AIA Malaysia has formed a long-term strategic partnership with the country’s largest e-wallet company to offer digital insurance and Takaful products nationwide.
AIA’s partnership with TNG Digital, the owner of Touch ‘n Go eWallet will provide personalized digital insurance solutions – conventional and Islamic – to over 16 million Touch ‘n Go eWallet customers nationwide. The insurance operator will also make a minority equity investment in TNG Digital.
Through the collaboration, AIA’s products will be offered through the Touch ‘n Go eWallet platform, allowing users to purchase both directly online as well as through consultative selling provided by AIA’s existing distribution channels, including its 19,000-strong agency force.
“Today’s announcement marks the continuation of our digital transformation journey and ambition to reach new customer segments using online platforms. More importantly, it reinforces our commitment to bringing new and innovative products to market in this increasingly digital world,” Ben Ng, CEO of AIA, said. “The need for insurance continues to heighten in the midst of the pandemic. We must constantly look to expand and give Malaysian consumers greater choices, enabling them to obtain the right coverage they need across different stages of their lives, in any way that they prefer, and at the right time.”
This is the first digital insurance product offered via Touch ‘n Go.
“Insurance is a key pillar for us as we continue to expand into financial services, and we look forward to collaborating with AIA to disrupt the segment and bring better and more relevant products and services to Touch ‘n Go eWallet users,” Effendy Shahul Hamid, Group CEO of Touch ‘n Go Group, said. “We also look forward to AIA’s strategic participation as a shareholder of the Touch ‘n Go eWallet company. Their involvement coincides with our continued evolution into deeper areas of financial services.”