Policy Street
PolicyStreet is a digital insuretech platform under the brand name of Polisea Pte. Ltd. and Polisea Sdn. Bhd.[1]. It offers tech-enabled financial advisory and its services have been approved by the Central Bank of Malaysia under section 11 and 15(1) of the Financial Services Act 2013[2]. Established with the aim of revolutionising an age-old insurance industry, Policystreet aims to ensure widespread availability and accessibility of information on purchasing insurance, as is stated in the organisation’s motto, to make insurance “simple, easy and affordable.[1]”.
History
Founded in the year 2016 by a trio of enterprising insurance and banking professionals, Policystreet was set up under their driving vision of democratising insurance and breaking down complex insurance policies in such a manner that it aids in financial wellness for just about anyone[3]. Their mission, as such, has been to protect both individuals as well as organisations by providing them with the insurance best suited for their needs utilizing their state-of-the-art technology that instantly generates quotes and other information[4].
Ever since, Policystreet has grown to emerge as a leading provider of insurance technological services in Malaysia. The company has been awarded Financial Advisor as well as Islamic Financial Advisor approval by Bank Negara Malaysia, making it one of the only 32 companies with these credentials in the country. This approval has also enabled PolicyStreet to work with all 47 insurers across Malaysia and provide its customers with access to more than 1,000 products, all under one platform.[5]
As of March 2020, Policystreet has reported to have sold more than 40,000 policies with a customer base ranging to more than 135,000 individuals, thus providing more than RM4.2 billion in insured sum. [5]
Business Model
Policystreet is mainly involved in the process of simplifying complex insurance policies in such a manner that it ensures financial security and well-being for all its customers at each stage of their lives. Policystreet has successfully developed a one-stop comparison platform for its users in order to provide unbiased choices and alternatives in a completely transparent manner. The platform also enabled external agents and other channels to easily obtain insurance.
Awards
- Winner in Seedstars Global KL, the world’s largest seed-stage startup competition[6]
- Top 10 InsurTech company in Asia in Jan 2020 by Insurance Business Magazine Asia.[7]
- Young Entrepreneurs award under ASEAN Business Award 2020 organised by the ASEAN Business Advisory Council (ASEAN-BAC)[8]
- Top 20 Malaysian FinTechs in 2020 by FinTech News Malaysia[9]
- PolicyStreet co-founders recognised as Forbes Asia 30 Under 30[10]
- PolicyStreet obtains Financial Advisory approval from Bank Negara Malaysia, covered in The Star [2]
- Best fintech startups in Asia by Valuer[11]
Leadership
Lee Yen Ming, Co-Founder & Chief Executive Officer
- Former Director, Standard Chartered Bank Malaysia
- Founding member of FinTech Association of Malaysia
- MBA & CFP holder (merit awards)
Wilson Beh, Co-Founder & Chief Operating Officer
- Former investment banker at Maybank Investment Bank
- Founding member of FinTech Association of Malaysia
- Forbes Asia 30 under 30 (Finance & VC)
Winnie Chua, Co-Founder & Chief Product Officer
- Former actuary & strategist at Allianz General
- Member of PayNet industry advisory council
- Forbes Asia 30 under 30 (Finance & VC)
References
- ↑ 1.0 1.1 "Buy Insurance Online For Car, Life, Motor, Travel | PolicyStreet". Policy Street. Retrieved 2020-12-13.
- ↑ 2.0 2.1 "List of Approved Financial Advisers | Bank Negara Malaysia | Central Bank of Malaysia". www.bnm.gov.my. Retrieved 2020-12-13.
- ↑ "pitchIN | PolicyStreet". equity.pitchin.my. Retrieved 2020-12-13.
- ↑ Dayangku, Sade (2020-06-02). "During MCO, This M'sian Startup Raised A Hefty RM7.8mil Via Equity Crowdfunding". Vulcan Post. Retrieved 2020-12-13.
- ↑ 5.0 5.1 "TheWall: Meeting the demand for small-ticket products". The Edge Markets. 2020-06-01. Retrieved 2020-12-13.
- ↑ "Seedstars Kuala Lumpur Winner PolicyStreet raises 500'000 USD in Seed Funding from the KK Fund to Revolutionize the Insurance Sector". press.seedstars.com. Retrieved 2020-12-13.
- ↑ Grones, Geraldine. "Top 10 insurtech companies in Asia". www.insurancebusinessmag.com. Retrieved 2020-12-13.
- ↑ "Brg Group -". Brg Group. Retrieved 2020-12-13.
- ↑ profile, Vincent Fong is the Chief Editor for Fintech News Malaysia He's also recently created a twitter; Here, Show Him Some Love at (2020-01-17). "Top 20 Malaysian Fintechs in 2020". Fintech News Malaysia. Retrieved 2020-12-13.
- ↑ "PolicyStreet". Forbes. Retrieved 2020-12-13.
- ↑ "Best Fintech Startups in Asia". www.valuer.ai. Retrieved 2020-12-13.
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