Customised Insurtech Products For MSMEs
Customised Insurtech Products For MSMEs
Business Model Description
Invest in insurtech companies offering B2B solutions to MSMEs for shielding their businesses from operational and external risks. This is done by partnering with existing insurance and takaful companies to offer their technology platforms and solutions to the MSME market or by working directly with MSMEs to develop insurance products that meet their unique needs through direct-to-consumer models, allowing MSME owners to purchase and manage insurance online without going through traditional agents. Insurtech companies developing solutions for MSMEs generate revenue through subscription models, commission fees, a percentage of premiums, or through value-added services such as risk management. Examples of companies active in this space are:
PolicyStreet uses AI and machine learning to provide customized insurance products for individuals (i.e., car insurance, medical insurance) and businesses. Their WISE product uses RPA technology to provide instant and personalized insurance quotes for SMEs. PolicyStreet raised a total of USD 9.5 million in funding to date (42).
VSure.life is an insurtech company that uses AI and machine learning to provide personalized insurance products for individuals and SMEs. They offer a range of insurance products and use chatbots to assist customers. VSure.life has raised a total of USD 3.1 million in funding to date and has an average annual revenue of USD 6 million (43, 27).
FWD Takaful uses AI and machine learning to offer Shariah-compliant insurance products including life insurance, health insurance, and general insurance for individuals and businesses. In 2022, parent company FWD Group raised USD 200m in pre-IPO funding. The Group has raised USD 1.82 billion to date (44, 58).
MSIG Malaysia uses AI and machine learning to offer personalized insurance products for SMEs. They use data analytics to understand the needs and risks of small businesses and offer tailored coverage options. In 2021, MSIG Malaysia recorded a profit of USD 60.66 million (45).
Expected Impact
Enhance MSMEs' financial stability and continuity through customised insurtech products, decrease business disruption risks, and increase national economic growth.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
Disclaimer
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Country & Regions
- Malaysia: Federal Territory of Kuala Lumpur
- Malaysia: Johor
- Malaysia: Penang
- Malaysia: Countrywide
Sector Classification
Financials
Development need
In 2021, 11.6 per cent of the Malaysians had no official bank account. Disaggregated by gender, 12.4 per cent of women and 10.8 per cent of men had no bank account. Businesses' access to capital remains limited with more than 50 per cent MSMEs having reported it as a moderate to severe issue. Additionally, the MSMEs finance gap is at 7.2 per cent of GDP. Insufficient insurance penetration is also an issue, with 50 per cent of Malaysians being uninsured. (1,6,9,3, 35)
Policy priority
Enhancement of financial literacy to promote responsible and rational behaviour of Malaysians (in 2019, 1 out of 3 Malaysians reported having low financial knowledge) is a national priority, alongside the development of an inclusive, progressive and resilient financial system, including for Islamic and green finance instruments (4, 5, 2).
Gender inequalities and marginalization issues
Access to finance is unequal across Malaysia, with 5 per cent of sub-districts not having access in 2020 (2). For MSMEs it remains limited, particularly for sole proprietorships due to the perceived high credit risk, with 1/4 of loan requests by MSMEs rejected in 2021, despite increased covid recovery support by banks (7, 34). Financial literacy is lower among households with low income, with 17 per cent of B40 not having a bank account (4, 35).
Investment opportunities introduction
The Islamic finance sector (1.2 per cent growth from 2020 to 2021) presents growing opportunities considering that Malaysia is the world's biggest Islamic finance and banking center (5, 8). Digital banking provides investment opportunities, with mobile banking attaining a total of RM 101.5 billion (USD 22.21 billion) in 2022 (46.9 per cent growth from 2021 to 2022) (3).
Key bottlenecks introduction
The Malaysian financial sector is exposed to nature- and climate-related risks (10). Additionally, some regulatory constraints are limiting the evolution of the sector, including constraints regarding the use of electronic signature, the regulation of digital payments, and the complicated insolvency regimes for MSMEs (11).
Insurance
Development need
More frequent disasters in Malaysia increase socio-economic risks caused by low insurance penetration rate of 4.8 per cent in 2021 (11.4 per cent in Singapore and 1.6 per cent in Indonesia) (13, 51). SMEs are particularly vulnerable with 85 per cent of those surveyed uninsured in 2023 (50). Adopting an inclusive insurance system is needed to accommodate increasing damages claims and enhance resiliency (13).
