VSURE TECH SDN BHD
Awards and Recognition:
2022
Company details
CEO/Director’s Name
Eddy Wong Kok Hoe
Designation
Group Co-Founder & CEO/MD
Address
B-5-8, Plaza, Jalan Kiara, Mont Kiara,
50480 Kuala Lumpur,
Federal Territory of Kuala Lumpur
B-5-8, Plaza, Jalan Kiara, Mont Kiara, 50480 Kuala Lumpur, Federal Territory of Kuala Lumpur
Website
Vsure Tech Sdn. Bhd. is Malaysia’s first on-demand lifestyle digital insurer under the Malaysia Central Bank Fintech Regulatory Sandbox. This marks a huge milestone for VSure as VSure is the pioneer insurtech in Malaysia to be able to underwrite and curate its very own General Insurance products within the on-demand pay per use space thereby ushering in meaningful and high impact protection solutions.
VSure prides itself with the ability to fully control product design, customer experience and go-to-market by leveraging on the licensing agility within the Bank Negara Fintech Regulatory Sandbox. The company’s fully digital setup allows it to do more for so much less, and VSure operates with a relatively low-cost base and high agility, thereby allowing it to formulate and distribute its solutions competitively for the lower income in line with its long-term mission to drive nationwide financial safety net and literacy effectively.
VSure’s technology enabled platform is borderless and flexible, covering protection needed from all walks of life ranging from traditional/conventional protections to digital first protections to support Malaysia’s digital economy.
In line with its vision and mission to enable nations, masses and businesses towards protection adequacy, VSure also owns CoFAP. CoFAP is a fully Syariah compliant peer-to-peer mutual micro-protection and micro-savings program. CoFAP stands for Community Financial Assistance Program, in which the participants of the program contribute into the shared pool of funds, and in return they will receive cash assistance support for predefined coverages such as hospitalization, accidental deaths and upon diagnosis of advanced cancer stages. The shared pool also act as a savings funds, in which the pool of funds will grow via interest income from the Syariah investment instruments. By the end of every financial year, the participants of the CoFAP program will receive “cashback” should there be an excess of funds.
The CoFAP program is game-changing because it acts as both micro-protection and micro-investment, which immediately allow 70% of (22.4m) Malaysians to access adequate basic protection and savings from as low as RM 5 per month.
VSure recognises that for the nation to effectively address the protection gaps in Malaysia, insurtechs and insurance companies must come together towards the cause. On this note, VSure also works with other insurance companies to co-curate bespoke products for large customer base to effectively cover the protection gaps within the market. The cross collaboration between insurtechs and insurance companies combines the strengths of insurtech agility and go-to-market capabilities with insurance companies’ experience and network to accelerate the country’s socioeconomic development towards sustainable societal safety net and welfare.
VSure prides itself with the ability to fully control product design, customer experience and go-to-market by leveraging on the licensing agility within the Bank Negara Fintech Regulatory Sandbox. The company’s fully digital setup allows it to do more for so much less, and VSure operates with a relatively low-cost base and high agility, thereby allowing it to formulate and distribute its solutions competitively for the lower income in line with its long-term mission to drive nationwide financial safety net and literacy effectively.
VSure’s technology enabled platform is borderless and flexible, covering protection needed from all walks of life ranging from traditional/conventional protections to digital first protections to support Malaysia’s digital economy.
In line with its vision and mission to enable nations, masses and businesses towards protection adequacy, VSure also owns CoFAP. CoFAP is a fully Syariah compliant peer-to-peer mutual micro-protection and micro-savings program. CoFAP stands for Community Financial Assistance Program, in which the participants of the program contribute into the shared pool of funds, and in return they will receive cash assistance support for predefined coverages such as hospitalization, accidental deaths and upon diagnosis of advanced cancer stages. The shared pool also act as a savings funds, in which the pool of funds will grow via interest income from the Syariah investment instruments. By the end of every financial year, the participants of the CoFAP program will receive “cashback” should there be an excess of funds.
The CoFAP program is game-changing because it acts as both micro-protection and micro-investment, which immediately allow 70% of (22.4m) Malaysians to access adequate basic protection and savings from as low as RM 5 per month.
VSure recognises that for the nation to effectively address the protection gaps in Malaysia, insurtechs and insurance companies must come together towards the cause. On this note, VSure also works with other insurance companies to co-curate bespoke products for large customer base to effectively cover the protection gaps within the market. The cross collaboration between insurtechs and insurance companies combines the strengths of insurtech agility and go-to-market capabilities with insurance companies’ experience and network to accelerate the country’s socioeconomic development towards sustainable societal safety net and welfare.