senten, a Malaysia-based digital pet health insurance provider, has announced that it raised $ 420,000 today in an initial round. The round is backed by Hustle Fund and Angel Investors made up of former executives from Airbnb, Facebook and Rocket Internet.
These funds will be used to improve Oyen’s proprietary digital insurance platform and to strengthen its market position within the industry in Malaysia. To achieve this, the company shared that it would expand its recruitment in various roles in technology (such as software engineering) and non-technological (such as marketing growth).
The platform was launched in late April 2021 in collaboration with MSIG Insurance (Malaysia) Bhd, and offers services from a network of veterinary clinics.
He claims he can provide the highest veterinary medical coverage in the country with a maximum of RM8K of the amount claimed in veterinary medical fees, up to RM1K in pet burial costs and up to RM50K in liability claims.
More people wanting pets
The launch of Oyen came in a timely manner, with that in mind research has found an increase in pet ownership in the region, a trend that increased during the COVID-19 pandemic as people sought pet companionship.
Pets include the responsibilities of caring for them, which can be daunting in the face of emergencies that are costly to manage. It is in this space that Oyen wants to make an impact, not only after emergencies, but also on preventive care and the general well-being of pets.
Within the next 3 years, Oyen intends to insure 100,000 pets in Southeast Asia, half of which are expected to come from its first market, Malaysia.
In Asia-Pacific, it is estimated that it will reach the CAGR of the pet care market 132 billion US dollars in 2027. The Southeast Asian insurance ecosystem is also expected to recover soon, with the life insurance sector expected to exceed 30% of the CAGR 15 billion US dollars in 2025, and a CAGR higher than 14% to reach almost 20 billion US dollars in 2024 for the general insurance market.
Dictionary time: The compound annual growth rate (CAGR) is the average annual growth rate of an investment over a specified period of time greater than one year.
Amidst these projections and the observation of a growing shift from consumers to digitized insurance offerings, Oyen wants to work closely with industry agents and regulators in the region to expand its services to more markets. .
At the same time, it sees potential to move to other segments of consumer insurance for people such as home, life and medical insurance, although they appear to be more saturated markets.
Featured Image Credit: Kevin Hoong (founder and CEO) and Michelle Chin of Oyen