Policy priority
Malaysia is focused on developing an inclusive financial system, notably through the penetration rate of insurance and takaful to 4.8 to 5 per cent of GDP, and with the doubling of micro-insurance or -takaful subscription by 2026 (2). In 2020, Malaysia issued 42 per cent of the global sukuk insurance (2).
Gender inequalities and marginalization issues
Inhabitants and SMEs based in coastal areas are more vulnerable to extreme weather events that can affect their economic well-being (13). Additionally, in 2019, 901,000 self-employed citizens lacked access to life insurance and injury insurance (6). Finally, in 2023, 53 per cent of the surveyed companies uninsured/underinsured were MSMEs (50).
Investment opportunities introduction
In Asia-Pacific, the digital insurance sector is expected to grow by 7.5 per cent between 2023-2028 (50). In Malaysia, a USD 10.24 million fund was created to fund start-ups in the insurtech and Islamic fintech sector (12). Finally, the Government announced tax relief for life insurance and takaful participating to the EPF (up to RM 3,000 - USD 656) (15).
Key bottlenecks introduction
The high cost of development and innovation particularly for start-ups, the existing funding gap for MSMEs, lack of skilled personnel in the fintech and insurtech sectors prevent optimal competitiveness of the sectors (14).
Insurance
Pipeline Opportunity
Customised Insurtech Products For MSMEs
Invest in insurtech companies offering B2B solutions to MSMEs for shielding their businesses from operational and external risks. This is done by partnering with existing insurance and takaful companies to offer their technology platforms and solutions to the MSME market or by working directly with MSMEs to develop insurance products that meet their unique needs through direct-to-consumer models, allowing MSME owners to purchase and manage insurance online without going through traditional agents. Insurtech companies developing solutions for MSMEs generate revenue through subscription models, commission fees, a percentage of premiums, or through value-added services such as risk management. Examples of companies active in this space are:
PolicyStreet uses AI and machine learning to provide customized insurance products for individuals (i.e., car insurance, medical insurance) and businesses. Their WISE product uses RPA technology to provide instant and personalized insurance quotes for SMEs. PolicyStreet raised a total of USD 9.5 million in funding to date (42).
VSure.life is an insurtech company that uses AI and machine learning to provide personalized insurance products for individuals and SMEs. They offer a range of insurance products and use chatbots to assist customers. VSure.life has raised a total of USD 3.1 million in funding to date and has an average annual revenue of USD 6 million (43, 27).
FWD Takaful uses AI and machine learning to offer Shariah-compliant insurance products including life insurance, health insurance, and general insurance for individuals and businesses. In 2022, parent company FWD Group raised USD 200m in pre-IPO funding. The Group has raised USD 1.82 billion to date (44, 58).
MSIG Malaysia uses AI and machine learning to offer personalized insurance products for SMEs. They use data analytics to understand the needs and risks of small businesses and offer tailored coverage options. In 2021, MSIG Malaysia recorded a profit of USD 60.66 million (45).
Business Case
Market Size and Environment
> USD 1 billion
5% - 10%
1.23 million MSMEs are officially registered as of 2021. This accounts for 97.4 per cent of business establisments in the country according to Department of Statistics Malaysia Data (25).
The Malaysian Insurance Market was worth USD 17.6 billion and is expected to be worth USD 26.7 billion come 2026. Between 2021 and 2026 it is forecasted to yield a CAGR of 8.4 per cent.
In total, there are some 1.23 million MSMEs registered in the country, which account for 97.4 per cent of registered business establishments in the country. 15 per cent of SMEs have insurance cover (20).
As of December 2022, overall penetration rates for insurance and takaful in general stood at around 56.1 per cent (18). For non-life insurance policies, the penetration rate is even lower at 1.3 per cent (19).
Indicative Return
> 25%
> 25%
> 25%
Existing Software Solutions can command a GPM of between 70 to 80 per cent. However, this would also depend on where in the insurance ecosystem players decide to situate themselves. Higher technological adoption has been observed in general and health insurance.
2022 Median net IRRs for APAC PE funds stood at 15 per cent, with top quartile funds registering a net median IRR of 25 per cent (46).
