Start-ups that are members of the FinTech Association of Malaysia (FAOM) will be receiving free insurance coverage from Allianz Malaysia.

Allianz will be offering a free annual Group Personal Accident (GPA) coverage to current startup members of the FAOM. 

Any Malaysian start-ups that comprise of less than 30 employees may also register with FAOM in order to be entitled to the sponsorship.

“Allianz is passionate about driving innovation. 

“In coming up with this initiative, we want to help start-ups relieve the burden of certain issues that could hinder their growth; financial liabilities arising from employee accidents is a huge responsibility that can be offset by a Group Personal Accident coverage,” said Michael Fong, head of Digital Partnerships and Innovation, Allianz General Insurance Company (Malaysia) Berhad.

Fong believed that for a start-up, taking on the full responsibility for the cost of insurance can be a daunting task, especially when they are just starting out with limited capital and resources. 

“This is why Allianz is going the extra mile in sponsoring FAOM-registered start-ups with our Group Personal Accident policies.

“The free GPA coverage offered by Allianz entitles FAOM-registered start-ups with an ace in hand, enabling them to provide better protection to their current or potential employees,” added Fong. 

The Allianz Group Personal Accident insurance provides compensation to employees that experience death or permanent disablement arising from accidents. 

The coverage can also be upgraded to cover temporary total or partial disablement, as well as medical expenses incurred from accidental losses. 

"The Fintech Association of Malaysia encourages strategic collaborations within and beyond the community and as a start, we are delighted to partner with Allianz General," said David Fong, president of the Fintech Association of Malaysia.

"As the national Fintech platform, providing value to our members is one of our key objectives. 

“This PA coverage offered by Allianz would be a great way to alleviate the cost of insurance to support small-medium Fintech companies who are just starting up. 

“We certainly welcome and look forward to more collaborations down the road," he added.

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