Oyen Sdn Bhd has launched its digital-first insurance platform with MSIG Malaysia partnering to underwrite the pet insurance policy. This new platform allows pet owners to digitally buy and manage medical insurance for their cats and dogs.

“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,” said Kevin Hoong, Founder and Chief Executive Officer of Oyen, in a statement shared with TechNode Global.

Globally, pet ownership has increased, which is being attributed to their contribution to enhancing mental health. In the US, the Animal Medical Center has seen a 25 percent increase in new ownership of pet dogs and cats, compared with the year prior to the pandemic. In the United Kingdom,  74 percent of pet owners have  said that their pet had helped them with their mental health while they were coping with the lockdowns.

Oyen’s pet insurance includes veterinary medical coverage in Malaysia of up to MYR8,000 (~$1,946), claimable in the event of illness or accidental injury. It also includes farewell burial or cremation cost of up to MYR1,000 (~$243) and third-party liability coverage of up to MYR50,000 (~$12,167), as well as reimbursable visits to registered veterinary clinics across the country.

“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,” added Hoong.

“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,” said Mr. Chua Seck Guan, Chief Executive Officer of MSIG Malaysia.

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