Insurance company Tokio Marine Insurans (Malaysia) Berhad has partnered with Malaysia-based fintech Finology and logistic solution provider KirimMan to roll out affordable insurance products for gig economy workers in Malaysia with a focus on delivery riders.
The new product, offered to gig workers as affordable protection against accidents while on the job, is priced as low as RM1 per day and covers accidental death or permanent disablement, medical expenses due to accidents, and ambulance fees.
Speaking on this, Ng Hang Ming, Chief Executive Officer at Tokio Marine, expressed that this new offering is a “reflection of the company’s commitment to providing affordable insurance solutions to all Malaysians, regardless of their occupation or income level.”
“We believe that everyone deserves access to quality insurance protection, and we’re proud to partner with KirimMan and Finology to offer affordable insurance to gig workers.”
The collaboration has also resulted in Goods in Transit insurance and reportedly offers logistics providers affordable coverage for goods in transit. With rates as low as RM2 per parcel, the product provides sum insured coverage that is higher than other logistic providers.
“Our mission at Finology is to simplify insurance and make it more accessible to everyone. By leveraging our technology and expertise, we are dedicated to enabling embedded insurance solutions for our partners,” added Robin Ang, Group CEO & Co-Founder of Finology.
“By partnering with Tokio Marine and KirimMan, we’re able to enable an affordable insurance product that’s easy to understand and easy to purchase,” he added.