Prudential Leads the Way in Digitizing Payments in the Insurance Industry

(From L-R) Gary Yeoh, Director of Merchants and Partnership of Boost,  Mohd Khairil Abdullah, CEO of Boost Gan Leong Hin, CEO of Prudential Assurance Malaysia Berhad (PAMB), Ahmir ud Deen, COO of Prudential BSN Takaful Berhad (PruBSN), Eric Wong, Chief Customer and Marketing Officer PAMB 

Kuala Lumpur, 25 November 2019 – Prudential Assurance Malaysia Bhd (PAMB) and Prudential BSN Takaful Bhd (PruBSN) customers have much to be excited about. Boost, the homegrown and leading lifestyle e-wallet, alongside one of Malaysia’s top insurance and takaful companies, announced a partnership to digitize insurance payments in Malaysia using e-wallets.Through Prudential’s corporate website, customers can opt to use Boost as a payment method when making premium payments anytime, anywhere, in a secure and hassle-free manner. Meanwhile, Prudential agents are also able to make payments on behalf of customers via their dedicated portal.“This partnership allows us to expand our offerings via the Boost app and continue adding value to consumers lifestyle needs and daily transactions,” said Gary Yeoh, Boost’s Director of Merchants and Partnerships.

Gan Leong Hin, Chief Executive Officer of PAMB said, “This partnership with Boost will be a step forward in our digital transformation roadmap as an innovative and customer centric insurer. This development provides our rapidly growing digital-savvy customers an efficient and secure digital payment solution when it comes to their insurance premiums and takaful contributions payments”. from now until 31 January 2020, Prudential customers who make premium payments using Boost on the Prudential website for the first time will be rewarded with up to 20% cashback. Existing customers who have previously made payments using Boost will receive 10% cashback. The cashback rewarded is capped at RM100 per user per month. To date, Boost has achieved a number of significant milestones, from enabling over 4.8 million users to pay for parking, utility bills, order food delivery and seek roadside assistance services, to providing micro-financing and micro-insurance solutions to merchants and even powering 24 cashless campuses across the country. The e-wallet also boasts the widest nationwide coverage of over 125,000 merchants.

About Boost

Boost is a homegrown lifestyle e-wallet that aims to revolutionise the way consumers transact daily. Combining lifestyle needs and cutting-edge digital technology, Boost strives to make transactions easier, faster, more secure & overall a more rewarding experience for consumers. Boost officially launched in January 2017 as a platform that digitised one of the telco’s core services - the way prepaid users top up their mobile credit. Boost allows users to pay via their mobile phone at participating locations without the hassle of using physical cash or cards. Over 4.8 million Boost users can now pay at over 125,000 merchant touchpoints nationwide.

Key features include:

●      User rewards through BoostUP

●      Savings for online shopping through CashUp

●      Pay at UnionPay QR merchants in Malaysia

●      Paying utility bills with partners such as Telekom Malaysia, Astro and Syabas

●      Paying for on-street and gated parking

●      Order roadside assistance and car maintenance services

●     Booking and buying public transport rides on KLIA Ekspress, KTM intercity, EzCab, CatchThatBus and Firefly

●      Cashless donations to several organizations #DoGoodwithBoost

●      Buying and gifting digital vouchers for online merchants, F&B outlets, entertainment, health & beauty

●      Splitting bills through unique feature “Go Dutch”

●      Buying prepaid top up

●      Free money transfers

●      Food Delivery through DeliverEat, dahmakan and eatigo

Android users can download Boost from the Play Store while iOS users can download from the App Store.

About Prudential Assurance Malaysia Berhad

Prudential Assurance Malaysia Berhad (PAMB) was established in Malaysia in 1924. For its 2019 half year ended 30 June 2019, it achieved RM712 million in new business sales. New business sales include both life insurance sales and takaful contributions. Takaful products distributed by PAMB’s wealth planners and agents are underwritten by Prudential BSN Takaful Berhad.As a leading and innovative insurer, PAMB serves the savings, protection and investment needs of Malaysians by offering a full range of financial solutions through its branches and bancassurance distribution partners network nationwide. With more than 1,700 employees, PAMB is committed to helping people achieve their ambitions for a brighter and financially secure future.PAMB is an indirect wholly owned subsidiary of UK-based Prudential plc. Prudential plc is an Asia-led portfolio of businesses focused on structural growth markets. The business helps individuals to de-risk their lives and deal with their biggest financial concerns through life and health insurance, and retirement and asset management solutions. Prudential plc has 20 million customers and is listed on stock exchanges in London, Hong Kong, Singapore and New York. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America or with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

About Prudential BSN Takaful Berhad

Established in 2006 through the licence awarded by the Central Bank of Malaysia, Prudential BSN Takaful Berhad (PruBSN) is a joint venture between the UK-based Prudential plc and Bank Simpanan Nasional, two financially strong companies in their respective fields of expertise. Premised on the concept of taawun (co-operation and mutual assistance), PruBSN provides a range of shariah-compliant family takaful protection solutions. Today, PruBSN has over 16,000 takaful consultants who serves the evolving health and protection needs of more than 870,000 Malaysians and their families by listening, understanding and most importantly, delivering.