Ouch! – a next-gen, tech-enabled insurance platform has announced a fully subscribed six (6) figures pre-series A round and is set to continue this momentum with Ouch! exercising Its over-allotment for additional investor to come onboard.
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Following the investment Ouch! is now looking to acquire final approval from Bank Negara Malaysia (BNM) to operate in its regulatory sandbox. This comes as a prelude to Ouch’s mission to become Malaysia’s first digital Takaful operator with the planned launch of its new digital Takaful product within the first quarter of 2023. This new product will see Ouch! Bring its signature approach to insurance into the Takaful space.
“Providing a painless insurance service is our ultimate goal – breaking the norms of this long-established industry to cater to a new generation of consumers. With the impending introduction of the first pure tech-enabled Takaful solutions provider, this successful round of funding will allow us to deliver affordable cover at a bigger and wider scale. We are proud to have received the vote of confidence from several big players and it is a sign that our approach is being recognised and well received by the market,” said Shazy Noorazman, CEO of Ouch!
From there Ouch! aims to continue its focus within the Takaful space with the introduction of more inclusive and affordable Takaful products. Beyond this, Ouch! is looking to solidify its position within the digital insurance/takaful space by obtaining a Digital Insurers and Takaful Operators license which will be open for application later this year.
“Obtaining the license will expand our market and thereby potential, significantly. This is all in line with our ambition to be a first-of-its-kind digital Takaful operator especially focusing on the younger generation bringing our signature approach to insurance to a new space. There are now multiple generations that either don’t see the importance of or can’t quite wrap their heads around the layers of insurance offerings and processes. Ouch! aims to strip all of that out for a simple, straightforward product that resonates with the youth of today and tomorrow,” Shazy continued.
To further drive the brand’s forward momentum, Ouch! has also announced the appointment of board member and advisor, Mukesh Dhawan. The former CEO of Zurich Takaful Malaysia Bhd and 25-year finance and insurance industry expert is a current angel investor and shareholder in Ouch!, he brings his rich knowledge and expertise in the world of Takaful to spearhead future initiatives within the space.
“It’s about time that Family Takaful Industry moved from push to pull and disintermediation can begin with the millennials who are always busy with their smartphones. Ouch! will make the customer buying process not just convenient but efficient too,” said Mukesh.
Founded in September 2019, Ouch! utilises technology to make the entire insurance process pain-free, from purchasing plans, making claims and the management of policies. To date, Ouch! offers insurance solutions across life, home, travel and motor, all powered by an app platform that makes the process and tracking easy and transparent.
Source: OUCH
