Oyen, a Malaysian digital pet insurance platform, has recorded a coverage milestone of providing RM100 million worth of protection for pets to date.
Oyen chief executive officer and co-founder Kevin Hoong said that the milestone is an important one in its aim to cover pets not only in Malaysia, but the Southeast Asian region. By 2025, he said that the company aims to cover 50,000 pets in Malaysia and 100,000 in SEA.
"Every month since our establishment, we saw our revenue growing by 10%, (and this) means that an increasing number of pet owners trust us to provide the best care for their pets through our broad pet insurance coverage," Hoong said in a report from the New Strait Times.
Hoong said that Oyen would continue to put approachability, friendliness, and care at its core as the firm moves beyond pet insurance to a larger audience.
"We founded Oyen during the pandemic when we discovered that pet owners were struggling to pay their vet bills,” he said. "Customers do not need to visit a panel vet clinic as Oyen's insurance coverage is available at every veterinary clinic in Malaysia and they can quickly claim their expenses on Oyen's online platform.”
Oyen’s boom is just one facet of Malaysia’s status as an emerging market within the insurance sector. Recently, the government has said that it is considering cheaper insurance products for poorer citizens of the country under the successful Rahmah scheme.
What are your thoughts on this story? Please feel free to share your comments below.
