Fi Life and AXA partner to provide online medical insurance

By Edil Corneille

Kuala Lumpur-based AXA Affin General Insurance (AXA) has partnered with Malaysian life insurance platform – Fi Life. They will jointly offer online medical insurance complete with an e-medical card as well as products such as SmartCare Optimum and SmartCare Optimum Plus.

This online medical insurance will allow substantial annual limits for medical claims of RM100,000 all the way up to RM2.1 million. Prior to this launch, the highest annual limit for medical insurance that can be bought online was RM250,000.

This was made possible as Fi Life has incorporated AXA’s full medical underwriting process within its online application system. Now all customers have to do is answer questions online on their medical history to get medical insurance and receive an e-medical card immediately.

Emmanuel Nivet, Chief Executive Officer of AXA said, “At AXA, we are committed to be a trusted partner to our customers. As one of the largest global insurers, we are constantly innovating our products and services to deliver fast, secure and simple online insurance solutions that cater to customers’ needs. We are delighted to have Fi Life with us in building an efficient online ecosystem, and we truly believe our synergy in launching Malaysia’s 1st online medical insurance is an innovative step forward to ensure customers’ experience is made more convenient and accessible.”

Unlike other online medical insurance, customers with prior medical issues also have a chance at acquiring insurance and are not automatically rejected. These customers will be given the opportunity to upload a doctor’s medical report and then will be evaluated to see if they are still eligible to obtain medical insurance.

In addition to a straightforward acceptance or decline, the Fi Life online underwriting system is flexible enough to give an acceptance with exclusions, or an acceptance with a premium loading.

Further, in relation specifically to the online SmartCare Optimum plans, customers can opt to pay for the first RM7,500, RM10,000, RM15,000 or RM20,000 of medical expenses in return for a 25% to 50% discount on premiums. These plans are beneficial for customers who already have a basic medical plan through their employers but want to upgrade to a higher claim limit by supplementing their employer plan with their own individual plan.