AIA Malaysia has formed a long-term digital insurance partnership with Touch ‘n Go eWallet, a subsidiary of TNG Digital.
Under the partnership, AIA will provide bespoke digital insurance solutions to more than 16 million Touch ‘n Go eWallet customers in the country.
Concurrently, AIA announced a minority equity investment in TNG Digital. The quantum of the investment was not disclosed.
AIA stated that Touch ‘n Go eWallet customers can buy insurance solutions online as well as through consultative selling provided by its existing distribution channels, which includes 19,000 agents who can also advise on insurance and takaful coverage.
The insurer noted that its digital technology will make it easy for Touch ‘n Go eWallet customers to buy, claim, and renew insurance policies.
The partnership is in line with AIA’s strategy to reach new customer segments using online platforms, the insurer added.
AIA Malaysia CEO Ben Ng said: “We must constantly look to expand and give Malaysian consumers greater choices, enabling them to obtain the right coverage they need across different stages of their lives, in any way that they prefer, and at the right time.”
Touch ‘n Go Group CEO Effendy Shahul Hamid said: “Insurance is a key pillar for us as we continue to expand into financial services, and we look forward to collaborating with AIA to disrupt the segment and bring better and more relevant products and services to Touch ‘n Go eWallet users.
“We also look forward to AIA’s strategic participation as a shareholder of the Touch ‘n Go eWallet company. Their involvement coincides with our continued evolution into deeper areas of financial services.”
Earlier this month, AIA Vietnam forged an alliance with e-commerce platform Tiki.