insureKU Insurance Platform Receives BNM Approval To Begin Operations

End-to-end digital insurance and takaful aggregation platform, insureKU, has been given the green light by Bank Negara Malaysia to begin operations.

The platform aims to make insurance and takaful policies for consumers much more accessible, affordable and easier to understand.

First end-to-end integrated insurance and takaful aggregation platform

insureKU is a product of Censo Maal Sdn Bhd. It is in turn a subsidiary of leading public listed financial solutions provider Censof Holdings Bhd. This digital platform is the first end-to-end industry integrated insurance and takaful aggregation and solutions platform in the country.

“We prioritise people above all else and are driven by our vision of positive and accessible transformation in a critical part of our everyday needs – insurance. Bank Negara Malaysia has been an amazing partner – guiding, supporting and trusting us to provide insurance and takaful solutions that are firmly aimed at Malaysians across every level of society.

“As the digital age accelerates, we must ensure that no one is left behind, especially in such a critical area like insurance and takaful solutions,” said Shadhana Sekaran, Co-Founder and  CEO of insureKU Malaysia.

Offering a comprehensive range of  life, general, and takaful insurance

The insureKU platform takes advantage of technology in order to connect local consumers with a comprehensive range of insurance offerings.

These include products in the life, general, and takaful insurance categories. insureKU seeks to empower individuals to better take charge of their financial journey through a combination of innovation and an ecosystem that focuses on customer satisfaction.

insureKU completed BNM’s Financial Technology Regulatory Sandbox Framework

BNM had also recently announced updates to its Financial Technology Regulatory Sandbox Framework policy document in order to help boost fintech innovation in the country. First launched in October 2016, the framework was designed to help build an environment that is conducive to fintech deployment, creating a space for meaningful innovation in the financial sector.

The announcement validates that insureKU has successfully completed an operational readiness review and has been approved to commence operations effective immediately.

“Our strategic partnerships with leading world-class insurance and takaful providers, deep familiarity with traditional insurance sales and service processes, and access to consumers both online and offline will enable us to support the Malaysian vision of a resilient, healthy, thriving and accessible insurance and takaful ecosystem for every Malaysian,” added Sekaran.