Blurb from the author: Life insurance is a privilege for me, if I'm honest. Not everyone can afford to spend an amount every month to pay an insurance premium for something they don't immediately benefit from.
Epost is a Sabahan startup founded in 2018 that offers comprehensive e-commerce and logistics services in the national and international arena.
Some of his customers
These include Digital China Holdings, Shopee, Yunda Express, BGO Taiwan and others.
Now the team has
decided to launch a new value-added service called Epost Protect, under which
They are general and life insurance products for the
To achieve this, they have partnered with Sabah Credit Corporation's proprietary Sabah Pay e-payment system and BIB Insurance Brokers Sdn Bhd.
When we heard that, we
found it strange that an e-commerce logistics company
would penetrate the life insurance sector.
Vulcan Post explained that they are actually quite well positioned for this.
You are not just a logistics company, but also a platform for several
Transaction categories that are relevant to consumers.
This means that Epost
is able to provide insights into the daily life of consumers and to provide relevant information
Insurance products to them through a convenient digital platform.
Working towards A.
Here is the main thing
Problem that Epost wants to help with. The demand for buying life insurance
Malaysia still has a penetration rate of only 55%.
Bank Negara Malaysia is aiming for a 75% penetration rate in 2020, but there are two obstacles in the way: pricing and affordability, former finance minister Lim Guan Eng said in an interview.
With Epost's insurance
Products placed on Sabah Pay are easy for users to request, buy, and
Make payments for your insurance premium.
In terms of pricing,
Some examples of the insurance packages offered are HLMT i-Hospital Care for
RM250 per year and HLMT i-Salam for RM150 per year. Note that prices may vary
differ depending on your entry age, but remain the same during your choice
In my personal experience of paying for my chosen life insurance, this is an average price that is mostly affordable for the M40 population.
If you are a Boost user, you may know that the e-wallet also offers a free insurance service from Prudential in a special COVID-19 coverage package, but limited to the first 200,000 Boost Premium Wallet users who are apply. The coverage period is also only until April 30, 2020.
On the other hand, Epost Protect's insurance products are not only limited to COVID-19, but you can also take out car insurance, pet insurance and general life insurance products.
I downloaded Sabah Pay
Me myself to see what Epost Protect would look like and how I would shop
it (without actually making a transaction).
Epost Protect can be
listed on the Mini Apps tab. Click on the list and you will receive one
Base page that informs you about the categories of insurance products that you can
After selecting “Get
Started ”I was instructed to fill out a form with my personal data and that
Type of insurance category I want (no specific insurance product yet).
What the service looks like at Sabah Pay
When I was done, the
App informed me that I would receive further information in an email
sent within 24 hours.
No payment was made, which made sense since I couldn't even get more information about the products. It felt more like registering for the service and I wish I could have seen the details of each insurance category and its products before I even registered.
Now I have to wait
about 24 hours before I can find out more about what I have got into and
What would be the next steps for an interested customer?
Overall the interface
was simple and looked clean, and finding the service in the app wasn't
While Epost is Protect
Currently only available through Sabah Pay. However, this does not mean that it is limited to Sabah Pay only
Sabahans, according to Tobin.
West Malaysians are
Welcome to buy the insurance products too, but I assume here
There could be some potential acceptance issues.
I would definitely say
Paying the insurance premium through an e-wallet is another welcome
convenient option. (I personally use my bank's direct debit service to pay
However Sabah Pay appears
to be a fairly Sabahan-specific app because its platform centralizes all monetary ones
Transactions with the state, which means that you can pay for utilities and taxes
With so many west
Malaysians already use other e-wallets like Boost, GrabPay, Touch & # 39; n Go eWallet,
and more, I think they would not be willing to download another app just for
One purpose: the payment of the insurance premium.
So I asked Tobin
why they chose to work with Sabah Pay instead of the other, which is more popular
E-wallets in the Epost Protect market.
His answer was that
They wanted to support Borneo's technology initiative, and Sabah Pay also served as
good entry point for your new service.
He said that they want to work with other e-wallets in Malaysia in the future. Perhaps payment of the insurance premium via e-wallets could then become the new standard.
Epost Protect is still
In the first phase, the team collects more data to analyze the recording
Rate and attitude of East and West Malaysians to better understand
In his partnership with BIB Insurance Broker Sdn Bhd, Tobin also said: “We will work to develop new products that are more efficient and affordable for consumers and provide the coverage they need, rather than products that are tailored to personal or specific needs are not relevant. ”
Bottom line: As an East Malaysian, I am proud to see interesting developments from this part of our country. There is definitely the stereotype that East Malaysia is "slower" and "underdeveloped" compared to West Malaysia. So it's always nice to see that these stereotypes are being broken by more and more East Malaysian startups.
- More information about other Malaysian startups can be found here.
Selected image source: Epost