Talking Digital Innovation in Insurance and Property Market
Imagine if securing a home rental and insuring was as easy as ordering an e-hailing ride.
Since partnering up in 2017, Allianz General Insurance Company (Malaysia) Berhad, a subsidiary of Allianz Malaysia Berhad, and end-to-end residential property rental platform SPEEDHOME (formerly Speedrent) have provided homeowners up to RM30 million insurance protection, all via the SPEEDHOME app.
Homeowners are able to advertise properties, filter tenants, use chat services, and paperless agreements using the app. Once the deal is done, SPEEDHOME also manages the rental payments and ensures everything runs like clockwork with Allianz General offering insurance protection over homeowners most prized possessions.
As tech takes the wheel, the Allianz Malaysia-SPEEDHOME X Digital Innovation in the Property and Insurance Market media forum today discussed the digital technology development in Malaysia and how it will change the insurance and property market together with the Real Estate & Housing Developers’ Association Malaysia (REHDA).
Say goodbye to rental deposits; and hello to protection
When putting up your property for rent, the go-to practice would be to seek a deposit of 2+1 (two months’ rent, one months’ utility bills) from your tenant. Does 2+1 deposit sufficiently cover the possibility of losing rent from a runaway tenant or the cost of damages to your home caused by a ‘difficult’ tenant?
Together with Allianz General, SPEEDHOME takes care of the unnecessary inconveniences by offering landlords protection against runaway tenants, tardy paymasters and home damages and tenants with a deposit-free rental service.
Allianz General’s Head of Digital Partnership and Innovation Michael Fong said: “Our partnership with SPEEDHOME was seamless right from the start as we shared a common goal of wanting to make things simple for our customers by doing things different and better. Our partnership milestones include assisting 300 landlords with Loss of Rental being one of the most claimed benefit.”
“The online insurance market is ever-evolving and for us it simply means having tremendous opportunities to explore innovation-led collaborations. We currently work with more than 40 digital partners to leverage on their digital capabilities to innovate solutions and improve customer experience. Embracing digital disruption is about evolving and having the conviction to try something new, something different and Allianz General is always on the lookout to work with local start-ups to bring those big, bold ideas to life,” added Michael.
Homerunners service offers security at the click of a button
House tenants do get a bad rep and unfortunately in Malaysia, they pose the biggest hurdle for homeowners who wish to rent out their property.
SPEEDHOME’s Chief Executive Officer, Wong Whei Meng said: “We know that the biggest problem for homeowners to rent a house is the tenant not paying rent on time in addition to bad tenants damaging their house. With the support of Allianz Malaysia, SPEEDHOME has solved two major pain points for homeowners. Tenants can search for their dream house on our platform anywhere at any time and the landlord can rent the house with the insurance. With the support of Allianz Malaysia, SPEEDHOME has provided up to RM30 million worth of insurance protection to landlords already.”
SPEEDHOME’s newly launched homerunners service offers full end-to-end service to the landlord, the landlord just has to upload their property using a smartphone. Starting this year, SPEEDHOME’s advanced insurance package offers homeowners rental protection of up to RM42,000.
“With our newly launched homerunners service, we now offer a full end-to-end service to the landlord, the landlord just has to upload their property using a smartphone and we take care of the rest of the rental process. From arranging the property viewing, signing the tenancy agreement online and providing insurance coverage, SPEEDHOME will assist the landlord from A to Z,” added Whei Meng.
Boost for Malaysia’s tech industry
The National Fiberisation and Connectivity Plan (NFCP), launched in September, aims to provide comprehensive, high-quality yet sustainable and affordable connectivity which serves to further the Government’s goal of encouraging businesses in playing an active role in developing the digital economy in Malaysia in the next five years.
In addition to that, the Government is also offering RM1 billion in customised packaged incentives over the next five years in hope of attracting investment from Fortune 500 and global unicorn companies (a startup with a valuation over $1 billion). The same offer will also be made annually to Malaysian companies.
These initiatives are expected to have a positive impact on the Malaysian digital industry and further strengthens the country’s position as the digital hub in the region.
SPEEDHOME currently has more than 26,000 residential listings and has served more than 4,000 users since April 2015. Download the SPEEDHOME app from the App Store or Google Play now to experience home rental that is safe and secure.
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