Leading e-commerce platform, Lazada Malaysia, has recently announced a partnership with AIG Malaysia, subsidiary of American International Group, Inc (NYSE:AIG), to provide a more convenient, accessible, and seamless purchase of insurance for Malaysians on its platform.
Customers who shop on Lazada Malaysia are now able to shop from the ‘freestanding’ AIG shop-front to easily purchase Travel, Snatch Theft and Personal Accident (Active Lifestyle Care) coverage. These premiums will be priced between RM8 to RM115.
Malaysia’s general insurance penetration level, measured in terms of premiums as a share of GDP, stands at less than 2 per cent as compared to 3-4 per cent in more developed markets. Recognising that the population remains largely uninsured, the partnership seeks to continue expanding the reach and penetration of insurance in the country, further generating more awareness among consumers.
“Enabling opportunities in the digital and direct channels for the purchase of insurance will be able to improve transparency and enable easier product comparisons, further ensuring that our customers are well-informed about the right products that suit their needs.”
“We continuously invest to provide services that create a more engaging customer experience, and ultimately, better serve the needs of Malaysians. This collaboration is timely and helps prepare Malaysians to take a better charge of their future,” said Hans-Peter Ressel, Chief Executive Officer of Lazada Malaysia.
According to Antony Lee, AIG Malaysia’s Chief Executive Officer, the partnership is another milestone for AIG Malaysia to reach out to a very under-insured segment of the market that favours the convenience of purchasing on digital platforms. AIG will offer popular insurance products specifically tailored for this market at competitive premium prices.
“Lazada not only presents a compelling retail presence, but also offers a strong online platform that enables AIG Malaysia to offer the relevant products to the right customers at the right time, and for the right reasons.”
“With some 50 per cent of Lazada’s customers aged between 26 and 35 years – well within AIG’s target customer segments – the partnership will provide us with the opportunity to better understand our customers’ needs and to continuously match them with the right insurance solutions.”