This is possible thanks to an association with PolicyStreet, an insurtech startup with car insurance and road tax that offers price comparisons like some of its offers.
This is how it works
To renew your car insurance, you can visit it Airasia Money engine insurance page or the app and fill in your details, such as the license plate number, IC number, residential zip code, phone number, email address, and marital status.
Through the JPJ system, the service will be able to track vehicle data, including vehicle make, expiration date, and unclaimed bonus rebate (BCN).
Dictionary time: No claim bonus or BCN is a reward that an insurance company gives to an insured for failing to claim a claim for one year of policy. The BCN has a discount of between 20% and 50% and is granted to the insured while renewing a policy.
Insurance quotes will appear instantly for comparison. In general, you’ll find instant quotes from up to ten different brands available on the site, which currently consist of:
- AXA Affin General Insurance Berhad
- Etiqa General Takaful Berhad
- Berjaya Sompo Insurance Berhad
- Syarikat Takaful Malaysia Am Berhad
- RHB Insurance Berhad
- MSIG Insurance Berhad
- Tune Protect Group Berhad
- Zurich General Insurance Malaysia Berhad
- Pacific & Orient Insurance Co. Bhd
- Allianz General Insurance Company (Malaysia) Berhad
For insurers not currently on the list, Airias money through PolicyStreet will also offer quotes, but will not be instantaneous.
You can also estimate the cost of the final premium with supplements and circulation taxes with a simulator calculator to compare the coverage and prices that best fit your budget and needs.
After the purchase, an email policy will be sent to your email within five minutes, according to Ariasia Money Claims. For the circulation tax renewal service, your documents will be delivered to your home between 2 and 5 working days via MYEG.
The service is beneficial for vehicle owners who simply do not have the time or energy to research and compare car insurance prices online or to make the trip to a post office to renew their road tax. Because the service provided can be completed within 5 minutes from the device, it’s a good idea to let go of the hassle of a process that would otherwise be lengthy.
PolicyStreet ensures that the online road insurance and tax renewal service is safe as JPJ and the Malaysian government have audited, verified and approved the company.
Not the only one
Malaysians have no shortage of options when it comes to car insurance and online road tax renewal, with players like Bjak, Fincrew, FatBerry and MYEG have been offering these services for years. I recently used Bjak to renew car insurance and road tax, and while it provided me with options for up to five insurers offering different packages at different prices, the process was not as instantaneous as that of AirAsia, which only gave me 2 options.
With the pandemic changing the behavior of online users, there will be more demand for online services to fulfill transactions like these and customers will appreciate the convenience and choice.
This association points out that AirAsia adheres to its plan to strengthen its digital offerings, along with its other services. According to reports from April 2021, the company plans to increase 300 million US dollars to grow Digital airasia.
Instead of starting a car insurance service from scratch, leveraging PolicyStreet’s existing strengths will likely reduce the company’s costs for running this plan. In return, PolicyStreet can leverage AirAsia’s large user base to increase its brand.
“Our goal is to be a unique center for all financial solutions for users of super airasia applications. By partnering with the best online insurance platform, PolicyStreet, we want to provide a simple, easy and affordable insurance service to over 36 million Airasia app users and vehicle owners, ”said Mohamad Hafidz Mohd Fadzil, chief of money of Arias.
According to him, Airasia Money’s expansion plan is on track to launch its offers in Indonesia in 4Q 2021, plus insurance and investment offer in Malaysia in 4Q 2021 and offer plans to pay digital insurance premiums available on first quarter of 2022.
- You can learn more about Ariasia Money’s digital car insurance deals here.
- You can read more content related to AirAsia here.
Featured Image Credit: AirAsia