PolicyStreet plans to work with SMEs. Photo by Tim Mossholder on Unsplash.

PolicyStreet, a Malaysian insurance technology startup, has secured regulatory approval to launch operations in Australia, reported BusinessToday.

The licence by the Australian Securities and Investments Commission (ASIC) will allow the firm to engage in offering advice and services for general insurance products to both retail and wholesale customers. 

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With its expansion into Australia, PolicyStreet hopes to spur more competition and innovation in the insurtech sector.

It seeks to collaborate with Australian businesses looking to grow in Southeast Asia, especially Australian small and medium-sized firms (SMEs).

PolicyStreet co-founder and CEO Yen Ming said: “PolicyStreet’s digital-first platform and data-driven approach to underwriting have won the trust of businesses and consumers in Southeast Asia, and we are thrilled to expand our footprint in Australia and beyond. 

“Australia is a mature and well-regulated market, and we believe that our customer-centric approach to insurance, coupled with our digital capabilities, will resonate well with Australian customers. The opportunity to expand our operations in Australia presents a mutually beneficial relationship between the different markets we serve. 

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“Aside from bringing tailor-made insurtech solutions to a wider audience in Australia, we can better innovate and push the boundaries of insurtech within Southeast Asia by leveraging insights and data on upcoming trends from its Australian operations.”

PolicyStreet is claimed to work with over 40 life, general and takaful insurance providers across the globe.

Its product and services include embedded insurance, customised employee benefits, financial consulting, and insurance aggregation.

Founded in 2017, the insurtech raised $6m (MYR25m) in a Series A funding round in September 2021. 

It counts Altara Ventures, Auspac Ventures, Gobi Partners, PitchIN, KK Fund and Spiral Ventures as its investors.