Zurich General Insurance Malaysia Berhad is collaborating with fintech company, Finology Sdn Bhd, and its affiliate partner PayLink Global (M) Sdn Bhd to provide road tax renewal services and motor insurance purchase. The insurance purchase and road tax renewal are available via PayLink’s Payquik network of kiosks. This form of service is said to be the first of its kind in Malaysia.
Via this strategic collaboration, vehicle owners in Malaysia will enjoy seamless convenience and access to purchase motor insurance and renew the road tax of their cars or motorcycles. There are about 250 Payquik kiosks nationwide, located primarily in the offices of utility companies, shopping malls and government buildings.
“We are constantly seeking fresh solutions that would meet the market’s evolving needs. Modern lifestyles have fueled the growing demand for convenience and ease of purchasing goods and services. With economic activities start to resume, we understand the importance of road tax renewal, as well as motor insurance so Malaysians can commute to work with peace of mind as the renewal exemption period ends. This three-way collaboration with Finology and Payquik will provide wider access for drivers as well as riders to obtain the service and protection they need in a fast and easy manner,” commented Zurich General Insurance Chief Executive Officer, Junior Cho.
Moreover, it is estimated that over two million Malaysian road taxes remain expired as the Road Transport Department (JPJ) counters were not operational during the Movement Control Order period. This initiative by Zurich General Insurance is an effort to help address this, as well as Malaysia’s high number of uninsured vehicles on the road, which increases the risk for other motorists and insurers.
According to statistics from JPJ, there are about 29 million registered vehicles in Malaysia in 2018. Of this, only 19 million vehicles renew their road tax annually. About 95% of those with expired road tax are motorcycles.
“One might ask why a service kiosk is necessary if people have the option of paying online now. The reality is that there are still customers who prefer to pay with cash or who do not own a credit card. This means that these people do not have sufficient access to the necessary financial services online. Enabling motor insurance purchasing and road tax renewal through kiosks is a great alternative to paying online or over the counter. Plus, these kiosks are available 24 hours, allowing customers to make purchase or renewal at their convenience,” said Jared Lim, Managing Director of Finology.
This latest collaboration is a joint effort to promote financial inclusion and offer Malaysians comprehensive coverage on the road. In 2019, Zurich and Finology had collaborated to offer customers end-to-end online insurance quotation and purchase services via Finology’s platform loanstreet.com.my.