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FWD Insurance & Bank Simpanan Nasional to drive financial inclusion in Malaysia

By Gloria Mathias

May 21, 2024

  • Bank Simpanan
  • Bank Simpanan Nasional
  • financial literacy
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FWD Insurance, Bank Simpanan, Qaseh Bakti Plus, Fintech Malaysia, Fintech APAC, FWD Insurance Berhad has partnered with Bank Simpanan Nasional to introduce Qaseh Bakti Plus, a micro-insurance product that provides affordable and accessible solutions to underserved communities.

Qaseh Bakti Plus is an affordable insurance solution. Crafted through meticulous analysis of customer data and direct feedback, this plan offers income replacement in the event of unforeseen hospitalization. It is an offering under Bank Negara Malaysia’s Perlindungan Tenang programme.

Aman Chowla, Chief Executive Officer of FWD Insurance, said, “Our vision of changing the way people feel about insurance is not limited to financial inclusion, but also to drive financial literacy in the nation. We recognise that financial literacy and inclusion are not just economic imperatives; they are pillars of empowerment and equality. By equipping individuals with the knowledge and tools to navigate the financial landscape, we’re not only fostering resilience and prosperity but also breaking down barriers and building a more inclusive society. At FWD Insurance, we are committed to driving positive change in the nation.”

“As a partner in this endeavour, BSN is excited to leverage our extensive nationwide network to provide a solution specifically designed to address the protection needs of the rakyat while also advancing financial literacy among future generations. Our collaboration with FWD Insurance is poised to strengthen our commitment to fostering long-term and meaningful relationships with each of our customers while ensuring that our vision of “No Malaysian Left Behind” remains steadfast,” said Jay Khairil, Chief Executive of BSN.

Qaseh Bakti Plus offers three plans for those aged 18 to 55. With premiums as low as RM0.17 per day, it breaks new ground by providing more comprehensive coverage in terms of hospital cash benefits. It provides daily hospital cash and death benefits. Additionally, if these causes are accidental, customers will receive double the benefits.

This microinsurance product is easily accessible and can be obtained at BSN branches nationwide. Qaseh Bakti Plus also has a simple sign-up process, and customers will receive their policy in their email almost immediately.

FWD and BSN have signed an MoU to implement financial literacy programmes for selected urban and rural schools nationwide.

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