Collaboration introduces first ever insurance sub-category on e-commerce in Southeast Asia; marks a step closer in creating greater insurance awareness for Malaysians
KUALA LUMPUR, Aug 22, 2017 – Leading e-commerce platform, Lazada Malaysia, today announced a partnership with AIG Malaysia, subsidiary of American International Group, Inc (NYSE:AIG), to provide a more convenient, accessible, and seamless purchase of insurance for Malaysians on its platform.
Customers who shop on Lazada Malaysia are now able to shop from the ‘freestanding’ AIG shop-front to easily purchase Travel, Snatch Theft and Personal Accident (Active Lifestyle Care) coverage. These premiums will be priced between RM8 to RM115.
Malaysia’s general insurance penetration level, measured in terms of premiums as a share of GDP, stands at less than 2 per cent as compared to 3-4 per cent in more developed markets. Recognising that the population remains largely uninsured, the partnership seeks to continue expanding the reach and penetration of insurance in the country, further generating more awareness among consumers.
“Enabling opportunities in the digital and direct channels for the purchase of insurance will be able to improve transparency and enable easier product comparisons, further ensuring that our customers are well-informed about the right products that suit their needs. We continuously invest to provide services that create a more engaging customer experience, and ultimately, better serve the needs of Malaysians. This collaboration is timely and helps prepare Malaysians to take a better charge of their future,” said Hans-Peter Ressel, Chief Executive Officer of Lazada Malaysia.
According to Antony Lee, AIG Malaysia’s Chief Executive Officer, the partnership is another milestone for AIG Malaysia to reach out to a very underinsured segment of the market that favours the convenience of purchasing on digital platforms. AIG will offer popular insurance products specifically tailored for this market at competitive premium prices.
“Lazada not only presents a compelling retail presence, but also offers a strong online platform that enables AIG Malaysia to offer the relevant products to the right customers at the right time, and for the right reasons. With some 50 per cent of Lazada’s customers aged between 26 and 35 years – well within AIG’s target customer segments – the partnership will provide us with the opportunity to better understand our customers’ needs and to continuously match them with the right insurance solutions."
To visit AIG’s official store on Lazada, please visit http://www.lazada.com.my/aig-malaysia-insurance/
American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG’s core businesses include Commercial Insurance and Consumer Insurance, as well as Other Operations. Commercial Insurance comprises two modules – Liability and Financial Lines, and Property and Special Risks. Consumer Insurance comprises four modules – Individual Retirement, Group Retirement, Life Insurance and Personal Insurance. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
About Lazada Group
Lazada is the number one online shopping & selling destination in Southeast Asia – present in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Lazada helps more than 100,000 local and international sellers as well as 2,500 brands serve the 560 million consumers in the region through its marketplace platform, supported by a wide range of tailored marketing, data, and service solutions. Lazada offers an excellent customer experience through a wide network of logistics partners and its own first and last mile delivery arm.
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