PolicyStreet launches portal to simplify insurance process

• Efforts to drive digital transformation within insurance industry 
• Allow users to manage different policies on one platform

PolicyStreet is offering its newly launched Digital Human Resources (HR) Portal along with customised group medical insurance plans to simplify the insurance processes for small business owners and SMEs.

In a statement, the insurtech firm claimed that its portal is the first in the market to allow users to manage group medical insurance policies from various insurers while simultaneously digitising tedious manual processes. 

Citing data from Life Insurance Association of Malaysia (LIAM), PolicyStreet said only 41% of employees are covered by Group Employee Insurance as of 2020. 

It said this latest solution is part of its efforts to innovate and drive digital transformation within the insurance industry to help SMEs, especially small business owners.

Darren Chong, chief of technology management of PolicyStreet, said, “As we work towards closing the protection gap, we aim to reduce the risk of human errors by introducing PolicyStreet’s Digital HR Portal, a centralised digital solution that is specially designed for SMEs.”

Features of the Digital HR Portal include:

• Secure & Transparent Data Collection System: The system is a one-stop shop that helps HR managers efficiently and easily update insurers on the latest employee movements within the organisation, stay on top of billings, and keep an eye on employee claims, all through an encrypted database, protected against data breaches;
• Centralised Status Updates: Progress updates are clearly labeled, enabling HR Managers to easily view the processing status of documents submitted to various insurers and track everything in one place;
• Detailed Data Analysis: Insights and data are available for HR managers’ viewing and analysis while PolicyStreet provides a customised Group Medical Insurance plan best suited for their organisation before the next renewal period; and
• Consolidated Group Medical Insurance Plans: The portal makes it hassle-free for HR to manage different plans from various insurers, allowing SMEs to enjoy the best of every insurer without needing to spend extra time liaising with different representatives.

The Digital HR Portal is currently available for businesses which PolicyStreet has presence in which are Malaysia, Singapore, and Australia. 

In conjunction with the launch of its portal, PolicyStreet said businesses can enjoy free access for the duration of the coverage term when they purchase Group Medical Insurance through the company.

This offer is valid starting now until the end of the year, it said.

“PolicyStreet's Digital HR Portal exemplifies our efforts to constantly push the boundaries of innovation and deep industry knowledge to transform inefficiencies into delightful experiences,” said Loo Meng Tatt, senior vice president of sales of PolicyStreet. 

“We are confident that by combining the Digital HR Portal with Group Medical Plans specially tailored by PolicyStreet, we will be able to further lower the barriers to insurance, thereby closing the protection gap,” he added.