Zurich MY and Oyen introduce takaful insurance for cats

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Insurance group, Zurich Malaysia (Zurich) is collaborating with Malaysian digital-first pet insurance platform, Oyen, to introduce a cat takaful product called “Oyen Takaful Kucing”. The new offering seeks to address the increasing demand for takaful pet coverage, according to a statement by Zurich.

As a Shariah-compliant product, the coverage plan will be aligned with Islamic principles and values of mutual protection and shared responsibility. It offers comprehensive coverage of up to RM 8,000 for unexpected vet bills resulting from illness or injury in pet cats.

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To further set itself apart, it has also adopted Oyen’s AI-enhanced application to ensure seamless submission, processing, and claims tracking.

Through the application, the product seeks to simplify the experience for pet owners with swift assessment processes. Additionally, coverage will also make it possible for pet owners to access high-quality veterinary care for their pets.

“We believe that this product aligns with the evolving needs of pet owners and supports our commitment to innovation and customer-centric solutions,” said Shamsul Azman, chief executive officer of Zurich General Takaful Malaysia.

He expressed hope that the joint venture will make a meaningful impact on pet insurance and takaful industries in Malaysia, in line with Zurich’s dedication to protecting what its customers value most.

Kevin Hoong, co-founder and CEO of Oyen added that the exponential growth in Malaysia’s pet insurance segment has been encouraging. “We have seen growing interest from pet owners who prefer takaful as a protection option for themselves and their family (including their pets),” he said.

He added that the new takaful offering with Zurich is poised to help Malaysian pet owners afford veterinarian care of similar quality to those in the United Kingdom, Japan, and Sweden.

“This partnership marks a significant step in providing peace of mind and security to pet owners while respecting their faith-based principles,” he said.

The new product is the latest in Zurich Malayia’s recent slate of initiatives seeking to address matters close to consumers’ hearts. In September 2023, it released a brand film and held a wellness carnival as part of its “Care for what matters” campaign, which sought to highlight its commitment to be responsible for what matters to its consumers.

The film, which was created in collaboration with IPG Mediabrands’ Initiative Studios, urged viewers to think about their futures. In turn, Zurich reinforced the message that regardless of the futures individuals envisioned, it was there to care for consumers through its various protection plans.

It also held the “Karnival kita OK” (We are OK carnival) at Central Market from 22 to 24 September 2023, with workshops and booths selling clothing, accessories, and food. Featuring local sellers and organisations, the event sought to promote the importance of mutual support.

"We firmly believe that our actions today pave the way for a brighter tomorrow. The 'Care for what matters' brand campaign is an extension of our ongoing efforts to support and care for people from all walks of life,” said Junior Cho, country CEO and head of Zurich Malaysia, at the time.

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