SHAH ALAM (Oct 21): AmGeneral Insurance Bhd and Wavpay Fintech Holdings Sdn Bhd have inked a memorandum of understanding (MOU) to enter into a strategic partnership in boosting digitalised insurance product offerings through the Wavpay E-wallet platform.

Wavpay Fintech said the collaboration will introduce a variety of insurance services and micro-insurance services through the digital platform that will benefit the community.

Selangor State Executive Councillor for Industry and Trade Datuk Teng Chang Khim, who witnessed the signing of the MOU, said the memorandum will lay out the path for further cooperation between the two parties following AmGeneral Insurance's good start in providing the Insurans Hayat Selangor (Insan) coverage.

This includes the possibility of introducing new insurance products and expanding into the Malaysian market through future collaborations via the e-wallet, which is expected to benefit both parties, besides supporting the ongoing Selangor state government insurance initiative.

He noted that AmGeneral Insurance, which currently is the provider for the Insan programme, is giving general insurance coverage of RM10,000 per person for Selangor's six million people, with total coverage amounting to RM60 billion.

According to Teng, of the 41,000 people who have registered for the Insan programme since its soft launch on Oct 1, some 36,000 are found to be eligible, with a daily average of 2,000 to 3,000 people signing up so far.

"I believe for insurance, especially general insurance excluding life insurance, the combination of both technology and insurance is still at a very introductory stage.

"We have signed and paid the premium for six million people and then it is up to them to register, through the e-wallet. Now the effort is to get people to fill the six million columns," he told reporters after the MOU signing ceremony on Friday (Oct 21).

Both AmGeneral Insurance chief executive officer Martin Bridger and Wavpay Fintech CEO Brahma Shakthi signed the MOU on Friday.

The official launch of the Insan programme is expected to be held in Klang on Saturday (Oct 22) by Selangor Menteri Besar Datuk Seri Amirudin Shari.

On Aug 30, Amirudin announced the move to protect the people of Selangor through the general insurance coverage Insan. The initiative offers coverage for babies as young as 30 days to the elderly at 80 years.

To qualify for protection under Insan, the recipient must either be born in Selangor or have the Selangor address on their identification card, or be a voter in the state.

The registration period begins from Oct 1, 2022 until Sept 30, 2023, and the 12-month coverage period begins from the date the policy is issued.