InsureComFree partners with The Pacific Insurance Berhad to debut personal cyber insurance product with full-service support in Malaysia
The Pacific Insurance Berhad has worked jointly with InsureComFree to develop a unique Personal Cyber Insurance that addresses online risks for Individuals, Students, and families
KUALA LUMPUR, MALAYSIA, September 21, 2022 – Fresh on the heels of its partnership with Singapore based InsurTech platform Singviva, Malaysia-based Insurtech InsureComFree has partnered with The Pacific Insurance Berhad (“TPIB”) to develop PACIFIC Personal Cyber Insurance (“PPCI”), a holistic personal cyber insurance that encompasses full-service support which is rare in Southeast Asia.
PACIFIC Personal Cyber Insurance provides protection against financial losses caused by cyber fraud, reimbursement for online retail fraud, e-commerce purchase protection, and protection against financial losses incurred due to identity theft. On top of that, PACIFIC Personal Cyber Insurance also provides a unique coverage for online education credentials.
“We are honoured and excited to partner with InsureComFree in providing affordable personal cyber insurance coverage for a highly digitalized and interconnected world, where cyber criminals are becoming more sophisticated and cyberattacks are becoming more prevalent. InsurComFree has the broad reach to a wide array of customers, including the B40 segment, who we believe will genuinely benefit from this partnership”, said TPIB Chief Executive Officer Mr Gobi Athappan.
TPIB Chief Distribution Officer Mr Low Eng Chuan added that, “Cybercrime is a growing threat not just worldwide but in Malaysia too. According to the latest statistics from the police, Malaysians suffered losses of about RM2.23 billion from cybercrimes between 2017 to July 2021. PACIFIC Personal Cyber Insurance can give Malaysians peace of mind knowing that they have some protection against financial losses from a cyber-attack,”
According to InsureComFree CEO Mohd Faizol, the company’s mission is to provide a platform that empowers all customers, including B40 segment, with competitively priced and commission free insurance products as well as promote financial literacy in the Malaysian society.
“Our goal is to bring the most competitive products into the market while examining the risk factors facing our population. Technology has brought new opportunities, but it comes with certain risk factors that we must manage with care, and this is where we, at InsureComFree, come into the picture with our focus on customers who do not want to incur additional distribution expenses when protecting their digital footprint. Cost should not be a reason to compromise one’s safety,” said Mohd Faizol.
PACIFIC Personal Cyber Insurance can be purchased from The Pacific Insurance Berhad for a gross annual premium of RM78.90 per year (about RM0.22/day) inclusive of Sales & Service tax and stamp duty charges.
Customers can also choose to purchase PACIFIC Personal Cyber Insurance from InsureComFree for RM61.68/year (about RM0.17/day) as there is no commission involved.
For more information on PACIFIC Personal Cyber Insurance, please visit https://www.pacificinsurance.com.my/products/miscellaneous/personal-cyber-insurance/
About The Pacific Insurance Berhad
The Pacific Insurance Berhad is a non-life insurer writing all classes of Non-life Insurance with its roots going back to the 1950s in Malaysia. It is a subsidiary of Fairfax Financial Holdings Limited, a Canadian financial services holding company based in Toronto that is listed in the Toronto Stock Exchange with equity of more than USD 15.1 billion, assets in excess of USD 53 billion and revenue of more than USD 23.8 billion as of end 2021.
You can find more information at https://www.pacificinsurance.com.my/.
About InsureComFree (ICF)
InsureComFree, an InsurTech platform that aims to democratise Insurance and Takaful products by making it affordable and accessible for everyone. A revolutionary business model where we focus on the core of Insurance & Takaful and that’s better understanding the risk profile of our digital platforms and co-create insurance products that’s affordable and rebate full commission back to consumers. InsureComFree is headquartered in Kuala Lumpur.
You can find more information at www.insurecomfree.com.my