Oyen, a Malaysia-based digital pet health insurance provider, announced today that it has raised $ 400,000 in a seed round. The round is supported by Hustle Fund and Angel investors, comprised of past and current executives from Airbnb, Facebook, and Rocket Internet.
These funds will be used to improve Oyen's own digital insurance platform and strengthen its market position in the industry in Malaysia. To achieve this, the company said it will expand its recruiting into various roles in technology (like software development) and non-technology (like growth marketing).
The platform was launched at the end of April 2021 in collaboration with MSIG Insurance (Malaysia) Bhd and offers services from a network of veterinary clinics.
It claims that it can offer the highest veterinary health insurance in the country with up to RM8K of the amount that can be claimed in veterinary fees, up to RM1K in funeral expenses for pets, and up to RM50K in third party liability claims.
More people want to pet pets
Oyen was launched in a timely manner considering that research has found an increase in pet ownership in the area, a trend that escalated during the COVID-19 pandemic as people sought company for pets.
With pets comes the responsibility of looking after them, which can be daunting in the face of emergencies that are expensive to handle. In this area, Oyen wants to make a difference, not only after emergencies, but also in the prevention and general well-being of pets.
Over the next 3 years, Oyen plans to insure 100,000 pets in Southeast Asia, half of which will be from its first market, Malaysia.
In the Asia-Pacific region, the CAGR of the pet care market is estimated at $ 132 billion through 2027. Southeast Asia's insurance ecosystem is also expected to recover soon, with the life insurance sector projected to reach a CAGR of 30% to over $ 15 billion by 2027 and a CAGR of over 14% to reach nearly $ 20 billion by 2024 to achieve general insurance market.
Dictionary time: Average annual growth rate (CAGR) is the average annual growth rate of an investment over a period of more than a year.
Amid these predictions and observing an increasing consumer shift towards digitized insurance offerings, Oyen plans to work closely with industry players and regulators in the region to expand its services to additional markets.
At the same time, it sees potential in penetrating other consumer insurance segments such as home, life and health insurance, although these appear to be more saturated markets.
- Find out more about Oyen here.
- You can find more articles on pets here.
Photo credit: Kevin Hoong (Founder and CEO) and Michelle Chin von Oyen