XOX Mobile is launching its first deployment into fintech business through a customised Personal Accident (PA) Insurance Plan for its subscribers as part of its loyalty reward. Eligible subscribers shall be rewarded a customised PA Insurance which shall be valid for a duration of one month from the date of activation. The PA will be given out to eligible subscribers for free throughout a 3-month campaign. Subsequently, subscribers will be able to continue with the PA plan through XOX Black app at an affordable price. XOX Mobile plans to launch this PA insurance campaign in June.
XOX Mobile has been working closely with AXA Affin General Insurance Berhad (AXA) to deliver this customised PA Insurance Plan. With the Group Scheme, XOX subscribers will be able to enjoy personal accident insurance coverage at an affordable monthly premium plan.
No pricing details were announced.
This XOX PA Insurance plan offers RM20,000 coverage per policy for death and total permanent disability. On top of the coverage the plan, subscribers will also be able enjoy medical protection and claim up to RM500 medical expenses. XOX is offering the PA to its eligible subscribers, especially to those who would require additional protection, especially subscribers who are not under any medical or life insurance plan. The 1-time medical expenses claim will be beneficial to those who are exposed to higher risk of personal accident injuries such as delivery riders and motorcyclist in general.
XOX Mobile plan to expand the insurance product offering beyond PA moving forward as a value add to subscribers. The market share of insurance products such as motor insurance which stands at RM8.47 billion with 1.8% growth in 2019 is an opportunity for XOX to diversify its offering to subscribers.