Jirnexu set to operate in Malaysia

November 27 2017 by InsuranceAsia News Staff

Jirnexu, a financial technology firm based in South-East Asia, is to start operations in Malaysia after the country’s central bank approved its application to compare, sell, process payments and issue e-policies for insurance products.

Jirnexu is the first fintech firm to be granted approval to sell select general and life insurance products from multiple providers.

It is also the first to build a “dedicated e-commerce marketplace for insurance”, according to Lucas Ooi, director of insurance at Jirnexu.

Its launch portfolio of products will start with term life and motor insurance.

Ooi added that the company’s most recent financing round will play a key role in developing technology for Malaysians to search and obtain their insurance from a single platform in a matter of minutes.

He added that general insurance premiums in Malaysia reached M$17 billion (US$4.1 billion) in 2016, and new business premiums in life insurance grew to M$9.75 billion.

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