Digital platforms are rapidly changing the way Malaysians purchase insurance, with convenience and accessibility driving more consumers online.
According to projections by Ernst & Young, Malaysia’s digital insurance market could reach RM78 billion by 2030. Despite this growth, around 10.2 million Malaysians remain underserved, largely due to affordability issues and the complexity of traditional insurance products.
Today, digital ecosystems are helping bridge that gap by simplifying how consumers explore and purchase coverage.
Consumers Increasingly Comfortable Buying Insurance Online
Findings from the ShopeePay Insurance Trends Survey 2026 show that 88% of insurance buyers feel confident purchasing insurance digitally. Convenience remains the biggest driver, with 56% of respondents citing affordability, faster purchasing processes and ease of access as key reasons for choosing digital platforms.
These platforms are also introducing insurance to new customers. Data shows that 78% of personal accident (PA) insurance buyers had no prior PA coverage before purchasing through the ShopeePay app via MoneeInsure Agency, a registered corporate insurance and takaful agent.
Meanwhile, 67% of respondents said they would not have purchased PA insurance if they had not discovered it online, highlighting how digital exposure is expanding awareness among Malaysians who previously lacked protection.
Digital Channels Expanding Access to Insurance
Digital platforms are increasingly becoming the preferred source for insurance information and purchases. The survey revealed that:
- 69% of motor (car and motorcycle) insurance customers use digital platforms
- 46% of travel insurance customers access policies online
Online channels allow users to compare plans, review coverage details and manage policies anytime, making insurance more transparent and accessible.
Importantly, the impact of digitalisation extends beyond urban users. Approximately 40% of insurance customers surveyed live outside major cities, where access to traditional insurance agents can be limited.
About 16% of PA insurance customers reported difficulty reaching an agent offline, suggesting that digital platforms are helping close accessibility gaps for underserved communities.
Flexible Payments Drive Adoption
Payment flexibility is another major factor encouraging digital insurance adoption. Nearly 8 in 10 car insurance customers choose to pay using SPayLater, a buy-now-pay-later (BNPL) service integrated within the ShopeePay ecosystem.
Almost half of these users opt to split their insurance premiums into 12-month instalment plans, making coverage more affordable and easier to manage.
Making Insurance More Inclusive
As digital adoption grows, insurance is becoming less dependent on physical agents, geography or large upfront payments.
Through collaborations between platforms like ShopeePay and MoneeInsure Agency, Malaysians can now explore and purchase insurance products with greater convenience and flexibility.
As part of the upcoming Hari Raya Aidilfitri campaign, MoneeInsure Agency is also offering a free road tax promotion for eligible insurance purchases made via the ShopeePay app.
The initiative aims to encourage more Malaysians to begin their insurance journey through digital platforms while making protection more accessible than ever before.