Info on insurance products next: CompareHero.my
> Comparison services site sees key opportunity as industry is opening up
KUALA LUMPUR: Comparison site CompareHero.my, which currently focuses on providing information for financial and telecommunication products, is looking to include the insurance industry in its free services.
“We have yet to provide (comparisons for insurance products), but it is something on our list to be done within the first half of 2019,” its country manager Benny Chee ( pix) told SunBiz in an interview.
The site, which is part of Compare Asia Group’s network of comparison portals, aims to empower Malaysian consumers to make better informed decisions and improve their financial standing.
Currently, it covers financial and telecommunication products and services, including credit cards, broadband plans and personal loans.
Chee said including insurance is definitely a key opportunity as the industry is beginning to open up, and there is a need for greater literacy education in the country, especially among the B40 segment (bottom 40% of household income earners).
“Over the last couple of months, we have seen a focus on driving life insurance penetration across the B40 segment, so I think we need to see more traction going forward,” he said.
Pointing out that the penetration of life and medical insurance in the country is still relatively low, Chee said consumers need to understand a lot of basic information on insurance products before they can make a purchase.
Therefore, he said, there should be more basic insurance products in the market, and insurance companies may start to introduce “tailor-made” products that are easy to understand and can be purchased online.
As a start, Chee said, the online portal will be focusing on providing comparisons and information for travel and general insurance products, given that the products are much more straightforward and not overly expensive.
“Compared to travel and general insurance products, life and medical products need more due diligence. Over the next couple of months we will be focusing more on basic products, which consumers need to understand and start protecting themselves and why it is important,” he added.
Chee said CompareHero.com is in talks with several insurance companies but nothing has materialised yet.