PolicyStreet, a full-stack insurer is making waves in the insurtech industry as it was named the Top Insurtech Startup at the Fintech Frontiers Awards Malaysia 2023 held on 4 October. The award underlines serve as a testament to PolicyStreet's innovative approach to addressing the protection gap, which has successfully made insurance coverage more accessible and inclusive.
Hosted by Fintech News Malaysia, the Fintech Frontiers Awards recognises homegrown excellence and innovation within the fintech industry, celebrating organisations that have made significant contributions to the fintech landscape.
The award shortlisted the three organisations in each category through public nominations and a month-long public voting process. The finalists were then evaluated by a panel of judges hailing from regulatory bodies to international banks, with the organisation with the highest overall score in the respective categories emerging as the final winner.
"We are humbled and excited to receive this recognition, which not only recognises our dedication to addressing the protection gap but also underscores the significance of our mission. This accolade reaffirms our commitment to making insurance more accessible and inclusive, especially for underserved communities," says Yen Ming Lee, Co-founder and Chief Executive Officer of PolicyStreet.
As the winner of the Top Insurtech Startup category, Yen Ming Lee was also invited to speak at the Fintech Frontiers Conference panel discussion, “What to Expect from Malaysia’s New Digital Insurance Licenses?” held the following day. The panel touched on how new digital insurers and takaful operators can address protection gaps in the region, what to expect from digital insurance licensees, and areas of feedback from the insurtech industry that will require the regulators to reconsider.
“Embedding micro-insurance products into the daily lives of Malaysians is our key focus, as the approach improves the accessibility of protection, especially for underserved communities. By making insurance easily accessible, affordable, and convenient to undertake, we hope to make financial security the default standard of living for all Malaysians. We believe that everyone deserves financial security, and we will continue to innovate and push boundaries to bridge this gap further, ensuring that individuals and businesses alike have the financial security they need,” adds Yen Ming.
Among the award-winning efforts by PolicyStreet in embedding micro-insurance includes the Damage Protection Plan with Shopee Malaysia, on-the-job protection of gig workers with foodpanda and ShopeeFood, and CARSOME Care+, a personal accident coverage with a loan protection feature.
To learn more about PolicyStreet and its award-winning insurtech solutions, please visit https://www.policystreet.com/newsroom/press-releases.
This article is provided by PolicyStreet
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