KUALA LUMPUR, 9 March 2026 – A decade ago, buying insurance for most Malaysians meant chasing agents and struggling to understand complex policies. Today, digital platforms are changing that experience, making it easier to buy and manage coverage.
Ernst & Young projects Malaysia’s digital insurance market could reach RM78 billion by 2030, yet around 10.2 million individuals remain underserved due to affordability and complexity. To close this gap, digital platforms with established user bases are simplifying insurance, giving more Malaysians easier access, flexibility, and greater choice.
According to the ShopeePay’s Insurance Trends Survey 2026, 88% of insurance buyers feel confident buying coverage digitally. A majority of customers (56%) cite convenience, affordability, and a faster, easier purchasing process as the main reasons they use the service.
Importantly, digital platforms are not only changing how insurance is purchased, they are expanding protection to first-time buyers. The survey found that 78% of personal accident (PA) insurance customers did not previously have PA insurance coverage before purchasing PA insurance product from MoneeInsure Agency, a registered corporate insurance/takaful agent, on the ShopeePay app, while 67% said they would not have bought PA insurance if they had not been exposed to it online. This highlights the role of digital platforms in increasing awareness and closing the protection gap among previously uninsured Malaysians.
The survey also found that 69% of motor (Car & Motorcycle) insurance customers and 46% of travel insurance customers now use digital platforms to access insurance information and make purchases. By providing anytime-anywhere access to plan details and policy management, online channels are helping make insurance more accessible, convenient, and user-friendly for Malaysians.
While purchasing digital insurance may feel easier for tech-native or urban customers, its impact extends far beyond convenience. Digital access plays a critical role in expanding coverage to underserved communities, particularly those outside major cities. Approximately 40% of insurance customers reside in non-urban areas, where access to traditional insurance agents may be limited. Supporting this, 16% of PA insurance customers report difficulty reaching an agent offline, underscoring how digital platforms help bridge meaningful access gaps for Malaysians who might otherwise face barriers to protection.
Payment flexibility is another key factor driving digital insurance adoption. The survey found that nearly 8 in 10 car insurance customers choose to pay with SPayLater, Malaysia’s leading BNPL service, allowing them to manage premiums more easily. Notably, almost half of these customers opt to split their payment into a 12-month installment plan.
As digital adoption accelerates, the findings suggest that insurance is no longer limited by geography, access to agents, or upfront affordability. Instead, digital platforms like ShopeePay, in partnership with MoneeInsure Agency, a registered corporate insurance/takaful agent, are reshaping how Malaysians protect themselves, which makes insurance more inclusive, flexible, and accessible than ever before.
About The Author
