PolicyStreet - Insurtech Innovation Award 2023

1. Private & Confidential
Damage
Protection Plan
Submission for The World’s Digital Insurance Awards 2023
Last Updated: 25 April 2023

2. Executive
Summary
1. The Damage Protection Plan is an all-risk insurance solution that protects online
purchases up to 6 months after the recipient receives the item.
2. The Damage Protection Plan is designed to be bite-sized and embedded into the
purchasing journey of online shoppers, making it purposeful and simple for
Malaysian online shoppers while improving financial inclusion.
3. A simplified claims platform is developed to complement the protection plan,
ensuring that the claims management and processes are streamlined for easy
scalability.

3. Overview
In the Malaysian market, product
damage protection plans for online
purchases are typically packaged as
warranty extensions.
They are typically less popular as
products with warranties have
extensive exclusions, leading to a low
likelihood of successful claims.
Awareness of the importance of
insurance is low, and most
Malaysians do not insure their
belongings, leaving them at risk for
financial instability in the event of a
tragedy.
The Solution The Market
The Problem
According to Ernst & Young
Consulting, 30 million Malaysians, or
about 90% of the population, remain
underinsured.
Moreover, Malaysians remain
uninsured despite recurring issues
such as floods due to the monsoon
season.
In 2021, the annual floods due to the
monsoon season resulted in RM6.1
billion in overall losses, with RM1.6
billion being losses in living quarters.
Instead of pushing Malaysians to
insure themselves and their
belongings, PolicyStreet embeds
insurance protection within their
online purchasing journey.
The Damage Protection Plan protects
shoppers’ purchases against all risks,
including wear and tear, for up to six
months after delivery.

4. Innovation Presentation
Partnering with Shopee, one of Southeast
Asia’s largest e-commerce platforms, the
Damage Protection Plan is available for opt-in
at the checkout page for more than 800
categories of items.
After purchasing the protection, users can also
submit and manage their claims through the
simplified Claims Platform.
Product Introduction

5. • Starting at less than RM1, Malaysians can enjoy
damage protection of up to RM10,000
• The protection plan covers all risks, including
accidental damages, fire, flood, lightning damage,
theft or burglary, and even wear and tear.
• Easy purchasing journey, with just one tick to
opt-in
Product Features: Damage Protection
Plan
Innovation Presentation

6. • In just 3 simple steps, users can submit &
track claims anytime, anywhere.
• Claims management is made easy through
mobile-first, intuitive platform design,
keeping users informed every step of the
way.
Product Features: Claims Platform
Innovation Presentation

7. PolicyStreet’s Damage Protection Plan is the most extensive in the Malaysian market to date. This
allows Malaysians to shop confidently online, indirectly boosting the digital economy.
Comprehensive
Coverage
4
Value Proposition
Embedded into Purchasing
Journey
1
PolicyStreet works in accordance with consumer behaviour and embeds insurance into
Malaysians' online purchasing journey, making the insurance acquisition process seamless and
effortless.
Bite-sized, Affordable
Coverage
2 Starting at below RM1, the protection is intentionally kept bite-sized and affordable for Malaysians
of all backgrounds to promote financial inclusion, especially for vulnerable communities
The wear and tear coverage acts as a quality assurance policy, insuring customers against
gradual damages such as shrinkage, rust, or damage by rodents or insects occur due to the nature
of the product itself.
Wear & Tear Coverage
3
Early adopters of PolicyStreet’s Damage Protection Plan can utilise the feature to encourage
platform loyalty for e-commerce players, as the protection plan is a testament that the platform
cares about the consumer’s experiences even after the purchase
Platform Loyalty
5

8. Impact on Market
Since its soft launch, PolicyStreet has recorded more than a
million policies sold monthly, even with the protection
offered on a manual opt-in instead of a default opt-in basis.
Out of the different protection plans offered by Shopee
Malaysia, the partnering e-commerce site, PolicyStreet’s
Damage Protection Plan has the highest adoption rate
thus far.
Overcoming all odds, the Damage Protection Plan offers the
most comprehensive coverage available on the market
to date, covering over 800 categories of items available on
Shopee.

9. PolicyStreet strives to curate the most relevant protection
solution for leading industry brands.
PolicyStreet aims to deepen its relationship with Shopee to
expand the coverage of the Damage Protection Plan to
markets where Shopee is present.
At the same time, the Damage Protection Plan and the
claims platform can be extended to other e-commerce
players, covering a wider variety of products sold online.
Scalability

10. Creating Value
Underwrite insurance products
off-shore based on the collective
demand for volume and market
opportunity
Penetrate markets within the
region by leveraging B2B2C
approach through strong
partnerships with leading industry
industry brands
Deliver hyper-localised solutions
embedded or white-labelled
solutions based on business
needs
Deepen the local market
presence via partnerships and
development of simplified
insurance platforms
PolicyStreet is a regional full-stack insurtech company, offering value at every stage of the value chain.

11. About PolicyStreet
PolicyStreet is an insurance technology group of companies providing cutting-edge
digital insurance solutions to businesses and consumers in Southeast Asia and
Australia.
PolicyStreet works directly with over 40 life, general, and takaful providers globally to
offer a comprehensive range of products and services, which includes but is not
limited to embedded insurance, customised employee benefits, financial advisory and
aggregation of insurance, as well as the development of digital solutions to make
insurance purposeful & simple for businesses and consumers.
As a licensed Reinsurer and General Insurer by the Labuan Financial Services
Authority (LFSA), an approved Financial Adviser and Islamic Financial Adviser
by Bank Negara Malaysia (BNM), and a licensee of the Australian Financial
Services License by the Australian Securities and Investments Commission (ASIC),
PolicyStreet can underwrite, customise policies, and provide unbiased advice to its
clients and partners worldwide.
Through its regional group of companies, it serves over 500,000 customers with over
US$ 4 billion in sum insured. In 2022, it was named as one of the 100 Leading
Emerging Giants in the Asia Pacific by KPMG and HSBC and was recognised at the
Top in Tech Innovation Awards 2022 for Most Value Creation. It was also awarded
the Young Entrepreneurs’ Award in 2020 by ASEAN Business Advisory Council
(ASEAN-BAC).
From left to right: Winnie Chua, Co-founder & Chief Product Officer ; Lee Yen Ming,
Co-founder & Chief Executive Officer ; Wilson Beh, Co-founder and Chief Operating
Officer

12. Thank You
Sabrina Chong | +6012 206 6375 | sabrina@policystreet.com
Feel free to reach out to us if you have any questions