Ouch! launches new digital takaful plan

KUALA LUMPUR: Insurtech platform, Ouch!, has launched its first digital takaful product, Pusara Pro, making its entry into the takaful market as the first digital takaful operator in Bank Negara Malaysia’s Regulatory Sandbox.

In a statement, Ouch! said Pusara Pro is a simple term life product that provides participants with a death benefit of up to RM500,000 and an additional compassionate benefit of 10% of the total sum assured.

Ouch! said Pusara Pro has a 24-hour compassionate benefit claims payout, a record first in Malaysia across both conventional and takaful markets. All claims can be made and tracked directly through the Ouch! mobile app, further simplifying the claims process.

“As an insurtech platform looking to shake up the insurance or takaful space, we are determined to eliminate one of the industry’s greatest hurdles: the claims experience and processing times. The swift 24-hour turnaround for compassionate claims is our commitment to our participants so that we can help provide crucial financial support for families during the incredibly challenging, immediate aftermath of losing a loved one,” CEO Shazy Noorazman said.

“The takaful industry experienced an 18.3% increase in gross contributions in 2022 compared to the year before, according to Malaysian Takaful Association’s Annual Report. The launch of Pusara Pro will drive the takaful growth further and reach a wider group of audience.”

Pusara Pro is an all-digital product that can be directly purchased, viewed, and serviced in the palm of users’ hands, via the Ouch! mobile app.

Besides policy management, the app also looks to be an educational takaful/insurance tool for younger Malaysians, with reward features for staying healthy, a coverage calculator to help identify best-fit strategies for its users, as well as a referral program for all participants to earn rewards.