Touch ‘n Go Group, via TNG Digital Sdn Bhd (TNG Digital), owner and operator of Touch ‘n Go eWallet, has now established GOprotect, a platform where its users can purchase various types of insurance offerings conveniently through the eWallet app.
Touch ‘n Go said in a statement that GOprotect currently features the six insurance products available on the eWallet app, namely, WalletSafe, SafeTrip, SafeHome, CarInsure, CI Insure, and MotoInsure to cover various customers’ needs.
With GOprotect, Touch ‘n Go eWallet users can purchase an insurance plan in less than 3 minutes after comparing quotes from leading insurance partners such as AIA Malaysia, Allianz, Etiqa, MSIG, Takaful Ikhlas, Takaful Malaysia, and Zurich Takaful.
Users are also guaranteed a hassle-free claim process through the 24/7 insurers’ claim hotline.
Besides being able to purchase their insurance plans conveniently, they can also keep track of the insurance policies in an organised manner through the “My Policies” tab on their eWallet app.
Besides the cashless convenience, users can rest assured that their transactions are safe and secure.
“Touch ‘n Go eWallet already has more than 2 million policies issued since the launch of its first insurance product in July 2021,
“In 2022 alone, we managed to issue 1.5 million policies and we plan on doubling the number of policies this year,” said Alan Ni, Chief Executive Officer of TNG Digital Sdn Bhd.
He said the firm will continue to improve the overall insurance penetration, especially amongst the B40 (bottom-tier householdsgroup), which is still very low at only 30% percent.
“By working closely with its trusted insurance partners, Touch ‘n Go eWallet will introduce more value-for-money insurance products in the near future,” he added.
Starting from just MYR1 ($0.23) for six months, users can get themselves protected with WalletSafe, in the event of death caused by accident or COVID-19, paying up to ten times the balance amount, with a maximum of MYR25,000 ($5695) in their Touch ‘n Go eWallet and GO+ balance.
If users are looking to travel domestically, they can opt to purchase SafeTrip, starting from MRY3 ($0.68) daily, and get covered for travel inconvenience, medical expenses, personal accidents, and extra COVID-19 protection.
SafeHome is a simple and affordable fire insurance plan which offers up to 66 percent savings and protects one’s home against losses or damages for up to MYR3 million ($680,000) for the building and up to MYR50,000 ($11390) for its contents due to events such as fire and lightning.
As added benefits, users can expect to receive MYR2,000 ($456) cash relief and MYR5,000 ($1139) per person in medical coverage.
A free cancellation note is also provided for users to cancel their existing policy. Users will get a full refund within 60 days of their policy start date if they are unable to terminate their policy with the bank.
The latest insurance offering, CI Insure is a health insurance plan, which covers the top five critical illnesses in Malaysia.
The plan offers a lifestyle assistance allowance benefit which provides cash allowance of up to MYR5,000 ($1139) per month for up to three months, home nursing care, hospice care, palliative care, and home cleaning expenses to support day-to-day living upon diagnosis of the critical illness covered under the plan.
In addition, users can obtain professional medical opinions and treatment recommendations from leading healthcare specialists through the personal medical case management service provided by Teladoc Health, Inc., a global virtual care leader with over 20 years in telehealth services.
For CarInsure, users are provided with free personal accident protection worth up to MYR50,000 ($11390).
Likewise, with MotoInsure, it offers the option of renewing road tax in conjunction with their insurance purchases.
“Touch ‘n Go eWallet has always envisioned becoming a one-stop alternative to banking solutions, providing our users a platform to access a full suite of financial services products,” said Ni.
He said the firm is one step closer to that vision with the launch of GOprotect.
“We will continue to build that pipeline by working with various partners to grow our financial services offerings which will benefit and add value for our users,” he added.
The Touch ‘n Go Group is Malaysia’s leading consumer facing financial-technology enterprise with a key focus in the country’s transportation ecosystems and platform-based payments infrastructure.
It comprises the service offerings of Touch ‘n Go Sdn Bhd (Touch ‘n Go), a wholly owned subsidiary of CIMB Group and TNG Digital Sdn Bhd (TNG Digital), a joint venture between Touch ‘n Go and Ant Group, parent company of Alipay, China’s largest digital payments platform.
The Touch ‘n Go Group of companies serve Malaysians who use its card, radio-frequency identification (RFID) and eWallet offerings to fulfil a host of daily transactions.
Keyword: Touch ‘n Go eWallet establishes one-stop insurance hub GOprotect