KUALA LUMPUR: MSIG Insurance (Malaysia) Bhd has partnered with Oyen Sdn Bhd and created oyen.my, a digital-first insurance platform which allows owners to digitally buy and manage medical insurance for their pets.
Under the partnership, MSIG Malaysia will underwrite the pet insurance policy.
MSIG Malaysia chief executive officer Chua Seck Guan is 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," he said in a statement today.
Some key features of Oyen's pet insurance include high vet medical coverage in Malaysia of up to RM8,000 in vet medical fees, claimable in the event of illness or accidental injury.
Further, the digital policy also offers burial/cremation cost up to RM1,000 and third-party liability coverage up to RM50,000.
It also offers reimbursable visits to registered vet clinics in Malaysia as well as fast cover and seamless claims whereby customers can get insurance coverage within minutes and submit their claims online.
Oyen founder and chief executive officer Kevin Hoong said 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," he said.
Kevin said 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," he said.
In the US, the Animal Medical Centre has seen a 25 per cent increase in new pet dogs and cats ownership compared with the previous year prior to the pandemic.
An overwhelming percentage of pet owners (74%) in the UK had also said that their pet had helped them with their mental health while they were coping with the lockdowns.