The platform that goes by the moniker “Ouch!” says its promise of a quick turnaround is part of a plan to shake up the insurance and takaful market in Malaysia.

Together with its assurance of speedier processing of claims, the company has launched Pusara Pro, the first digital takaful product that offers participants a death benefit of up to RM500,000 plus a compassionate benefit of up 10% of the total sum insured.

CEO Shazy Noorazman said Ouch! is determined to eliminate one of the industry’s greatest hurdles, the claims experience and processing time.

“The 24-hour turnaround for compassionate claims is our commitment to our clients so we can help provide crucial financial support for families during incredibly challenging times,” he said.

The plan also marks Ouch!’s formal entry into the takaful market as the first digital takaful operator in Bank Negara Malaysia’s regulatory sandbox.

According to the Malaysian Takaful Association’s annual report, the industry experienced an 18.3% increase in gross contributions in 2022 compared with the year before, and Shazy expects Ouch!’s product to drive its growth further.

By leveraging on technology and eliminating middleman cost, Ouch! is able to maintain an estimated 20% lower contribution rate than the market average, the team claims.

“This positions Pusara Pro as a cost-effective option for young Malaysians, especially those who are just starting out with basic life protection,” a statement issued by the company said.

“Doing away with complexities and jargon, the plan also simplifies the process of getting insured. It will be a hassle free application process that only consist of four health underwriting questions,” it added.

For more information on Pusara Pro, visit http://ouch.my.