^{AXA Affin General Insurance Berhad (AXA) has partnered with Finology to offer end-to-end digital motor insurance solution. This partnership will further expand AXA’s distribution footprint in the digital space and enable customers to get protected easily through their preferred channels anytime and anywhere.} 


KUALA LUMPUR, Sept 6 (Bernama) -- The COVID-19 outbreak has impacted customers behaviour, product and services operations, as well as ways of working, which has forced many businesses to speed up their digital agendas. This change has also been felt across the insurance industry.

According to the ISM Statistical Bulletin 2020¹, motor insurance has remained the largest class of business in the general insurance industry contributing 51.6% gross written premium (GWP) in 2020 (2019: 51%), with the online insurance distribution increasing by 34.5% compared to previous year.

This has demonstrated a rapid shift in buying behaviours and needs. As more vehicle owners opt to purchase or renew their motor insurance online, they are expecting products and services to be simple, instant, personalised and affordable.

Responding to the new norm, AXA Affin General Insurance Berhad (AXA) and Finology Sdn Bhd (Finology), a Malaysian Fintech company that specialises in enabling seamless lending and insurance for consumers and businesses, had entered into a strategic partnership to step up its game by going digital to increase speed in product delivery, improve its customers’ experience, as well as to reach new customer segments.

This strategic partnership will see Finology as a digital distribution driver for AXA by leveraging its technological capabilities to create and deliver simple yet specialised insurance products through highly efficient digital platforms.

Emmanuel Nivet, Chief Executive Officer of AXA said that this partnership will further expand AXA’s distribution footprint in the digital space and enable customers to get protected easily through their preferred channels anytime and anywhere. 

“At AXA, we believe that digitalization is the way forward to support and deliver greater value to customers; that is why we continuously look for strategic partners to expand our digital distribution channels and enhance accessibility to our products and services. We are truly excited to partner with Finology to align on our customer-centric values and collectively deliver fast, simple and secure online insurance solution via innovative digital technology,” Emmanuel added.

Through Finology’s sub-brand website, Loanstreet.com.my, customers can receive an instant quotation for AXA’s car/motorcycle insurance and purchase/renew in less than five minutes.

“We have been focusing on seamless access to financial products to allow convenience and efficiency to consumers. When we first pioneered motorcycle insurance and road tax renewals digitally in 2019, the awareness was low. However, due to the changes brought about by Covid-19, we have seen a sustained 5x spike in transactions. Our partnership with AXA will further provide our customers with more options from one of the top insurers in Malaysia,” shared Robin Ang, Executive Director of Finology.

With Malaysia having the highest percentage of digital consumer population in South East Asia, this initiative will expand AXA’s distribution channels and address the unmet needs of digital customers.

For more information on AXA’s Car/Motorcycle Insurance, please visit: www.axa.com.my

Source:
1. ISM Statistical Bulletin – Market Performance (General Insurance & General Takaful Jan to Dec 2020)
 
Source: AXA Affin General Insurance Berhad (AXA)

FOR MORE INFORMATION, PLEASE CONTACT:  
Name: Sheena Ho
Tel: +603 2170 8548/012 309 1193
Email: sheena.ho@axa.com.my
 
Name: Allison Lee
Tel: +603 2170 8259/016 228 2916
Email: allison.lee@axa.com.my
 
Corporate Responsibility strategy: 
axa.com/en/about-us/strategy-commitments
 
SRI ratings:  
axa.com/en/investor/sri-ratings-ethical-indexes 

--BERNAMA