PolicyStreet - Insurtech Innovation Award 2023

1. Private & Confidential
Gig Workers Claims
Platform
Submission for The World’s Digital Insurance Awards 2023
Last Updated: 25 April 2023

2. Executive
Summary
1. The Gig Workers Claims Platform is an insurtech solution that allows gig
workers to monitor their coverage protection across various employers and
submit claims anywhere, anytime.
2. The platform complements PolicyStreet’s ongoing partnership with
foodpanda to offer embedded insurance coverage protecting p-hailing
drivers while on the job
3. The platform supports the growing gig economy, simplifying claims and
providing effective support. It has the potential to revolutionise claims
management for insurtech providers.

3. Overview
There were no embedded
insurance products specially
designed for gig workers in the
Malaysian market.
Meanwhile, online insurance
platforms are limited to specific
insurers instead of a consolidated
solution, making policy
management difficult for gig
workers with various employers
who may offer protection through
various insurers.
The Solution The Market
The Problem
Malaysia's 4 million freelancers
account for over 26% of the
workforce, but are among the most
vulnerable to financial insecurity
due to unstable income and lack of
employer protection due to their
freelancing status.
The risk of financial insecurity is
detrimental to both gig workers and
the gig and digital economy as a
whole.
PolicyStreet provided embedded
insurance protection for gig
workers, launching the pilot
programme in partnership with
foodpanda Malaysia.
PolicyStreet also launched the Gig
Workers Claims Platform to digitise
and simplify the claims
management processes.

4. Innovation Presentation
PolicyStreet has been working towards
reducing the protection gap by offering
customised insurance specifically for gig
workers in partnership with leading brands
since 2020.
PolicyStreet created the Gig Workers'
Claims Platform to complement the
coverage protection.
The platform aims to combine every
insurance app on the market into a single
platform designed specifically for gig
workers.
Product Introduction

5. • Overview of all insurance protection
across various employers and insurers,
perfect for gig workers who work for
various employers.
• In just 3 simple steps, users can submit &
track claims anytime, anywhere.
• Claims management is made easy
through mobile-first, intuitive platform
design, keeping users informed every
step of the way.
Product Features
Innovation Presentation

6. The gig and digital economies have long benefitted from reciprocal growth. Small and medium enterprises in the
digital economy rely on gig workers to fulfil their last-mile delivery.
With nine out of ten Malaysian consumers preferring to shop online, the digital economy is expected to contribute
22.6% of Malaysia’s gross domestic product (GDP) by 2025.
The platform,
alongside the
customised insurance
offering, ensures that
members of the gig
economy are
adequately insured.
Ultimately, by making
insurance more
accessible to
underserved markets,
PolicyStreet
contributes to the
nation’s positive
financial trajectory
Value Proposition
By narrowing the
protection gap,
PolicyStreet is able to
contribute to the long-
term sustainability of
both the digital and gig
economy.
Narrowing Protection
Gap
1
Ensuring
Sustainability
of Industries
2 Supporting the Nation
3
Employers who adopt
the embedded
protection alongside
the Gig Workers’
Claims Platform would
become more
attractive to gig
workers.
Employer
Preference
4

7. Impact on Market
To date, PolicyStreet has partnered with foodpanda, one
of Malaysia’s largest p-hailing companies specialising in
food and goods delivery, insuring more than 50,000
delivery partners and providing access to the Gig
Workers’ Claims Platform for a simplified insurance
experience.
Given that there are approximately 70,000 food delivery
riders in Malaysia as of 2021, PolicyStreet protects
around 71% of food delivery riders in the country.

8. PolicyStreet aims to continue expanding its network and
work with more industry leaders in the gig and digital
economy space to provide simplified, digital insurance
to gig workers supporting the nation’s growth.
Additionally, the insurtech company also hopes to work
with foodpanda to enable the same offering in other
regional markets where foodpanda is present.
Scalability

9. Creating Value
PolicyStreet is a regional full-stack insurtech company, offering value at every stage of the value chain.
Underwrite insurance products
off-shore based on the collective
demand for volume and market
opportunity
Penetrate markets within the
region by leveraging B2B2C
approach through strong
partnerships with leading industry
industry brands
Deliver hyper-localised solutions
embedded or white-labelled
solutions based on business
needs
Deepen the local market
presence via partnerships and
development of simplified
insurance platforms

10. About PolicyStreet
PolicyStreet is an insurance technology group of companies providing cutting-edge
digital insurance solutions to businesses and consumers in Southeast Asia and
Australia.
PolicyStreet works directly with over 40 life, general, and takaful providers globally to
offer a comprehensive range of products and services, which includes but is not
limited to embedded insurance, customised employee benefits, financial advisory and
aggregation of insurance, as well as the development of digital solutions to make
insurance purposeful & simple for businesses and consumers.
As a licensed Reinsurer and General Insurer by the Labuan Financial Services
Authority (LFSA), an approved Financial Adviser and Islamic Financial Adviser
by Bank Negara Malaysia (BNM), and a licensee of the Australian Financial
Services License by the Australian Securities and Investments Commission (ASIC),
PolicyStreet can underwrite, customise policies, and provide unbiased advice to its
clients and partners worldwide.
Through its regional group of companies, it serves over 500,000 customers with over
US$ 4 billion in sum insured. In 2022, it was named as one of the 100 Leading
Emerging Giants in the Asia Pacific by KPMG and HSBC and was recognised at the
Top in Tech Innovation Awards 2022 for Most Value Creation. It was also awarded
the Young Entrepreneurs’ Award in 2020 by ASEAN Business Advisory Council
(ASEAN-BAC).
From left to right: Winnie Chua, Co-founder & Chief Product Officer ; Lee Yen Ming,
Co-founder & Chief Executive Officer ; Wilson Beh, Co-founder and Chief Operating
Officer

11. Thank You
Sabrina Chong | +6012 206 6375 | sabrina@policystreet.com
Feel free to reach out to us if you have any questions