Focus Malaysia 14 May 2019 12:36
U For Life, Malaysia’s first online life insurance service, has officially rebranded itself as Fi Life after the acquisition of its business by Fi Life Sdn Bhd (“Fi Life”) last year. Fi Life acquired the U For Life business from U For Life Sdn Bhd, which at the time of the acquisition, was owned by German reinsurer Hannover Re, and New Zealand insurance software company, Intelligent Life.
In addition to the rebranding, Fi Life implemented enhancements to its online insurance service at www.fi.life.
Key enhancements include:
1. A more intuitive, natural language, interface.
2. Expansion of age eligibility and coverage period (see details overleaf1).
3. Greater eligibility for higher cover for certain age and income categories.
4. Premium savings of up to 10% for RM1 million life cover.
The above enhancements are in addition to the following existing features:
1. Immediate life cover issuance from the web/mobile site.
2. No medical examination required for cover up to RM1 million.
3. Option to also obtain accelerated payment cover for 4 categories of critical illness (cancer, stroke, heart attack or coronary artery by-pass).
4. No blanket rejection for people with prior medical issues (subject to declaration and online assessment of medical history, applicants may be offered coverage with loading).
5. Premium payment by credit card/debit card to get immediate cover.
The latest product enhancements were developed by Fi Life’s in-house insurtech product development team. Fi Life has made a strategic choice of bringing all insurtech product development in-house to be able to respond quickly to the needs of Malaysian consumers, as well as to build deep domain knowledge of the insurtech vertical.
Fi Life’s insurance products are underwritten by Tokio Marine Life Insurance Malaysia Bhd.