The Malaysian pet digital insurance site received initial funding of $ 420,000


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Listen, a Malaysian-based digital health insurance provider based in Malaysia, announced that it has raised $ 420,000 in seed today. The round is backed by the Hustle Fund and angel investors made up of former and current executives from Airbnb, Facebook and Rocket Internet.

These funds will go to improve Oyen’s proprietary digital insurance platform and strengthen its market position in the Malaysian industry. To achieve this, the company shared that it will expand employment in various roles in technology (such as software engineering) and non-technology (such as growth marketing).

The platform was launched in late April 2021 in partnership with MSIG Insurance (Malaysia) Bhd, and offers services that come from a network of veterinary clinics.

It claims to be able to provide the largest veterinary medical coverage in the country up to RM 8 of the amount for which medical benefits may be claimed, up to RM 1,000 pet burial costs and up to RM 50,000 third party liability claims.

More people want pets

Oyen’s launch came in a timely manner, given that research found an increase in pet ownership in the region, a trend that escalated during the COVID-19 pandemic as people sought to socialize with pets.

Along with pets come responsibilities for caring for them, which can be daunting in the event of an emergency that is expensive to deal with. In this space, Oyen wants to make an impact, not only after emergencies, but also in preventive care and the general health of pets.

In the next 3 years, Oyen intends to provide 100,000 pets in Southeast Asia, half of which are expected to come from the first market, Malaysia.

In the Asia-Pacific region, it is estimated that it will reach CAGR in the pet care market $ 132 billion by 2027. The recovery of the insurance ecosystem in Southeast Asia is also expected soon, and the life insurance sector is projected to reach 30% CAGR $ 15 billion by 2025and a CAGR of over 14% to reach almost $ 20 billion by 2024 for the general insurance market.

Dictionary of dictionaries: The compound annual growth rate (CAGR) is the average annual growth rate of an investment over a period of time longer than one year.

Investopedia

Amid these projections and observations of a growing consumer turn towards digitalized insurance offerings, Oyen wants to work closely with industry players and regulators in the region to expand its services to more markets.

At the same time, he sees potential in moving to other segments of consumer insurance for people such as home, life and health insurance, although these would seem to be more saturated markets.

  • You can find out more about Oyen here.
  • You can read more articles related to pets here.

Credits for featured paintings: Kevin Hoong (founder and CEO) and Michelle Chin of Oyen


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