Malaysia-based insurtech platform Ouch! has launched its first digital takaful product Pusara Pro in the country.

The plan marks Ouch!’s formal entry into the takaful market as the first digital Takaful operator in Bank Negara Malaysia’s regulatory Sandbox, Ouch! said in a statement on Wednesday.

According to the statement, Pusara Pro is a simple term life product that provides participants with a death benefit of up to MYR 500,000 ($107,469) and an additional compassionate benefit of 10 percent of the total sum assured.

It is noted that Pusara Pro’s 24-hour compassionate benefit claims payout is a record first in Malaysia across both conventional and takaful markets.

All claims can be made and tracked directly through the Ouch! mobile app, further simplifying the claims process.

“As an insurtech platform looking to shake up the insurance or takaful space, we are determined to eliminate one of the industry’s greatest hurdles: the claims experience and processing times,

“The swift 24-hour turnaround for compassionate claims is our commitment to our participants so that we can help provide crucial financial support for families during the incredibly challenging, immediate aftermath of losing a loved one,” said Shazy Noorazman, Chief Executive Officer of Ouch!.

Cited the Malaysian Takaful Association’s annual report, he said the takaful industry experienced an 18.3 percent increase in gross contributions in 2022 compared to the year before.

Thus, he sees the launch of Pusara Pro to drive the takaful growth further and reach a wider group of audience.

According to the statement, through leveraging technology and eliminating middleman costs, the team is able to maintain an estimated 20 percent lower contribution rate than the market average – hence positioning Pusara Pro as a cost-effective option for young Malaysians, especially those who are just starting out with basic life protection.

Doing away with complexities and jargon, the plan also simplifies the process of getting insured with a hassle-free application process that only consists of four health underwriting questions.

“We stand by the motto that takaful/insurance shouldn’t have to be complicated or expensive. Keeping young Malaysians in mind — many of whom are just starting out in their careers and have likely never purchased takaful/insurance before — our utmost priority is keeping things straightforward and pocket-friendly,

“As the first of our in-house products, Pusara Pro is a fresh step forward in our journey to make takaful accessible to every Malaysian,” Shazy Noorazman added.

Pusara Pro is an all-digital product that can be directly purchased, viewed, and serviced in the palm of users’ hands, via the Ouch! mobile app.

Besides policy management, the app also looks to be an educational takaful/insurance tool for younger Malaysians, with reward features for staying healthy, a coverage calculator to help identify best-fit strategies for its users, as well as a referral program for all participants to earn rewards.

Ouch! is a homegrown digital Takaful operator in Bank Negara Malaysia’s Regulatory Sandbox that ultimately aims to make takaful/insurance more accessible for all Malaysians.

As a one-stop takaful/insurance platform, the firm helps users learn more about their coverage options and risks, purchase or manage digital products, and make claims — entirely through the app.

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