SINGAPORE (Dec 12): Insurance group Great Eastern has signed a regional strategic partnership with Axiata Digital Capital to provide insurance and takaful (Islamic insurance) products in Malaysia and Indonesia.

Axiata Digital Capital, the digital services arm of Malaysian teleco Axiata Group, is a fintech service provider and operates under the brand name Aspirasi.

Available on Aspirasi and its partner platforms, the products are designed for consumers, micro entrepreneurs and small and medium-sized enterprises (SMEs) in both countries.

These include life and takaful insurance, health insurance, home insurance, personal accident insurance, with premiums or contributions starting from MYR1.50 ($0.49) and IDR5,000 ($0.48).

Great Eastern say the platform will leverage on advanced technology such as big data, artificial intelligence (AI) and behavioural economics to help customers fulfil a variety of needs in one integrated experience.

Mohd Khairil Abdullah, CEO of Axiata Digital, says, “As part of our ongoing journey to narrow the financial inclusion gap in Malaysia and Indonesia, bite-sized insurance and takaful remains an important financial service that we offer in the market today through the Aspirasi platform.”

Khor Hock Seng, CEO of Great Eastern Group, says, "This partnership allows us to reach out to the wider base of consumers who go online to purchase and manage their insurance and takaful needs. Great Eastern’s strong expertise in designing relevant products, coupled with the convenience of digital platforms, will provide a unique value proposition to these customers.”

As at 4.04pm, Great Eastern shares in Singapore are down 2 cents at $21.60, down 13.5% year to date.