Malaysian motorists can now renew motor insurance via app

App is a product of fintech regulatory sandbox launched earlier this year

Malaysian motorists can now renew motor insurance via app

Insurance News

By Gabriel Olano

Motorists in Malaysia can now renew their motor insurance and pay road taxes via the newly launched GetCover mobile app, eliminating the need to line up.

The app’s users can access their insurance policy and vehicle information on mobile devices, and the renewal process takes around 5-10 minutes. The app is linked with the Insurance Services of Malaysia (ISM) and Road Transport Department (JPJ), making vehicle and insurance details readily accessible.

GetCover was one of the first four firms who joined Malaysia’s fintech regulatory sandbox which was inaugurated in May to foster innovation in the market in a controlled manner. Currently, it is available to policyholders of MPI Generali, LonPac and Zurich Insurance & Takaful, and is looking to expand its partnership with more insurers. It is compatible with both iOS and Android platforms.

“With the advancement in technology, the convenience of fintech is on the rise to deliver faster and [more] secure financial services,” GetCover executive director Mark Tan told The Star. “We will include other value-added services integrated into the mobile app such as on the spot snap and file claim in the event of accidents, progress trackers, and more.”

First-time users need to input their name, insurance certificate number, e-mail address, mobile number, vehicle registration number, and current insurer.

GetCover was in development for over a year, supervised by Bank Negara Malaysia’s Fintech Enabler Group, with support from agencies under the Ministry of Finance and Malaysia Digital Economy Corporation.

“The intellectual use of technology in recent years has resulted in the rise of Malaysia’s fintech and insurtech industries. This comes as a result of financial institutions pushing for development that will harness innovation and technology to improve the industry by providing better solutions to customers,” said Second Finance Minister Datuk Seri Johari Abdul Ghani at GetCover’s launch.

Related stories:
Labuan Financial Services Authority names new chief
Malaysia’s fintech sandbox opens to players
Telematics firm links up with several Malaysian insurers to promote technology

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