OUCH! secures funding to become a Shariah-compliant digital insurer in Malaysia

Ouch!, a next-gen, tech-enabled insurance platform in Malaysia, said today it has secured an undisclosed sum in a pre-Series A round of investment.

Neither the names of the investors nor the size of the investment hasn’t been disclosed.

Following the investment, Ouch! will look to acquire the final approval from Bank Negara Malaysia (BNM) to operate in its regulatory sandbox.

Founded in September 2019, Ouch! utilises technology to make the insurance process pain-free — from plans purchasing, claims, and managing policies. It offers insurance solutions across life, home, travel and motor, all powered by an app platform that makes the process and tracking easy and transparent.

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The startup’s mission is to become Malaysia’s first digital Takaful operator with the planned launch of its new digital Takaful product within the first quarter of 2023.

“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,” said Shazy Noorazman, CEO of Ouch!

Ouch! also aims to obtain 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. 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,” added Noorazman.

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