Insurer or tech company? With PrOmilej, POI shows that it can be both | Malay Mail

Thursday, 19 Nov 2020 06:57 AM MYTNoor Muzir Mohamed Kassi, CEO of POI, says PrOmilej is just the start of many other customised insurance products in the works from the company. — Picture by Choo Choy May

As Noor Muzir Mohamed Kassim, CEO of POI, puts it “they took our lunch, so we are taking theirs” referring to the other insurance companies whose main focus has been car insurance. Apart from offering consumers a unique product, POI is also disrupting the industry by making this a direct-to-consumer product. In other words, consumers buy PrOmilej directly through POI’s website or app... not through agents.

“We did not want to alienate our existing bike agents... as a direct-to-consumer route would cannibalise their business,” explained Muzir. And as their car insurance segment is small, they launched PrOmilej as a direct-to-customer product.According to statistics, there are some 10 million cars registered in Malaysia. POI estimates that at least 30 to 40 per cent of these are the second or third cars in families used mostly for household purposes.

But wait... won’t the competition try to replicate this product as well? Muzir is confident they have a pretty good head-start and advantage over the other insurance companies.

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