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KUALA LUMPUR, 19 May 2017:
Costing about what you’d pay for a smartphone app, the cost of life insurance for the average Malaysian resident is set to fall dramatically later this year – thanks to a collaboration between Sun Life Malaysia and U Mobile.
The pain of signing up is also eased dramatically when the package is offered from October – as all the necessary processes are handled via a smartphone app and available for over five million U Mobile users.
U Mobile chief executive officer Wong Heang Tuck said: “We believe all our customers would want to have unlimited peace of mind during their time of need.
“As a start, we will be partnering with Sun Life Malaysia to offer life microinsurance which provides necessary and adequate protection at low monthly premiums.”
This offering is timely as smartphones have become an essential need – to the point where many even fork out extra for repair and replacement warranties for their mobile devices – but have yet to do the same on their own lives.
Sun Life Malaysia CEO and country head Raymond Lew noted that five out of every 10 Malaysians do not have life insurance coverage.
“The collaboration with U Mobile not only increases the awareness of the importance of life insurance among Malaysians, but also increases the accessibility for customers to purchase insurance products.”
The offering of life insurance via mobile devices is set to further expand U Mobile’s reach into non-traditional telco services – which will be a boon to people in today’s digital age.
Lessons learnt from nations where telcos have become the de facto financial institutions had already prompted tech giants like Apple and Samsung to venture into alternate payment systems to tap this burgeoning revenue potential.
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