The Allianz Malaysia-SPEEDHOME X Digital Innovation in the Property and Insurance Market media forum maps out what homeowners can expect when renting out homes in the future 😉
Kuala Lumpur, 4 December 2019 – Imagine if securing a home rental and insuring was as easy as ordering an e-hailing ride. Since partnering up in 2017, Allianz General Insurance Company (Malaysia) Berhad, a subsidiary of Allianz Malaysia Berhad, and end-to-end residential property rental platform SPEEDHOME (formerly Speedrent) have provided homeowners up to RM30 million insurance protection, all via the SPEEDHOME app. Homeowners are able to advertise properties, filter tenants, use chat services, and paperless agreements using the app.
Allianz General Insurance Company (Malaysia) Berhad’s Head of Digital Partnership and Innovation, Michael Fong; REHDA Malaysia’s President, Dato’ Soam Heng Choon; Allianz Malaysia Berhad’s Chief Executive Officer, Zakri Khir; Speedhome’s Chief Executive Officer, Wong Whei Meng and Allianz General Insurance Company (Malaysia) Berhad Board Member, Datuk Gnanachandran S Ayadurai at the start of the media forum.
Once the deal is done, SPEEDHOME also manages the rental payments and ensures everything runs like clockwork with Allianz General offering insurance protection over homeowners most prized possessions. As tech takes the wheel, the Allianz Malaysia-SPEEDHOME X Digital Innovation in the Property and Insurance Market media forum today discussed the digital technology development in Malaysia and how it will change the insurance and property market together with the Real Estate & Housing Developers’ Association Malaysia (REHDA).
Say goodbye to rental deposits; and hello to protection
When putting up your property for rent, the go-to practice would be to seek a deposit of 2+1 (two months’ rent, one months’ utility bills) from your tenant. Does 2+1 deposit sufficiently cover the possibility of losing rent from a runaway tenant or the cost of damages to your home caused by a ‘difficult’ tenant? Together with Allianz General, SPEEDHOME takes care of the unnecessary inconveniences by offering landlords protection against runaway tenants, tardy paymasters and home damages and tenants with a deposit-free rental service.
Allianz General’s Head of Digital Partnership and Innovation Michael Fong said: “Our partnership with SPEEDHOME was seamless right from the start as we shared a common goal of wanting to make things simple for our customers by doing things different and better. Our partnership milestones include assisting 300 landlords with Loss of Rental being one of the most claimed benefit.” “The online insurance market is ever-evolving and for us it simply means having tremendous opportunities to explore innovation-led collaborations. We currently work with more than 40 digital partners to leverage on their digital capabilities to innovate solutions and improve customer experience. Embracing digital disruption is about evolving and having the conviction to try something new, something different and Allianz General is always on the lookout to work with local start-ups to bring those big, bold ideas to life,” added Michael.
Homerunners service offers security at the click of a button
House tenants do get a bad rep and unfortunately in Malaysia, they pose the biggest hurdle for homeowners who wish to rent out their property. SPEEDHOME’s Chief Executive Officer, Wong Whei Meng said: “We know that the biggest problem for homeowners to rent a house is the tenant not paying rent on time in addition to bad tenants damaging their house. With the support of Allianz Malaysia, SPEEDHOME has solved two major pain points for homeowners. Tenants can search for their dream house on our platform anywhere at any time and the landlord can rent the house with the insurance. With the support of Allianz Malaysia, SPEEDHOME has provided up to RM30 million worth of insurance protection to landlords already.”
SPEEDHOME’s newly launched homerunners service offers full end-to-end service to the landlord, the landlord just has to upload their property using a smartphone. Starting this year, SPEEDHOME’s advanced insurance package offers homeowners rental protection of up to RM42,000. “With our newly launched homerunners service, we now offer a full end-to-end service to the landlord, the landlord just has to upload their property using a smartphone and we take care of the rest of the rental process. From arranging the property viewing, signing the tenancy agreement online and providing insurance coverage, SPEEDHOME will assist the landlord from A to Z,” added Whei Meng.
