Jirnexu unleashes insurance marketplace in Malaysia
In addition to the new marketplace, Jirnexu is now a participant in BNM’s regulatory sandbox
Southeast Asian fintech start-up Jirnexu has been approved by Bank Negara Malaysia (BNM), the nation’s central bank, to compare, sell, process payments, and issue e-policies for insurance products.
Jirnexu says it is the first company in the country permitted to sell select general and life insurance products from multiple providers, and the first to build a “dedicated ecommerce marketplace for insurance”.
Lucas Ooi, director of insurance at Jirnexu, says its suite of products will start with term life and motor insurance; and that its most recent investment round will play a “significant role in developing the technology for Malaysians to search and obtain their insurance from a single platform in a matter of minutes”.
According to Ooi, general insurance premiums in Malaysia reached MYR 17 billion ($4.1 billion) in 2016, and new business premiums in life insurance grew to MYR 9.75 billion ($2.4 billion).
He adds that the firm is already working with insurers such as Zurich, Etiqa and UforLife to integrate its technology with their platforms.
In addition to the new marketplace, Jirnexu is now a participant in BNM’s regulatory sandbox.
The start-up was founded in 2012 in Kuala Lumpur. According to the firm, its partners include Citibank, Maybank, HSBC, Alliance Bank, Standard Chartered, BSN, Public Bank, RHB, UOB, AEON, AmBank, UforLife, Manulife, Allianz, Zurich and U Mobile.
