Lifestyle Tech

DearTime launched to offer easy access for Life Insurance via app; first in Malaysia and approved by BNM Sandbox

Founder and CEO Jon Ng

DearTime has officially went live in Malaysia by offering insurance that is affordable, simple, and accessible to all through fully digital means. It is the first life insurer in the Bank Negara Malaysia Fintech Regulatory Sandbox, which aims to provide a regulatory environment that is conducive for the deployment of financial technology and facilitate overall innovation in the country’s financial sector.

DearTime’s fully digital business model is an innovative one, which allows customers to buy, edit, and claim insurance directly from the company via the app. By creating a direct link between the customer and DearTime, DearTime is able to offer an innovative and affordable life insurance option to Malaysians. Moreover, customers will be able to access DearTime’s services anytime and anywhere, as the entire process is done digitally via the app. 

To put things into perspective, a healthy 30-year-old male would only need to pay RM73 per month to be covered by DearTime for a coverage amount of RM100,000 for every insurance product – medical, critical illness, death, disability, and accident.

DearTime is the first fintech company in Malaysia to be an approved participant of Bank Negara Malaysia Fintech Regulatory Sandbox to conduct life insurance business in Malaysia. 

Simplifying Insurance for All

On its mobile app, DearTime offers 5 easy-to-understand insurance products for individual customers: medical, critical illness, death, disability, and accident. These are pure insurance products prioritised for protection only, without confusing terminologies and unnecessary frills such as savings and investments.

The app’s User Interface (UI) is user-friendly and easy to navigate, while its policy management is flexible and convenient. If customers have any general enquiries, they can contact DearTime’s customer care representatives via the in-app live chat or hotline. Should a customer require it, claims-related enquiries can be made 24/7 via DearTime’s hotline as well.

DearTime currently has about 300 hospitals as part of its panel. When a customer makes an insurance claim, DearTime liaises directly with panel hospitals while customers need only wait for the approved claim payout to be deposited into their respective bank accounts. To claim insurance from DearTime, customers simply need to perform a face scan in the DearTime app. Once verified, a unique claim code will be generated, which is to be presented to the panel hospital staff over the counter.

Insurance for Good

As part of its manifesto of ‘Touching One More Life’, DearTime is also announcing its Sponsored Insurance initiative – a programme for customers to pay it forward and ultimately, help with getting every Malaysian covered. Through this initiative, customers can allocate up to 10% of their premiums to the DearTime Charity Fund. The funds are automatically used to sponsor eligible persons from the B1-B2 groups (those with household incomes of less than RM3,170) with DearTime’s insurance.

Insurtech Spearheading Industry Disruption

DearTime’s pioneering life insurance using a fully digital process looks set to catalyse a surge of other insurtech players that will disrupt the industry in Malaysia.

This is in tandem with Bank Negara’s 5-year Blueprint 3.0 plan to develop and innovate the financial sector; its Fintech Regulatory Sandbox catering to the demand for Insurtech solutions such as end-to-end digital insurance, digital insurance brokers and financial aggregation businesses.

The DearTime app is available for download on the Apple App Store and Google Play Store. For more information, please visit www.deartime.com.

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