Ouch! has emerged as Malaysia’s first digital Takaful operator in Bank Negara Malaysia’s Regulatory Sandbox that ultimately aims to make takaful insurance more accessible for all Malaysians. By leveraging IXT’s cutting-edge insurtech solutions, Ouch! has successfully brought its mission to life with speed-to-market and a seamless digital customer experience.
Targeting a digital-savvy, cost-sensitive generation, Ouch! introduced Pusara Pro, a simple term life product that can be issued directly via Ouch! mobile app. Through leveraging technology and eliminating middleman costs, the plan simplifies the process of getting insured with a hassle-free application process that only consists of four health underwriting contributions, and is able to maintain an estimated 20 percent lower contribute rate than the market average.
Pusara Pro upholds the takaful insurance ethos of simplicity and affordability. “Today’s intricate insurance landscape demands agile, adaptive solutions. We are proud to be launching the very first digital takaful in Malaysia. Throughout the journey, IXT’s modern core plays a pivotal role in accelerating our time-to-market and providing a delightful digital customer experience.” said Shazy Noorazman, CEO of Ouch!
In today’s fast evolving insurance market, customers demand efficiency and simplicity when navigating insurance products, while insurers are grappling with the challenges of digital transformation. By leveraging IXT modern insurance core solution, Ouch! has delivered a streamlined straight-through quotation and application process in the absence of agents, with seamless integrations with third-party services including eKYC, payment gateways and mail services. Notably, IXT’s core policy module empowers Ouch! to configure its Pusara Pro Takaful product swiftly, bringing it to market within a remarkable 12-week timeframe. Moreover, IXT ensures that the insurance core is fully compliant with Bank Negara Malaysia Regulatory requirements at all times.
“Automation is no longer a luxury but a necessity for growth,” said Michelle Ip, CEO of OneDegree Global. “This partnership signifies the principles of a digital insurer – simplifying insurance with technology and convenience. We are glad to be a part of Ouch!’s revolutionary journey to pioneer the market of digital Takaful.”
Following a successful product launch last August, Ouch! is poised to elevate its market presence with a nation-wide marketing campaign “Kita Cover Challenge” this month, aimed at creating awareness and further closing the protection gap among Malaysians.