Revolutionising financial inclusion through Digital Insurance and Takaful

Promoting inclusive insurance in Malaysia


Significant insurance protection gaps continue to exist in Malaysia among the more vulnerable groups, exacerbated by challenges from the recent pandemic. Innately, the uninsured and underinsured communities and smaller businesses are the most susceptible to external shocks. Compounded by other disruptions like climate-related disasters, this has prompted the need to reassess insurance and its role in promoting financial inclusion in our society and economy.

'Revolutionising financial inclusion through Digital Insurance and Takaful' shares key findings from a recent nationwide survey by PwC Malaysia in February 2023 to assess the current insurance and takaful landscape in the country. Sentiments from respondents, both individuals, and micro, small and medium (SME) enterprises were revealing.

This PwC publication also highlights the important role played by Bank Negara Malaysia (BNM) in supporting increased insurance penetration amongst the underserved through the development of the upcoming Digital Insurers and Takaful Operators (DITO) licensing framework in 2023.


of the uninsured population are between 18 to 34 years old


Top 3 

areas which the uninsured look for in digital insurance and takaful; real-time updates, claims processing automation and easy access to provider's platform



of surveyed MSMEs cited increasing business vulnerability as the main motivator to purchase insurance and takaful


What is the role of Digital Insurers and Takaful Operators (DITO) in Malaysia? 

E-wallets: Accelerating the journey to financial inclusion

Increasing access and affordability to insurance

DITOs and InsurTechs have the potential to bridge the financial inclusion gap by providing agile, affordable and customised on-demand solutions to protect the vulnerable and enhance their financial resilience

Groundbreaking, tech-enabled innovations in insurance solutions

Insurers will need to embrace and adapt to emerging technologies in insurance to address the needs of customers today and tomorrow 

E-wallets: Accelerating the journey to financial inclusion

Promoting competition and greater efficiency

DITOs are anticipated to foster competition in the insurance market by introducing diverse product innovations and providing superior customer experience, through greater efficiency and transparency

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Contact us

Liew Chi Min

Liew Chi Min

Financial Services Assurance Partner, PwC Malaysia

Tel: +60 (3) 2173 1188

Yennie Tan

Yennie Tan

Deals Strategy Leader and Partner, PwC Malaysia

Tel: +60 (3) 2173 0551

Stella Fong

Stella Fong

Director, Assurance, PwC Malaysia

Tel: +60 (3) 2173 1908

Chooi Weng Wai

Chooi Weng Wai

Deals Strategy Manager, PwC Malaysia

Tel: +60 (3) 2173 0503