In 2020, IRRs in Southeast Asia based deals stood at 21.44 per cent (47).
Investment Timeframe
Short Term (0–5 years)
2 - 3 years would be acceptable for a tech-based solution to reach profitability (21, 22, 23). It is worth noting that initial 1 year to 1.5 years of premium costs goes to managing distribution costs, which predominantly involve physical agents. This period could be lower if purely digital solutions are introduced (20).
Ticket Size
USD 1 million - USD 10 million
Market Risks & Scale Obstacles
Capital - CapEx Intensive
Market - Highly Regulated
Impact Case
Sustainable Development Need
During the Covid-19 pandemic, many MSME owners used their assets to keep their businesses afloat, causing financial distress and in many cases, indebtedness. As of 2019, only about 15 per cent of MSMEs bought business interruption insurance (31, 32).
In Malaysia, major risks for MSMEs are wildfire and flood affecting their properties and business continuity, with 85 per cent of MSMEs having been exposed to business interruption caused by fire and the 2021 floods causing individual losses exceeding RM 50 million (USD 10.94 million) (13, 32).
In Malaysia, in 2021, internet access rate was 95.5 per cent and the 4G coverage was 93.51 per cent (53, 56). Businesses' internet use is limited, as 62 per cent was using internet in 2015, and the low digitalization of SMEs especially remain a constraint on their use of digital services and resilience (9, 52, 53).
Gender & Marginalisation
Self-employed persons are among the most vulnerable to business risks and interruption (25). Additionally, MSMEs established near the coast are particularly vulnerability to climate change and natural disasters, thus reinforcing their need for insurance (13).
People working in the informal sector (representing an estimated 3.5 million workers) are also among the most vulnerable to business interruption (25). This is particularly the case for urban informal workers representing 7.9 per cent of employees in these areas as of 2021 (38).
Rural populations and women-owned businesses tend to have lower access to fintech services due to their limited internet access. Internet access rate is 55 per cent in rural and 71 per cent urban areas; whereas 41 per cent for women-led businesses and 62 per cent for overall (54, 55).
Expected Development Outcome
Insurance coverage helps protect business assets, income and property and thus provides a financial safety net to MSMEs, enabling business continuity, especially in the face of growing climate vulnerabilities that Malaysia is faced with (31).
An adapted insurance policy package helps businesses protect their assets, liabilities and employees from the risks associated with operating a business (33).
Offering insurance or takaful that better respond to MSMEs' needs, offered by existing insurance players as well as new insurtech business models, can increase the adoption readiness of MSMEs (50).
Gender & Marginalisation
Increased access to insurance, especially when combined with credit products, can enhance the financial resilience for MSMEs and for financial service providers, especially in the face of adversity (25).
Provided that the offer takes into account the specificities of the informal sector (e.g. lack of business registration papers), increased access to insurance can enhance business continuity and protect informal workers (25).
Provided that greater internet connectivity is deployed, an enhanced insurance offer can support the rural as well as women-owned businesses to overcome business risks and interruptions (25).
Primary SDGs addressed
8.1.1 Annual growth rate of real GDP per capita
8.2.1 Annual growth rate of real GDP per employed person
8.3.1 Proportion of informal employment in total employment, by sector and sex
8.5.2 Unemployment rate, by sex, age and persons with disabilities
The GDP grew by 7 per cent in Q4 2022 (27).
2.4 per cent of growth in 2021 (35).
In 2021, 7.9 per cent of urban workers were informal workers (38).
In 2020, 4.54 per cent of overall unemployment, with 4.7 per cent for female and 4.5 per cent for male (35).
Target to reach a GDP growth per annum of 4.5-5.5 per cent by 2025 (37).
Target to reach a GDP growth per annum of 4.5-5.5 per cent by 2025 (37).
In 2021, USD 112.8 million of direct economic loss, representing 0.0003 per cent of GDP (35).
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
People
Planet
Corporates
Public sector
Outcome Risks
Online provision of insurance services might result in cyber security threats for clients' data.
Due to lack of transparency on product features and costs by the insurance providers, MSMEs might end up overpaying for insurance premiums.
Without the strengthening of up- and downstream value chain (e.g., After sales, claim settlement services, etc.) long term consumer retention might not happen.
