CTOS Digital, through its subsidiary CTOS IDS, has partnered with local insurtech firm PolicyStreet to launch a new online platform for car insurance and road tax renewal, dubbed CTOS Car Insurance.
According to the company, the new platform will enable customers to find the best deals in the market by allowing them to quickly compare the prices of policies from more than ten insurers. These include Tune Insurance Malaysia, AXA Affin General Insurance, Etiqa General Takaful, and Allianz General Insurance – just to name a few.
CTOS Digital also said that consumers may be able to find savings of up to RM1,000 from the deals that are currently available. This is on top of other benefits, including further discounts on car insurance quotes – provided based on the value of premiums selected – as well as free MyCTOS Score Reports for customers who successfully purchase or renew their insurance via the platform. Both of these additional benefits are provided under an ongoing campaign to mark this alliance.
Customers who wish to purchase or renew their insurance and road tax on the CTOS Car Insurance platform can do so digitally by visiting the website and submitting the necessary details (including personal details and car information). From there, they’ll be able to compare and choose from a list of available policies, select any necessary add-ons, as well as make payments via credit and debit card or FPX.
Upon successful purchase or renewal, the e-policy will be sent to them via email within one business day. Meanwhile, the road tax can be delivered nationwide through MYEG within five working days (with a delivery charge of RM15).
“CTOS Car Insurance reflects how we are focusing our partnership efforts to offer consumers end-end digital solutions in increasingly varied industries. Also, in time, we hope to be able to offer even more value by taking into account credit scores to present consumers better prices, in line with the motor insurance de-tariffication process started by Bank Negara in 2016,” said the group chief executive officer of CTOS Digital, Eric Hamburger.
The co-founder of PolicyStreet, Wilson Beh also shared a similar sentiment. “The strategic partnership between CTOS and an insurance technology company is the first of its kind in Malaysia. We are proud to have partnered with CTOS and believe the collaboration will pave way to more innovative, customised, and inclusive insurance protection, leveraging on credit scores and big data for all Malaysians,” he said.