Loanstreet, Zurich first to offer online purchase of motorcycle insurance

KUALA LUMPUR: Loanstreet. com.my launched its online insurance agency service to offer customers a fast and hassle-free way to purchase motorcycle insurance and renew road tax online.

This latest endeavour aims to address the alarmingly low rate of insurance coverage purchased by motorcyclists in Malaysia. A recent survey by The Malaysia Automotive Association (MAA) released vehicle registration data up to June 30, 2017, with the total number of vehicles on the road standing at more than 28 million units.

Of this number, 45 per cent are motorcycles, and it is estimated that a significant portion of these motorcyclists are uninsured.

According to a research paper published by IATSS Research in Malaysia in July 2012, Malaysia has the highest road fatality risk (per 100,000 population) among the countries in Southeast Asia, with more than 50 per cent of the road accident fatalities involving motorcyclists.

This study drew its analysis from data collected from the police, government authorities, as well as national and international research institutes. The analysis reveals that the majority is motorcycle riders (89 per cent), aged between 16 and 20 years old (22.5 per cent).

Although fatal motorcyclist crashes mostly involve ‘passenger cars’ (28 per cent), motorcyclists are responsible for 50 per cent of the collisions either by crashing singly (25 per cent) or with other motorcyclists (25 per cent).

Jared Lim, managing director of Loanstreet, expressed his reasons for launching the new online service, “We wanted to get the number of uninsured motorcyclists off the road by providing a quick and easy online insurance agency service, and we also wanted to offer a fast-online car insurance agency service which can be completed via a smartphone in just five minutes.”

Lim also saw the need for road tax renewal service to be made available on its platform. He added, “Road tax is sometimes forgotten and neglected. It’s also a bit of an annoyance sometimes but it’s essential so we added an easy online road tax service to complement both motorcycles and car insurance.”

The first insurer to get on board and offer motor insurance through Loanstreet is Zurich General Insurance Malaysia Berhad (Zurich). Junior Cho, Senior Vice President and Head of Market Management for the General Insurance and Takaful segment for Zurich Malaysia commended Loanstreet on its new online insurance agency service.

He said, “At Zurich, we welcome innovative opportunities to help Malaysians stay protected on and off the road. We trust the Loanstreet insurance portal will pave the way for customers to obtain the protection that they and their loved ones deserve in a hassle-free and convenient way.”