Boost for Malaysia’s tech industry
The National Fiberisation and Connectivity Plan (NFCP), launched in September, aims to provide comprehensive, high-quality yet sustainable and affordable connectivity which serves to further the Government’s goal of encouraging businesses in playing an active role in developing the digital economy in Malaysia in the next five years. In addition to that, the Government is also offering RM1 billion in customised packaged incentives over the next five years in hope of attracting investment from Fortune 500 and global unicorn companies (a startup with a valuation over $1 billion). The same offer will also be made annually to Malaysian companies. These initiatives are expected to have a positive impact on the Malaysian digital industry and further strengthens the country’s position as the digital hub in the region. SPEEDHOME currently has more than 26,000 residential listings and has served more than 4,000 users since April 2015. Download the SPEEDHOME app from the App Store or Google Play now to experience home rental that is safe and secure. To learn more about SPEEDHOME’s services, visit speedhome.com or get in touch with us at firstname.lastname@example.org
About Allianz in Malaysia
The investment holding company, Allianz Malaysia Berhad, a subsidiary of Allianz SE, has two insurance subsidiaries – Allianz General Insurance Company (Malaysia) Berhad (“Allianz General”) and Allianz Life Insurance Malaysia Berhad (“Allianz Life”). Allianz General is one of the leading general insurers in Malaysia and has a broad spectrum of services in personal lines; small to medium enterprise business and large industrial risks. The GWP for general insurance business for financial year 2018 reached a mark of RM2.12 billion. Allianz Life offers a comprehensive range of life and health insurance and investment-linked products and for the financial year 2018, Allianz Life recorded a GWP of RM2.38 billion and is one of the fastest growing life insurers in Malaysia. Allianz Malaysia has 32 branches nationwide. In 2018, Allianz Malaysia was recognised at the National Contact Centre Award 2018 for Best Customer Relationship Management for Contact Centre (Silver) and Best Innovative Adoption Award (Merit). Allianz General’s Allianz Road Rangers: 24-Hour Call Centre advertisement won Top Ad in Financial Services and Institutions at the YouTube Malaysia Awards 2018. In 2017, Allianz Malaysia Berhad was awarded the Best Corporate Responsibility Initiatives (below RM10 billion market capitalisation) at The Edge Billion Ringgit Club Awards 2017, while Allianz General was recognised as the Best Motor Insurance Company in 2016 by iBanding.com. To learn more about Allianz Malaysia, visit allianz.com.my and Facebook: facebook.com/AllianzMalaysia/ | Instagram: instagram.com/allianzmalaysia/
Established in 2015, SPEEDHOME (formerly Speedrent) is a FREE TO USE, Zero Deposit, Zero Commission property platform connecting landlords directly to quality tenants whilst providing rental protection and home-purchasing services. Their mobile app has exceeded 300,000+ downloads on Play Store and App store. The platform has a database of more than 56,000 property listings and 63,000 potentials in their high-quality tenant pool. Homebuyers’ financial burdens are also eased with a Zero Commission policy with the purchase of a property. SPEEDHOME aims to simplify the rental process, making it transparent and secure for both landlords and tenants. They combine mobile technology and automation to bring together a pool of high-quality tenants, transparency and interactivity for all users to make more informed decisions during the rental search experience. Landlords are free to advertise and manage their properties and contact potential tenants anytime, anywhere. Partnered with Allianz General Insurance Company (Malaysia) Berhad, SPEEDHOME is the first rental platform that provides insurance and rental protection of up to RM42k, covering more than standard security deposits.
About Real Estate and Housing Developers’ Association Malaysia (REHDA)
REHDA is an association of real estate and housing industry developers founded in 1970. It is recognised as the leading voice in advocacy and governance of the real estate and housing industry. Members of REHDA have built more than 4 million housing units to date and contributed in excess of RM20 billion annually to Malaysia’s GDP impacting at least 140 upstream and downstream industries. REHDA is a Responsive, Respected, Responsible & Relevant NGO. 😉