PolicyStreet receives approval from Bank Negara Malaysia to offer financial advice

Malaysian InsurTech startup PolicyStreet has reportedly acquired financial advisor approval from the Bank Negara Malaysia (BNM).

With this certificate, the company will be able to collate, compare, personalise and advise customers on the best insurance policy for them, according to a number of reports in the media.

Initially, PolicyStreet had planned to apply to the sandbox programme to test its insurance product aggregation services, the articles report. However, it moved towards full financial advisor approval after realising it met the necessary requirements.

With this new license, PolicyStreet is hoping it will now be capable of giving consumers more accurate personalisation towards insurance products and identifying which carrier would give them the must suited protection.

PolicyStreet is an online insurance platform which offers consumers access to life, medical, travel, pet, motor and cancer insurance products. The policies are backed by AXA and aim to simplify processes involved when making a purchase or a claim.

Each type of policy has differing levels of cover, letting the consumer pick what would suit them best and ensuring they get the cover for what they need.

The InsurTech sector has been growing in appetite since 2014, according to data by FinTech Global. Interest reached fever pitch last year, with a total of $3.1bn being invested into InsurTech companies around the world – this nearly doubles the investment volume of 2017.

Copyright © 2019 FinTech Global

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