• Merchantrade Insure was launched in May 2018 to address the underserved segment, the migrant workers.KUALA LUMPUR, Oct 22 (Bernama) -- Protection for migrants in Malaysia is currently at a nascent stage of development. Despite representing 15% of the country’s workforce and being an important contributor to the economy, many migrant workers in Malaysia are unprotected due to the lack of awareness and accessibility to affordable insurance solutions.
To address this growing concern, AXA in partnership with Merchantrade, Malaysia’s largest money services provider, have successfully insured more than 13,000 migrant workers with Merchantrade Insure, a simple and affordable protection plan for migrant workers. Within 5 months from its launch, the corresponding total sum insured has already exceeded RM 100 million.
Merchantrade Insure is the country’s first insurance protection that remits claims payout directly to the beneficiaries through Merchantrade. For only RM 5 per month, this plan is specially designed to provide affordable protection solution to migrant workers and their family in the event of accidental death, temporary disablement or permanent disablement.
Emmanuel Nivet, CEO of AXA commented, “This milestone speaks volume about our purpose to empower people to live a better life via financial inclusion, but more importantly, it exemplifies our ongoing commitment in bridging the protection gap among the underserved. We at AXA hope to do our part by raising awareness on the importance of protection, and ensuring adequate protection is provided to the migrants and their loved ones. Together with our strong partner Merchantrade, we will remain committed to extend protection to this segment.”
Caption : AXA Affin General Insurance Berhad and Merchantrade Asia Sdn Bhd celebrate the milestone of protecting more than 13,000 migrant workers within 5 months from the launch of Merchantrade Insure. Launched in May 2018, Merchantrade Insure aims to bridge the protection gap among the underserved and ensure adequate protection is provided to the migrants and their loved ones.
The journey to enhance the protection continues with an additional benefit being added to the existing product recently. Migrant workers are able to claim for RM 100 temporary disablement allowance for every 5 days of medical leave.
“The distribution of Merchantrade Insure is about offering protection to migrant workers at an affordable price. We are committed to provide a seamless customer journey that promises a complete peace of mind, going beyond just their remittance needs. With AXA’s strong reputation in terms of product and service innovation, I am sure we can continue to expect more impressive results,” said Ramasamy K. Veeran, Founder & Managing Director of Merchantrade.
Merchantrade Insure is underwritten by AXA and distributed exclusively by Merchantrade with benefits including:
- Payout of RM 9,000 for accidental death or total permanent disability
- RM 50 per day up to RM 1,000 for hospitalisation due to an accident
- RM 100 temporary disablement allowance for every 5 days of medical leave
- Added benefits (funeral allowance, ambulance fees & reimbursement for wheelchair or prosthetics) for extended plans
- Available in 4 coverage options – 1,3,6 and 12 months
Merchantrade Insure is now available at 83 Merchantrade branches nationwide. For product enquiries, kindly refer to Merchantrade branch listing on
www.mtradeasia.com or contact your nearby branches.
Source : AXA Affin General Insurance Berhad
FOR MORE INFORMATION, PLEASE CONTACT:
Name : Sheena Ho
(Brand, Communications & CR) Tel : +603 2170 8548
Email : sheena.ho@axa.com.my
--BERNAMA 