Gender inequality and/or marginalization risk: Without a service offer adapted to their needs and behavior, informal, rural and women-owned businesses and self-employed will remain out of reach.
Impact Risks
Insurtech companies failing to adopt consumer-centric business models might lead to high costs and thus, no take-up by MSMEs, risking the impact creation (36).
Lack of data transparency on the provider side might distort the anticipated impact of insurance products and services for MSMEs.
Impact Classification
What
Customized insurtech for MSMEs to ensure business continuity and financial stability through enhanced insurance coverage, thereby shielding against increasing business risks.
Who
MSME owners, people working in MSMEs, people working in the insurance sector benefit from investments in this IOA.
Risk
Technology dependence, potentially high cost of insurance and the consumer need-product mismatch might limit the impact creation.
Contribution
The business model contributes to the reduction in business vulnerability, with a pre-pandemic rate of business interruption insurance adoption of only 15 per cent (32).
How Much
In 2021, there were 1,226,494 MSMEs, accounting for 97.4 per cent of businesses in Malaysia (with microenterprises making 78.6 per cent of MSMEs) (25), which employed 47.8 per cent of the workforce (30).
Impact Thesis
Enhance MSMEs' financial stability and continuity through customised insurtech products, decrease business disruption risks, and increase national economic growth.
Enabling Environment
Policy Environment
The Twelfth Malaysia Plan: Identifies the field of insurance as being a potential sector for the application of the Fourth Industrial Revolution technologies, while contributing to the promotion of the digital economy (37).
Financial Sector Blueprint (2022-2026): the blueprint highlights insurance as key in the creation of financial buffers enabling better resilience and a financial safety net for the most vulnerable (11).
National Financial Inclusion Strategy (2019-2023): aims at increasing the country’s levels of financial literacy, promote responsible financial behavior and healthy attitudes towards financial management, including for self-employed (4).
Industry4WRD Policy on Industry 4.0: The policy intends to support companies' digital transformation in manufacturing sector through incentives and support for infrastructure, human capital and technology development (61).
Malaysia Madani: The Malaysia Madani plan has six main principles including Innovation, with aspirations of strengthening MSME resilience (62)
Financial Environment
Financial incentives: MDEC has launched several initiatives, e.g., Fintech Booster capacity building program in collaboration with BNM and an Accelerator initiative to support the development of fintech companies. The latter provide start-ups with opportunities for local/foreign investments (24).
Regulatory Environment
Malaysian Financial Services Act 2013: provides the regulation and supervision of financial institutions, payment systems and other relevant entities and the oversight of the money market and foreign exchange market to promote financial stability (39).
Malaysian Money Services Business Act 2011: regulates fintech/insurtech activities involving money changing and remittance services (40).
Consumer Protection Act 1999: protects consumers against unfair practices and imposes minimum product standards (29).
Personal Data Protection Act 2010: regulates the processing of personal data in commercial transactions (28).
Digital Insurers and Takaful Operators (DITO) Framework Exposure Draft (November 2022): drafted by BNM, it aims at regulating the provision of licenses for digital insurance and takaful services providers. Applicants are required to demonstrate inclusion, competition and efficiency (50).
Marketplace Participants
Private Sector
Policy Street; VSure; FWD Takaful; MSIG Insurance; Tune Protect; Allianz Malaysia; Fi Life; QBE Insurance; Red Cover.
Government
Bank Negara Malaysia (BNM); Ministry of Finance (MOF); Securities Commussion Malaysia (SC); Ministry of International Trade and Industry (MITI); Ministry of Communications and Digital (KDD).
Multilaterals
World Bank; Asian Development Bank (ADB); United Nations Development Programme (UNDP); International Finance Corporation (IFC); Global Environment Facility (GEF).
Non-Profit
Malaysian Takaful Association (MTA); Fintech Association of Malaysia (FAOM); Malaysian Insurance Institute (MII); Malaysian Insurance and Takaful Brokers Association (MITBA); SME Association of Malaysia (SMEA).
Public-Private Partnership
Malaysia Digital Economy Corporation (MDEC); Malaysia Venture Capital & Private Equity Association (MVCA); Malaysia Co-Investment Fund (MyCIF).
Target Locations
Malaysia: Federal Territory of Kuala Lumpur
Malaysia: Johor
Malaysia: Penang
Malaysia: Countrywide
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