KUALA LUMPUR, MALAYSIA - Media OutReach - 22 April 2021 - Malaysians love their furry friends and are increasingly investing in a burgeoning range of pet-related products such as pet hotels, pet grooming services, pet tracking/monitoring gadgets and many more. But pets can also be a heavy responsibility for caring owners, if they get ill or unfortunately suffer an accident.
This is why Oyen Sdn Bhd created a digital-first insurance platform - oyen.my - with MSIG Malaysia partnering to underwrite the pet insurance policy. This new platform allows caring pet owners to digitally buy and manage medical insurance for their cats and dogs, quickly and conveniently.
Kevin Hoong, Oyen Founder & CEO, said, "The COVID-19 pandemic has fuelled an increase in pet ownership around the world. More people are now working from home and increasingly look to pets to provide companionship and help manage their stress. Many of these new pet owners are first-timers and often millennials, who are more digitally savvy."
In the US, the Animal Medical Centre has seen a 25% increase in new pet dogs and cats ownership compared with the previous year prior to the pandemic. An overwhelming percentage of pet owners (74%) in the UK had also said that their pet had helped them with their mental health while they were coping with the lockdowns.
"As a busy working adult living on my own, the remote working arrangement limits my physical interactions, which can feel demotivating. I am happy to have my cats, Budi and Nadi, as companions to keep me positive. Oyen provides me with the peace of mind that my cats are always protected. Major plus point - it took me just a few minutes to apply with Oyen online!" Aiman Kamal, 32, a banker & recent customer of Oyen Sdn Bhd.
Kevin continued, "Medical costs for pet care can be surprisingly large and an unexpected and unwelcome expense for many owners should their pets get ill or suffer an unfortunate accident. That is why we thought it was the perfect time to launch this digital pet insurance option in Malaysia. We want to lower the barrier to entry and offer a service which can provide pet owners, especially first timers, with some reassurance and peace of mind in these turbulent times."
"When I first adopted 2 stray cats (Siti Kylie and Nurul Kendall), I was worried about the financial commitment that would inevitably come with their health care costs. Once, Siti Kylie fell sick, and I was shocked at the bill that came! The fact that I can now purchase the coverage online with Oyen makes the process super convenient, and all of the important details are stated in their website clearly." Jehan Omar, 31, IT Project Manager, who is a customer of Oyen Sdn Bhd.
Some key features of Oyen's pet insurance^ include:
- High vet medical coverage in Malaysia - up to RM 8,000 in vet medical fees, claimable in the event of illness or accidental injury.
- Farewell burial/cremation cost up to RM 1,000, and third-party liability coverage up to RM 50,000.
- Reimbursable visits to registered vet clinics in Malaysia.
- Fast cover and seamless claims. Customers can get insurance coverage within minutes and submit their claims online.
Mr. Chua Seck Guan, CEO of MSIG Malaysia, said, "We are delighted to have been able to work with Oyen to develop this unique digital pet insurance offering. We hope that our position as one of the world's top ten general insurers, with over 100 years of operation in Malaysia, will provide reassurance and confidence to Malaysian pet owners looking to use Oyen to cover their pets' medical expenses."
^Terms and conditions apply.
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