PolicyStreet

PolicyStreet set up in Singapore with key operational activity based out of Malaysia. As of 2019, the firm is a fully-fledged financial adviser, having received approval from regulators allowing them to source, aggregate, compare, customise and advise consumers and businesses of the best insurance products.

PolicyStreet offers life, auto, medical, travel, property, pet and employee benefits insurance, as well as specific health insurances. Their products are handpicked from insurers and are curated for particular niche audiences, in particular millennials and the emerging middle income earners. The team breaks the traditional ‘one size fits all’ approach to policy making, by working with groups of like-minded individuals to understand their needs. They then curate insurance products to suit and take a commission from every sale. By taking this approach they aim to bring down the cost of insurance and simplify the communications to the customers.

In 2019 the company became a financial adviser and Islamic financial advisor, enabling them to work with over 35 insurers and offer over 1,000 insurance products.

In June 2020 the company raised $1.8m in Series A investment, led by KK fund. Other investors were Spiral Ventures, and both local and international angel investors through an equity crowdfunding platform. The company plans to use the new funds to further improve its product, increase sales and marketing, and expand into new markets, starting with Indonesia and Indochina within the next 12 months.

In September 2021 PolicyStreet secured 25 million RM in a Series A fundraising round. The startup aims to expand into new markets with the fresh capital while also doubling down on its technological capabilities and marketing efforts to provide a wide variety of insurance products. The company has also revealed it has received initial approval for a general insurance and a reinsurance license from Malaysia's Financial Services Authority.

During November 2022 the company partnered with Foodpanda. As part of the collaboration, Foodpanda delivery partners will be able to access PolicyStreet’s latest digital solution, the Gig Workers’ Claims Portal.

In May 2023 the company recorded exponential growth for the fiscal year 2022, with its topline expanding by five times compared to the previous year and passing $6bn. The company has attributed its growth to its products being purposeful and simple to understand in a country where insurance penetration is rising. Its Digital HR Solution and the Gig Worker’s Claims Platform in collaboration with p-hailing service providers drove the company’s performance.

In July 2023 PolicyStreet, and CARSOME, Southeast Asia’s largest integrated car e-commerce platform, partnered and launched CARSOME Care+, a Car Personal Accident Coverage for Malaysians.  The partnership aims to narrow the protection gap in a country where approximately 30 million Malaysians, or 90% of the population, are underinsured.