Oyen is the first digital pet healthcare insurance provider in Malaysia, and they have certainly come onto the scene at an interesting time. Pet ownership had been on the rise throughout Southeast Asia prior to the COVID-19 but increased significantly during the pandemic.
A Rakuten Insight survey about pet ownership in Asia found that nearly 60 percent of Malaysians currently own a pet. Dogs and cats make up 54 percent of all pets owned in the country.
Pet insurance remains a greenfield market that could be a booming industry in the coming years. As an early mover, Oyen is well positioned to tap into its potential. Here are three things you should know about the startup offering digital pet healthcare insurance.
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3 things to know about Oyen: the first digital pet healthcare insurance provider in Malaysia
1) Seed funding secured
Oyen locked in MYR1.74 million (USD420,000) during its first round of seed funding. According to The Malaysian Reserve, former and current Airbnb and Facebook executives were among those to invest.
The startup will use the money to enhance its digital insurance platform while also seeking to reinforce its market position. Additionally, it plans to scale up its operations by aggressively hiring employees on the technology side of the business.
2) Licensed and authorized
Despite being the first digital pet healthcare insurance provider in Malaysia, the company is licensed and authorized. Firstly, Oyen is a licensed intermediary of PIAM, Malaysia’s General Insurance Association. Secondly, the pet insurance policy is underwritten by well-known provider MSIG Insurance.
3) Regional ambitions
While Oyen is focused on its operations in Malaysia at the moment, the startup has plans for expansion in the near future. It hopes to have 100,000 pets insured throughout Southeast Asia by 2024.
“With the support from our investors, Oyen is now better positioned to expand and enhance its services across Malaysia, while also exploring how we can extend the benefits of our platform to pet owners at the regional level,” Oyen Founder and CEO Kevin Hoong explained.
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