In this episode, Michael Waitze talks to Yen Ming Lee, co-founder and CEO of PolicyStreet. In 2016, the Malaysian InsurTech started as a marketing partner for selected insurers distributing term life policies. But PolicyStreet wanted to offer more products and services, so Yen Ming successfully completed his CFP and the team turned PolicyStreet into a Financial Adviser company approved by Bank Negara Malaysia. Today, they are working with 34 insurers in Malaysia.
PolicyStreet has just completed another funding round. In addition to a traditional VC raise, the startup worked with pitchIN, a Malaysia-based crowdfunding platform to raise money from smaller investors as well. This strategy not only allowed the general public to participate in the raise but also turned 234 investors into brand ambassadors for PolicyStreet, helping the team to create more visibility. Equipped with the latest funding, the InsurTech is looking into expanding into other markets in Southeast Asia.
Earlier this year, PolicyStreet announced a partnership with Foodpanda to offer COVID-19 coverage to their riders. Michael and Yen Ming talk about leveraging super-apps and e-commerce platforms for digital distribution. While Michael loves the term “alternative distribution”, Yen Ming prefers not to differentiate between distribution channels. In the end, the same insurance is merely being distributed to the same consumer just via a different channel.
Other companies mentioned in this episode: