KUALA LUMPUR, Malaysia, July 11, 2018 /PRNewswire/ -- South East Asia's first on-demand lifestyle insurer VSure.Life, makes its international debut at the Hong Kong edition of Europe's largest technology conference, RISE today.
Chairman & Co-founder Eddy Wong and CEO & Co-founder Jason Ho showcase VSure.Life's on-demand insurance app at RISE Hong Kong
"We are exhilarated at this opportunity to be able to present VSure.Life at such an international arena. RISE gathers some of the top minds from Fortune 500 companies, ground-breaking start-ups and world-class speakers. We look forward to making a mark in the Insurtech landscape as the first on-demand lifestyle insurance provider for the region," quips Eddy Wong (Chairman), who with Jason Ho (CEO) are both Co-founders of VSure.Life.
The Co-founders add that they envision VSure.Life to be the preferred personalised digital lifestyle risk partner for the people of South East Asia.
"We are on a mission to provide people with access to affordable insurance, on-demand, and lifestyle protection in a simple and innovative way," says Wong.
The concept of on-demand lifestyle insurance enables consumers to turn on or off all types of insurance protection whenever, wherever and however - bringing insurance protection to the hands of the general public.
"Our vision to provide affordable insurance to people living in Southeast Asia. In doing so, we will also play a role in the social economic empowerment of those with no prior financial identity records to access financial services with affordable insurance as an easy entry point. Once their financial identity is established, they can then access other financial services such as loans, mortgages, etc.," adds Wong, one of the nine pioneering individuals from various industry backgrounds such as information technology, banking and finance, and insurance.
In an article published on McKinsey & Company last year, it was reported that Insurtech companies have grown by leaps and bounds:
- $140 million was invested annually in 2011, with investments climbing up to $270 million in 2013, and $2.7 billion in 2015.
- The average investment per Insurtech has risen fivefold, from $5 million in 2011 to $22 million in 2015.
- Despite the US having been the pioneering market for Insurtech, now only 46 percent of the companies are headquartered in the region with another 40 percent based in EMEA.
- The Asia-Pacific region accounts for only 14 percent of the Insurtechs but is expected to be the fastest growing region in the coming years.
- Insurtechs are active in all major insurance products and business lines, with concentrations in the P&C business and in the marketing and distribution areas of the value chain. (Source: www.mckinsey.com)
Looking at insurance as a utility, where it is a necessity, paying a nominal base rate just to get your life insured, then the decision-making is in the user's hands as they go through life. It is affordability and scalability in an insurance product never offered before. VSure.Life is unique in this market positioning.
The VSure.Life app is designed with removing complications of insurance, from purchasing to claims, in mind. The innovative workflow is believed to be able to improve customer experience and engagement that will effectively address the gap in insurance protection. The app differentiates itself from other established insurance start-ups by setting up the trend for a habitual lifestyle protection. Users are able to choose, purchase and claim, and switch protection on and off as needed, wherever and whenever they want. This essentially means that users will have the power to purchase insurance they need at any time of the day at their fingertips.
Their current product focus areas include On-Demand Insurance for sporting enthusiasts and in the next phase, VSure.Life Health & Medical, Affordable Term Life, and other General & Specialty Insurance products.
Bootstrapping up until this year, VSure.Life will be launching in Malaysia in the third quarter of 2018 and is seeking seed and venture capital to expand within the South East Asian region, for example in Hong Kong, Singapore, Indonesia, Thailand, and Vietnam. Expressions of interest in partnerships and collaborations are welcomed. VSure.Life is currently collaborating with AXA AFFIN Life Malaysia to launch an industry's first innovative product. VSure.Life is also open to work with other insurance partners in the future for various insurance products.
Insurtech is a heavily regulated industry with compliance to be met by Bank Negara of Malaysia (BNM) stipulations, and VSure.Life has been working closely with BNM's Fintech Sandbox Framework and is currently undergoing Phase 2 evaluation process review of the Framework.
Founded by nine ordinary individuals with a bold ambition to serve South East Asia's communities with insurance protection they truly deserve. The VSure.Life vision is to be the leading Digital Lifestyle Risk Partner & Insurer of South East Asia. We are on the mission to provide people with access to affordable insurance on-demand & lifestyles protection in a simple & innovative way enabling social economic empowerment, adequate protection and financial identity. For more information, visit www.vsure.life.
About Eddy Wong, CEO & Co-founder
Eddy brings over 22 Years of Corporate & Commercial Management & People Leadership experience with three multinationals Prudential Asia, WorleyParsons and Experian. Vast experience in the areas of global software development & delivery centre of excellence (COE)/ shared services/ BPO/ KPO, financial systems, enterprise performance management (EPM), governance & controls, auditing and risk consulting ranging from Information & Data Services, Financial Services (Insurance, Banking, Asset Management), Constructions and Property Development, Manufacturing, Retail and Trading Services, Facilities Management, Oil and Gas, IT Services and Integrations, Corporate Services and Financial Intermediaries.
About Jason Ho, CEO & Co-founder
Jason shares over 25 years of experience in the Information Technology industry with multinationals - Siemens, Logica, Experian, covering Global Product Software Development & Delivery Centre of Excellence, Global IT Service Delivery, Project Management, IT Outsourcing, Business Application Implementation and Roll-out covering a range of business domains from Credit Risk Management, Fleet Cards Management, Planning Permission and Building Control, Customer Information and Billing System, Document / Content Management and Workflow System in a number of different industries from Banking and Finance, Public Utilities (Energy and Water), Government agencies - City and Town Councils, Forestry and Environment, Oil and Gas.
About RISE Hong Kong
RISE is produced by the team behind Web Summit. In six short years, Web Summit has become Europe's largest tech conference which last year attracted 60,000 attendees from 170+ countries around the world. In July 2018, people from the world's biggest companies and most exciting startups will come to Hong Kong to share their stories and experiences. They'll be joined by major global media, hundreds of investors and thousands of attendees for three days of legendary networking. For more information, visit www.riseconf.com.
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For business inquiries:
Jason Wong, Chief Marketing Officer
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