PolicyStreet insurance customiser gets financial advisory approval from Bank Negara Malaysia

PolicyStreet has announced the Bank Negara Malaysia has given its approval to conduct financial advisory.

As a result, PolicyStreet will be able to source, aggregate, compare, customise and finally advise corporate and retail clients on the best insurance products that meet their requirements. According to the firm's press release, the approval means it can work directly with all 47 life and general insurance providers in Malaysia.

PolicyStreet’s Chief Executive Officer Lee Yen Ming said, “We often find that insurance providers tend to have many competing products that cater to different segments of customers. We want to advise customers without prejudice and we will marry technology and innovation to remove ‘fat’ in the ecosystem by driving transparency and simplicity in insurance.”

In just over two years of operations, PolicyStreet has underwritten over USD100 million in sum assured coverage and sold more than 10,000 policies. It has also worked with more than 100 companies, organizations and groups in curating products to identify business pain points and customising policies to enhance clients' business models.

For example, PolicyStreet has collaborated with leading mobile food delivery marketplace Foodpanda, proptech HostelHunting, co-working space Co-labs of the Paramount Group, women-focused ride-hailing app RidingPink, traveltech Adventoro, Commerce.Asia and Malaysia Digital Economy Corporation.