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Getting medical insurance has become essential among many Malaysians as the cost of seeking treatment at private hospitals has been ascending at a rate exceeding 12 percent per annum.

But, do you know there is medical insurance for your pets too? Visit Oyen website for more info: https://www.oyen.my/

Launched in April 2021, Oyen is a digital pet healthcare insurance provider based in Malaysia that offers services that come from a network of veterinary clinics. They are a licensed intermediary of PIAM - Malaysia's General Insurance Association, and an authorised agent of MSIG Insurance (Malaysia) Bhd.

It claims that it can provide the country’s highest veterinary medical coverage with up to RM8K of the amount claimable in vet medical fees, up to RM1k in pet burial costs, and up to RM50K in third-party liability claims.

Oyen’s launch came about in a timely manner, considering that research has found an increase in pet ownership in the region, a trend that escalated during the COVID-19 pandemic as people sought pet companionship.

With pets come the responsibilities of caring for them, which can be daunting in the face of emergencies that are expensive to handle. It’s in this space that Oyen wants to make an impact, not just in the aftermath of emergencies, but also in preventative care and general pet wellness.

To ease more pet owners’ minds, Oyen accept all breed for cats and wide breeds of dogs for insurance. Furthermore, they insure pets up to the ages of 10 years old.

Oyen covers up to 90% on eligible vet fees for accidents, illnesses, injuries and emergencies. Pet owners can visit any registered vet clinics in Malaysia. They even reimburse the cost for burial or cremation of their customers’ deceased pet.

Unlike the usual complicated process to claim for medical insurance, Oyen’s customers can submit their claims digitally and get paid into their bank account directly.

In June 2021, Oyen announced it raised US$420K in a seed round. The round is backed by Hustle Fund and angel investors made up of former and current executives from Airbnb, Facebook, and Rocket Internet.

These funds will be used in enhancing Oyen’s proprietary digital insurance platform and reinforcing its market position within the industry in Malaysia. To achieve this, the company shared that it will expand its recruitment in various roles in technology (like software engineering), and non-technology (like growth marketing).

Within the next 3 years, Oyen intends to have 100K pets insured in Southeast Asia, half of which is expected to come from its first market, Malaysia.

Amidst these projections and an observation of a growing consumer shift towards digitized insurance offerings, Oyen wants to work closely with industry players and regulators in the region to expand its services to more markets.

At the same time, it sees potential in moving into other consumer insurance segments for people such as home, life, and medical insurance, although those would appear to be more saturated markets.

Oyen has joined ZOM-IN.com to collaborate in efforts to empower aspiring youths. Join us now at www.zom-in.com to participate in exciting events coming soon!


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