Malaysia's #1 Digital Pet Insurance Platform, Oyen® achieves RM100 million* worth of protection milestone and unveils a new look with Malaysia's first-ever cat insurance agent!
Oyen® embarks on its next chapter in expanding its insurance protection products
30 March 2023, KUALA LUMPUR - Oyen®, Malaysia's premier digital first online pet insurance platform , achieves a milestone of RM100 million worth of protection and unveils a brand new look with Malaysia's first ever online - feline insurance agent.
In addition to becoming Malaysia's No.1 provider of digital pet insurance with its seamless end-to-end platform, Oyen® is known among pet owners for its broad veterinary medical bill coverage of up to RM8,000 per year and hassle-free claims payout.
Through this rebranding exercise Oyen®'s brand ethos of approachability, friendliness and care continues to be at its core as it expands its reach to introduce holistic insurance products to a larger audience that will go beyond pet insurance. These new insurance products will see unique consideration for pet owners and the cat agent, Oyen®, will help demystify insurance jargon, making it understandable to everyday Malaysians.
“We founded Oyen® during the pandemic when we discovered that pet owners were struggling to pay unexpected vet bills. As fellow pet owners ourselves, we want our customers to get the best care for their pets through our broad pet insurance coverage and provide insurance claims servicing by the most empathetic and caring team." said Kevin Hoong, Chief Executive Officer & Co-Founder of Oyen®.
He adds, "However, we also felt that we had so much more to offer, and through the encouragement and feedback from our existing customers, we thought that the time was right to take Oyen® through a rebranding exercise that would help highlight how an insurance provider can integrate pet and human insurance. You will see that with every product offering, Oyen® focuses on incorporating pets as a key element in our product.”
Established in 2021 through a partnership with MSIG Insurance (Malaysia) Bhd, Oyen® has assisted pet owners in managing the medical expenses for their pets, enabling them to save a substantial amount in veterinarian bills that would have been expensive to afford. With RM100M of insurance protection provided, Oyen® has enjoyed an exponential growth of sixfold from 2021 to 2022. Additionally, Oyen®'s insurance coverage is available in every vet clinic in Malaysia hence customers need not visit a panel vet clinic since they can easily reimburse their bills on Oyen®’s online platform.
With an easy-to-use user portal and accessible customer service, pet parents can manage and track their pets' claims submission and progress as well as renew their policies online.
Having raised over RM1.7 million through seed funding with notable investors such as Hustle Fund, there is a more significant potential for growth with unique insurance policies that provide a pet element for Gen Zs and millennials who emphasise their pets. Oyen® is projecting to achieve 50,000 pets covered in Malaysia and 100,000 in South East Asia by 2025.
"To stay competitive in a rapidly evolving landscape, our secret sauce lies in owning the end-to-end insurance journey of our customers - from onboarding and claims to renewal. By utilising our proprietary digital insurance platform, our team is empowered to exceed customer expectations beyond their insurance needs. This ensures that every customer and furkid receive personalised attention and care.” says Michelle Chin, Chief Operating Officer & Co-Founder of Oyen®.
Nur Basyira Bahari, an Oyen® customer, said, "What I like most about Oyen is that they go above and beyond in providing insurance services. As a new cat owner, I've learned a lot about responsible pet ownership and care from Oyen. The insurance itself is great value for money and the claims process is very smooth."
Alda Lo, an Oyen® customer says, "Having met the founders and the way they created Oyen Insurance, it beats any company I have used before. Their plans are great and they bring a fresh new approach to insurance. They have a user-friendly online platform and they are also very transparent on things - easy claims and registration process and everything can be done in a few minutes."
Chua Seck Guan, Chief Executive Officer of MSIG Malaysia, said, "We are pleased to have supported Oyen® at the start of their journey in providing truly unique pet insurance in the Malaysian insurtech space. Watching their growth is extremely encouraging, and with their new look and expansion plans, Oyen® can only continue to achieve greater milestones with its future offerings."
In tandem with the rebranding exercise, Oyen® has rolled out a new (human) travel insurance product designed exclusively with elements of pet protection incorporated. This unique travel insurance not only covers avid travelling pet owners, but it also offers additional pet benefits made to give pet owners peace of mind should the inevitable happen to them during their trip, i.e. trip curtailment, where Oyen® travel insurance policy will pay for the unused portion** of their trip (up to RM50,000) for returning home early should their pet get severely ill or pass away. Oyen® travel insurance policy will also pay for pet boarding extension due to travel delay of up to RM1,000.
* The calculation on insurance protection is based on the total sum insured of Oyen’s policies
** Subject to policy terms and conditions
For more information, visit Oyen® at www.oyen.my/