remaining 20% in Penang, Johor, Seremban, Ipoh and Melaka.
Red Ideas co-founder and executive director David Foo said this is an important milestone for Red Ideas as it already had the reach into communities using its flagship product, JaGaApp, and this will provide greater service to its users.
“The partnership with PolicyStreet.com would greatly enhance the convenience of all our users as their platform customises, curates and sources for the best in-value insurance policies that can be purchased online with three simple steps in less than three minutes,” he said.
Meanwhile, PolicyStreet.com co-founder and chief executive officer (CEO) Lee Yen Ming said under the collaboration, residents will be able to renew their motor insurance coverage at the comfort of their own home.
“The partnership with Red Ideas will revolutionise the way the public look at home security and financial protection.
“I have no doubt in the fact that maximum convenience [of an] all-in-one app is the future, and we are glad to be taking steps in that direction,” he said.
At 9.52am today, Red Idea was unchanged at 20 sen, valuing it at RM21 million.