PolicyStreet - Insurtech Innovation Award 2023

1. Private & Confidential
PolicyStreet’s
Digital HR Portal
Submission for The World’s Digital Insurance Awards 2023
Last Updated: 25 April 2023

2. Executive
Summary
1. PolicyStreet’s Digital HR Portal simplifies Group Medical Insurance for small
medium enterprises (SMEs) by allowing users to manage employee benefits from
various insurers in one portal while digitising tedious manual insurance
processes.
2. The Digital HR Portal is an extension of PolicyStreet’s offering in providing
customized Group Medical Insurance as part of employee benefits for SMEs.
3. The simplification and digitisation of employee benefits through the Digital HR
Portal would make Group Medical Insurance more manageable for SMEs,
increasing the likelihood of insurance uptake and reduction in the protection gap.

3. Overview
According to a study conducted by
the Life Insurance Association of
Malaysia (LIAM), only 41% of
employees are covered by Group
Employee Insurance as of 2020.
There are no consolidated digital
employee benefit platforms, making
the task of managing a customised
policy difficult as SMEs have to liaise
with various insurers for different
coverage protection.
The Solution The Market
The Problem
As a licensed Financial Advisory,
PolicyStreet customises employee
benefits plans best suited to the
needs and budget of the SMEs
The SMEs would also have access to
PolicyStreet’s Digital HR Portal,
simplifying the management of
customised employee benefits offered
by PolicyStreet.
SMEs often do not undertake Group
Medical Insurance as managing the
policies is a tedious and time-
consuming task, especially when the
business is understaffed.
Due to the length and complexity of
the processes, they are prone to
human error, resulting in certain
employees falling through the cracks
and not receiving the protection they
deserve.

4. Innovation Presentation
Product Introduction
PolicyStreet’s Digital HR Portal is the first in the
insurtech market.
It allows its users to manage Group Medical
Insurance policies from various insurers in one
portal while digitising tedious manual processes.
The digital solution from PolicyStreet is part of its
efforts to innovate and drive digital transformation
within the insurance industry to help SMEs,
especially small business owners.

5. • Secure & Transparent Data Collection System: HR
managers can efficiently and easily update insurers on the
latest employee movements within the organisation, stay on
top of billings, and keep an eye on employee claims, all
through an encrypted database protected against data
breaches.
• Centralised Status Updates: Progress updates are clearly
labelled, enabling HR Managers to easily view the processing
status of documents submitted to various insurers and track
everything in one place.
• Detailed Data Analysis: Insights and data are available for
HR managers’ viewing and analysis while PolicyStreet
provides a customised Group Medical Insurance plan best
suited for their organisation before the next renewal period.
• Consolidated Group Medical Insurance Plans: We make it
hassle-free for HR to manage different plans from various
insurers, allowing SMEs to enjoy the best of every insurer
without needing to spend extra time liaising with different
representatives.
Product Features
Innovation Presentation

6. Value Proposition
The Digital HR Portal is a first-in-
market offering. PolicyStreet goes the
extra mile by offering the Digital HR
Portal alongside customised
employee benefits which makes
Group Medical Insurance more
purposeful to SMEs, especially smaller
business owners.
Instead of liaising with various insurers
for a variety of employee benefits, SME
owners or HR managers can directly
manage their employee benefits
through PolicyStreet’s platform.
First in the Market
1 Consolidated
Platform
2

7. Impact on Market
Since launching the platform, PolicyStreet has onboarded all
of the SMEs undertaking its customised employee benefits
plan, and hundreds of SMEs have seen significant
improvements in productivity as a result.
By simplifying the Group Medical Insurance process,
PolicyStreet freed up valuable time and resources for
these companies, allowing them to focus on growing their
business and serving their customers.
The Digital HR Portal has also provided a much-needed
benefit for their employees, which has helped to improve
morale and job satisfaction.

8. Once the product launch hits the one-year mark,
PolicyStreet aims to analyse the claims data and improve
its financial advisory on customised employee benefits
according to the needs of its business partners for even
more cost savings.
We believe that the success of the Digital HR Portal is a
testament to the power of insurtech and the importance of
providing innovative solutions for SMEs.
We look forward to building on this success in the years to
come, helping even more SMEs thrive and succeed.
Future Outlook

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