MALAYSIA – 22 April 2021 – Malaysians love their furry friends and are increasingly investing in a burgeoning range of pet-related products such as pet hotels, pet grooming services, pet tracking/monitoring gadgets and many more. But pets can also be a heavy responsibility for caring owners, if they get ill or unfortunately suffer an accident.
This is why Oyen Sdn Bhd created a digital-first insurance platform – oyen.my – with MSIG Malaysia partnering to underwrite the pet insurance policy. This new platform allows caring pet owners to digitally buy and manage medical insurance for their cats and dogs, quickly and conveniently.
Kevin Hoong, Oyen Founder & CEO, said, “The COVID-19 pandemic has fuelled an increase in pet ownership around the world. More people are now working from home and increasingly look to pets to provide companionship and help manage their stress. Many of these new pet owners are first-timers and often millennials, who are more digitally savvy.”
In the US, the Animal Medical Centre has seen a 25% increase in new pet dogs and cats ownership compared with the previous year prior to the pandemic. An overwhelming percentage of pet owners (74%) in the UK had also said that their pet had helped them with their mental health while they were coping with the lockdowns.
“As a busy working adult living on my own, the remote working arrangement limits my physical interactions, which can feel demotivating. I am happy to have my cats, Budi and Nadi, as companions to keep me positive. Oyen provides me with the peace of mind that my cats are always protected. Major plus point – it took me just a few minutes to apply with Oyen online!” Aiman Kamal, 32, a banker & recent customer of Oyen Sdn Bhd.
Kevin continued, “Medical costs for pet care can be surprisingly large and an unexpected and unwelcome expense for many owners should their pets get ill or suffer an unfortunate accident. That is why we thought it was the perfect time to launch this digital pet insurance option in Malaysia. We want to lower the barrier to entry and offer a service which can provide pet owners, especially first timers, with some reassurance and peace of mind in these turbulent times.”
“When I first adopted 2 stray cats (Siti Kylie and Nurul Kendall), I was worried about the financial commitment that would inevitably come with their health care costs. Once, Siti Kylie fell sick, and I was shocked at the bill that came! The fact that I can now purchase the coverage online with Oyen makes the process super convenient, and all of the important details are stated in their website clearly.” Jehan Omar, 31, IT Project Manager, who is a customer of Oyen Sdn Bhd.
Some key features of Oyen’s pet insurance^ include:
- High vet medical coverage in Malaysia – up to RM 8,000 in vet medical fees, claimable in the event of illness or accidental injury.
- Farewell burial/cremation cost up to RM 1,000, and third-party liability coverage up to RM 50,000.
- Reimbursable visits to registered vet clinics in Malaysia.
- Fast cover and seamless claims. Customers can get insurance coverage within minutes and submit their claims online.
Mr. Chua Seck Guan, CEO of MSIG Malaysia, said, “We are delighted to have been able to work with Oyen to develop this unique digital pet insurance offering. We hope that our position as one of the world’s top ten general insurers, with over 100 years of operation in Malaysia, will provide reassurance and confidence to Malaysian pet owners looking to use Oyen to cover their pets’ medical expenses.”
About Oyen Sdn Bhd
Oyen is a digital-first insurance platform that allows customers such as pet owners to buy and manage pet medical insurance for their cats and dogs easily.
Oyen’s mission is to help Malaysians be happy pet owners through healthy pets. The company was founded by a group of passionate pet lovers and qualified insurance professionals with years of experience in the insurance industry.
As a digital insurance platform, Oyen aims to make the insurance purchase and claims experience as seamless as ordering a rideshare on your mobile phone.
About MSIG Insurance (Malaysia) Bhd
MSIG Insurance (Malaysia) Bhd (“MSIG Malaysia”) is a subsidiary of Mitsui Sumitomo Insurance Company, Limited and a member of MS&AD Insurance Group Holding, Inc. (MS&AD), one of the top ten** general insurers in the world.
With over 100 years of general insurance experience and a nationwide network of 20 branches in Malaysia, MSIG Malaysia is one of the leading general insurers in Fire, Engineering and Motor classes and No.1* in Marine Cargo, offering an extensive range of products and services for personal and business needs.
MSIG Malaysia’s expertise is well recognised through its receipt of many prestigious awards. These have included the 2020 Reader’s Digest Quality Service Award – Silver winner in the Car Insurance category. MSIG was recognized for having one of the highest levels of quality service, which reflects the effort that the company has put in to satisfy consumer’s demand for high service standards. The company was also awarded the 2018 “Outstanding Property and Casualty Insurer in Malaysia” award in the InsuranceAsia News Awards for Excellence.
MSIG Malaysia was commended for leading the market with strong financial growth, investment in product innovation, enhanced digital capabilities in business and claims management systems and strong customer service proposition. Its commitment to customer service excellence through its efforts in enhancing the customer experience and industry leadership in Enterprise Risk Management also earned MSIG Malaysia the “General Insurance Company of the Year” at the Asia Insurance Industry Awards in 2015.
