Addressing the gap between insurance/takaful protection and the underserved society
Recently, Ouch Protect Berhad (Ouch!) joined The Insurance Collective Roadshow 2025 as one of the guest panels for one of the sessions. Hosted at the Financial Services Library, Asian Institute of Chartered Bankers (AICB), Kuala Lumpur, the event gathered many experts from the financial, takaful and technology sectors providing a collaborative space for them to discuss the problems in the industry as well as come up with the proper strategy and solution to overcome them.
During the event, Shazy Noorazman, Chief Executive Officer (CEO) of Ouch!, is joined together with other industry experts including:
- R Kumaran, CEO of The Insurance Collective;
- Radzuan Mohamad, CEO, Malaysian Takaful Association;
- Rangam Bir, CEO, AmMet Life Insurance Berhad;
- Hui Lynn Tan, Partner, Robin Lynn & Lee;
- Max Ang, Insurance Technology Research Adviser, APAC, Celent; and
- Ragunath “Pak Joe” Murthy, Chief Rainmaker of reAInmaker.
DITO: Opportunity to close the gap between Takaful/insurance protection and underserved communities
In the session, Shazy took the opportunity to emphasise the need to bridge the takaful/insurance protection gap, which remains unmet as insurance/takaful is getting too complicated, complex and less accessible. This is happening to the majority of people, especially among the underserved and unserved segments of the society, such as the B40 category.
To address this, the Digital Insurers and Takaful Operators (DITO) framework was unveiled by Bank Negara Malaysia (BNM), which promises a revolutionised takaful/insurance from how they are designed, distributed and consumed. In other words, DITO encourage the insurance and takaful industry to innovate and make takaful and insurance much simpler, easier and more accessible by effectively leveraging technology and digital advancements.
Ouch!: Accessible protection for everyone through Pusara Pro
This is what Ouch! believes in: accessible protection for everyone. Through our family/life Takaful product, Pusara Pro, Ouch! offers protection that does not break the bank, 100% digital on Ouch! mobile application, and with an additional 10% extra Compassionate Benefit on top of the total coverage.
Our product is designed for affordability. By operating digitally and eliminating unnecessary costs such as agents and paperwork, Ouch! passes the savings to participants, offering competitive contributions starting from as low as RM4.13 per month, while maintaining valuable protection.
At Ouch!, we allow customers to take control of their own Takaful protection, without the need for agents or too much paperwork. Everything can be done digitally through Ouch! Takaful app, from registration and sign up to the claim process.
The need for legal and compliance professionals, as well as artificial intelligence (AI) in takaful/insurance service
Other topics, such as the need to involve legal and compliance professionals in the development of digital products, and the integration of AI in takaful/insurance industry, are also discussed in the same event.
Along with the global development of technology, majority of the population, especially the younger generation, are getting more tech-savvy and critical when offered with digital products. Therefore, it is important to ensure that all the legal requirements are being complied with, especially when involved personal data.
In addition to that, with the widespread adoption of AI, takaful/insurance companies would have no choice but to integrate AI assistance into their operations, especially in improving the customer experience. Although it is not widely adopted yet in Ouch!, we are exploring ways to improve our products and services by integrating AI into our operations.
As part of our goals to get more Malaysians, especially those in the B40 category, to be protected with life Takaful, Ouch! is in the process of collaborating with MyKasih to make Takaful more accessible. Share with us your view about Takaful Awareness and Demand by filling out the survey here: Survey
Find out more about Pusara Pro by clicking here or download the Ouch! Takaful mobile app from the Google Play Store or Apple App Store today.
Disclaimer: The information in our blog articles and provided by our brand ambassadors/KOLs is for general insights only and not legally binding. We strive for accuracy but cannot guarantee the information’s completeness or reliability. For legal matters, consult official documents or contact an authorised Ouch! representative.