Southeast Asian fintech startup Jirnexu, the region’s only full stack fintech solutions provider for financial service institutions, has been approved by Malaysia’s central bank to compare, sell, process payments and issue e-policies for insurance products.
Jirnexu is the first company in Malaysia permitted to sell selected general and life insurance products from multiple providers, and the first to build a dedicated e-commerce marketplace for insurance.
Receiving approval to join Malaysia’s Bank Negara Malaysia (BNM) Financial Technology Regulatory Sandbox, which allows participants to introduce innovative fintech services and products, Jirnexu will soon begin transacting term life and motor insurance directly on their financial comparison site RinggitPlus.com.
Jirnexu Director of Insurance Lucas Ooi said they are excited that Bank Negara has entrusted Jirnexu to drive the fast-growing consumer adoption of digital insurance.
"We will work closely with our stakeholders to build Malaysia’s first e-commerce marketplace and offer a more comprehensive suite of insurance products—starting with term life and motor insurance.
"Our most recent investment round will play a significant role in developing the technology for Malaysians to search and obtain their insurance from a single platform in a matter of minutes,” he said.
He added that general insurance premiums reached RM17 billion in 2016 while new business premiums in life insurance grew to RM9.75 billion.
"Following our success working with banks to innovate new solutions such as RHB’s recent introduction of Southeast Asia’s first chatbot for processing personal loans online, our proprietary technology continues to raise the bar for the financial service industry.
"We are already working with insurers such as Zurich, Etiqa and UforLife to integrate our technology with their platforms, helping them reach the fast-growing, underserved market of digital consumers,” said Ooi.
Meanwhile, Mukesh Dhawan, General Manager of Life Insurance at Zurich Insurance Malaysia Berhad, said the firm has been partners with Jirnexu for more than a year and their partnership has proven to be very valuable.
"With Jirnexu now as a participant of the Sandbox, we are confident that we can play a greater role in getting more Malaysians insured.
"Zurich is in a unique position to offer a full range of Insurance and Takaful solutions,” he said.
BNM introduced the fintech regulatory Sandbox framework last October to support innovation that improves the quality, efficiency and accessibility of financial services in the country.
For the first time earlier this year, startups that offer services ranging from insurtech to remittance and money exchange were admitted to the Sandbox.
According to BNM, Malaysia’s life insurance penetration rate has remained stagnant over the past five years.
According to Swiss Re data, insurance penetration rates across ASEAN stood at just over three per cent in 2015, well below the global average of six per cent.
Commenting on the latest development, UforLife General Manager Kenny Thing said, through its partnership, Jirnexu has helped UforLife underwrite more than RM140 million of sum assured to date, on track to represent a four-fold increase from 2016.
"I have no doubt that through the Sandbox, Jirnexu will be a significant force in accelerating the growth of life protection levels in Malaysia,” he said.
Etiqa Insurance and Takaful Chief Strategy Officer Chris Eng said, being able to integrate its system with Jirnexu's technology and better adopt automation will enable the company to improve the accessibility of digital insurance to Malaysians.
"We are excited to see how Etiqa and RinggitPlus can collaborate to deliver market leading customer experience,” he added.
Jirnexu provides a proprietary full stack technology, XpressApply, for financial service institutions to manage every stage of the customer acquisition and lifecycle management journey—marketing, acquisition, fulfilment and retention.
XpressApply powers Jirnexu’s online financial aggregators RinggitPlus in Malaysia and KreditGoGo in Indonesia.
The company aims to be the Amazon of financial products by providing consumers with greater choice and convenience to purchase financial and insurance products anytime, anywhere and on any digital device.
Ibrahim Sani
Thu Nov 23 2017
Jirnexu is yet another fintech firm approved by Bank Negara Malaysia to function in the fintech Sandbox. - Filepic
20 tentera maut, gudang peluru di Kemboja meletup
Sebuah gudang peluru tentera meletup pada Sabtu membunuh sekurang-kurangnya 20 tentera dan mencederakan beberapa yang lain di tengah Kemboja.
Tumpuan Isnin - 29 April 2024
Ikuti rangkuman berita utama yang menjadi tumpuan di Astro AWANI.
Jadikan ASEAN sebagai pusat pertumbuhan utama- Pakar
ASEAN mempunyai potensi untuk menjadi pusat pertumbuhan ekonomi yang kukuh, inklusif dan mampan.
Menurut penganalisis ekonomi, Fithra Faisal, negara-negara besar khususnya harus tundukkan 'ego' mereka dan bekerja bersama dengan anggota ASEAN untuk memperkukuhkan lagi ekonomi negara.
Menurut penganalisis ekonomi, Fithra Faisal, negara-negara besar khususnya harus tundukkan 'ego' mereka dan bekerja bersama dengan anggota ASEAN untuk memperkukuhkan lagi ekonomi negara.
