Loanstreet enables purchase & renewal of motorcycle insurance online

• Road tax renewal service includes doorstep delivery of road tax documents
• Platform is powered by fintech company, Finology

LOANSTREET.com.my, a personal financial product comparison site in Malaysia, launched its online insurance  platform on Jan 1, 2019 to offer customers a way to purchase motorcycle insurance and renew road tax online.

With the new platform, motorcyclists no longer need to queue at the post office. All they need is a laptop or smartphone with internet access, the motorcycle ownership grant and past insurance cover note.

Loanstreet managing director Jared Lim, said, “We wanted to get the number of uninsured motorcyclists off the road by providing a quick and easy online insurance agency service, and we also wanted to offer a fast-online car insurance agency service which can be completed via a smartphone in just five minutes.”

Lim also saw the need for a road tax renewal service to be made available on its platform. He added, “Road tax is sometimes forgotten and neglected. It’s also a bit of an annoyance sometimes but it’s essential so we added an easy online road tax service to complement both motorcycles and car insurance.

“Furthermore, we are keen to work with insurers across Malaysia as we see our online platform as offering opportunities for strong lead generation.”

Finology Sdn Bhd, a Malaysian fintech company is the technology provider behind the service which has enabled seamless integration of backend technology systems to power end-to-end online insurance quotation and purchases.

Finology has been engaged in insurance technology (insurtech) for more than two years now, enabling various insurers and agents to offer their products and services online.

In the coming months, Loanstreet plans to provide aggregation services that compare insurance plans and rates to help customers make informed decisions when selecting plans that best meet their needs.