insurtech 13/May/2019

Insurtech News > BFM Founder Malek Ali Co-Founds Insurtech Startup, Fi Life

The birth Fi Life is a result of the pair’s recent acquisition of U For Life from German reinsurer Hannover Re and New Zealand underwriting software company, Intelligent Life.

A rebrand of U For Life, the newly launched insurtech offers insurance services through its mobile and desktop site. It provides life insurance coverage of up RM 1 Million. Users with problematic medical history might still be able to get cover, subject to assessment by Fi Life’s online underwriting questionnaire.*

The current business has more than 3,000 active life insurance policies covering more than half a billion ringgit in cover (sum assured).

The fresh interface, according to a Fi Life, would showcase a more intuitive interface, greater eligibility for higher coverage geared towards certain age and income categories, and 10% discount on premiums for RM1 million life coverage.

The financial backers of Fi Life include, among others, include Tan Thiam Hock, former owner of Alliance Cosmetics, Ng Kay Yip, former co-founder of JobStreet Corporation, and Asgari Stephens, principal of Intelligent Capital.