Bill Gates sambut baik dana $500 juta dari Arab Saudi
Pengasas Microsoft, Bill Gates mengalu-alukan bantuan $500 juta dolar dari Arab Saudi dalam usaha memerangi penyakit polio bagi tempoh lima tahun akan datang.
Hanya US boleh halang Israel terus serang Rafah- Mahmoud Abbas
Rafah menjadi tempat lebih sejuta rakyat Palestin berlindung daripada serangan berterusan Israel, sejak tujuh bulan lalu.
Anwar tekan kepentingan sokong pengiktirafan negara Palestin di PBB
Perdana Menteri Datuk Seri Anwar Ibrahim menekankan kepentingan menyokong pengiktirafan negara Palestin di Pertubuhan Bangsa-Bangsa Bersatu (PBB) ketika bertemu rakan sejawatnya dari Jordan, Bisher Hani Al-Khasawneh, di luar mesyuarat khas Forum Ekonomi Sedunia (WEF) di Riyadh Arab Saudi pada Ahad.
Muhammad Hakim Danish naik podium di GP Sepanyol
Pelumba muda negara Muhammad Hakim Danish Ramli mempamerkan peningkatan prestasi apabila menamatkan perlumbaan 2 Grand Prix (GP) Sepanyol bagi saingan Rookies Cup di kedudukan podium hari ini.
10 Berita Pilihan - (28 April 2024)
Antara pelbagai berita dalam dan luar negara yang disiarkan di Astro AWANI, berikut adalah yang paling menjadi tumpuan sepanjang hari ini.
AWANI Ringkas: Inspektor ditahan kerja
Ikuti rangkuman berita utama yang menjadi tumpuan sepanjang hari di Astro AWANI menerusi AWANI Ringkas.
Ratu cantik Malaysia Harveen Kaur tawan Puncak Mera namun hilang jari akibat luka beku
Puncak Mera yang berketinggian 6,470 meter dari paras laut itu mampu memberi cabaran hebat meskipun kepada pendaki paling berpengalaman.
1MDB: Penganalisis BNM nafi sekongkol dengan SPRM sedia laporan jejak wang ke akaun Najib
Peguam utama Najib menuduh penganalisis Bank Negara tidak bebas' dan bersekongkol dengan SPRM semasa membuat laporan mengenai jejak wang 1MDB.
Jejak wang 1MDB dalam akaun Najib selesai - Saksi
Penganalisis Pasukan Petugas Khas 1MDB membuat rumusan selepas selesai memberikan keterangan mengenai jejak wang 1MDB yang dipindahkan ke dua akaun peribadi Najib.
BNM dijangka kekalkan OPR sehingga akhir tahun
Bank Negara Malaysia dijangka mengekalkan kadar dasar semalaman (OPR) pada 3.00 peratus sehingga akhir tahun ini.
Ringgit tunjuk tanda kenaikan - Gabenor BNM
Ringgit susut sebanyak 5.8 peratus pada suku kedua 2023 namun meningkat sebanyak 1.1 peratus dalam tempoh suku ketiga setakat ini.
RHB Research jangka BNM kekalkan OPR pada 3.0 peratus
RHB Research menjangkakan Bank Negara Malaysia (BNM) mengekalkan kadar dasar semalaman (OPR) pada 3.0 peratus dengan mengekalkan pendirian neutral dalam mesyuarat jawatankuasa dasar monetari pada 6 Ju
OPR naik bercanggah dengan strategi ekonomi kerajaan - SPCAAM
SPCAAM menyifatkan tindakan Bank Negara Malaysia (BNM) menaikkan kadar dasar semalaman (OPR) adalah suatu perkara yang bercanggah dengan keseluruhan strategi ekonomi kerajaan.
OPR 3 peratus selari dengan pengukuhan ekonomi negara - Bank Negara
Bank Negara Malaysia (BNM) berkata kadar dasar semalaman (OPR) pada tiga peratus membawa kembali kadar faedah penanda aras itu ke paras sebelum krisis.
Malaysia tidak jangka kemelesetan pada 2023 - Gabenor BNM
Inflasi dijangka kekal tinggi tetapi Malaysia tidak menjangkakan kemelesetan pada 2023, sejajar dengan pertumbuhan ekonomi yang lebih baik.
Bank Negara dijangka sekali lagi naikkan OPR 25 mata asas bulan depan
Bank Negara Malaysia (BNM) dijangka menaikkan Kadar Dasar Semalaman (OPR) sebanyak 25 mata asas lagi pada November berikutan Indeks Harga Pengguna (IHP) teras yang kukuh dicatatkan pada September.
Bank Negara arah iPay88 tingkatkan kawalan keselamatan siber
Bank Negara Malaysia mengarahkan penyedia perkhidmatan gerbang pembayaran iPay88 (M) Sdn Bhd untuk melaksanakan langkah-langkah tambahan bagi mengukuhkan lagi kawalan keselamatan siber.