This article is outdated as the app has been discontinued effective 28 Feb 2019
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But before that, check out GetCover official FAQs page for topics on motor insurance claims, etc – http://getcover.asia/frequently-asked-questions/
1) How to Install GetCover App
First thing first, nothing will happen without you first installing the app, yes?
By the way, you can always renew car insurance online using a web browser but this is probably the only dedicated app to renew car insurance without opening your web browser.
Click on this link to install – https://goo.gl/PNWSHj
The correct app icon looks like this
Do install the app first, don’t worry you can come back to this guide later.
The app is free for anyone to download and use.
Clients only need to pay for the transaction of the motor insurance (for private use only) and road tax renewal.
2) How to Buy/Renew Car Insurance using GetCover App
When you first launch the app, you need to register your details.
After registration, you will be at the login screen. However, you will NOT be able to login (you will see an error message below before activation) until you click on an activation link which is sent to your email inbox. Like this.
If this email does not arrive in your inbox, check your junk box in case it ends up there.
After this step, now you can login using your created email and created password.
This is the home screen. You may want to click 'My Profile' and fill in relevant info such as address so that the app will auto fill the address field when generating quotations.
Also, you want to fill up your Bank account details to earn Getcover rewards (we'll detail this in section 3).
For now, click on New Quotation. Choose from the list of insurance companies.
Step 1 is to check your NCD (no claim discount).
No Claim Discount is a discount given to the policyholders upon renewal of their motor insurance if you do not claim from the policy for a continuous coverage of 12 months. So the discount given is based on a fixed rate provided by Persatuan Insurans Am Malaysia (PIAM) Motor Tariff, ranging from 25% after 1st year renewal to max 55% after 5 years renewal.
If you are buying a vehicle for the first time, you will not entitle for NCD on your motor policy for the first year. Therefore upon renewal of your motor insurance policy, we will reward you 25% NCD off your renewal premium subject to claim free for past 12 months.
Nevertheless, the NCD is under your name and not the car, where you can transfer from one vehicle to another vehicle. When you have sold your old vehicle and want to transfer your NCD to the new vehicle that you are buying.
The app is linked to the Insurance Services of Malaysia (ISM) and Road Transport Department (JPJ), hence the vehicle and insurance details will be readily available.
If you've entered your details correctly in the registration screen, the details in this screen should have been populated correctly. Check and if incorrect, modify them. All fields marked * are mandatory.
- You may add your other cars by clicking My Vehicle followed by Add New VEHICLE.
- There is no limit in the number of cars saved in My Vehicle as long as the cars are under your name.
- Non-sharing of username - GetCover App only allows 1 user per account. Moreover, the car registration details will need to match with the rightful owner to ensure user’s personal data, privacy and financial information are safe and protected.
Click on the CHECK NCD button. The app will do what it is supposed to do and show you your NCD %.
Next, scroll further down to estimate your gross premium. Check the values populated or select the correct values if otherwise. Recommend that you have your existing motor insurance on hand so you can refer to it if unsure.
When you see the 'Check Vehicle Value' button, click on it and it may trigger a pop up menu to select the exact vehicle model if the values populated above is not as complete as the app thinks it is.
If you've followed the step above in sequence correctly (important!), then you will see the below - your recommended sum assured, etc. You can adjust this value too but note the below:
Insurer will pay to you the agreed amount as specified in the Schedule of the policy in the event your vehicle is stolen or totally destroyed during the period of insurance.
For example, if you had renewed your car for an Agreed Value of RM50k and at the material time of the incident, the market value of the car is RM45k, the Insurance company will still compensate you up to RM50k.
In the event of a claim, market value of your vehicle at the time of loss is based on ISM Automotive Business Intelligence System and if not available, where the loss adjuster will determine the market value.
If the market value of your vehicle at the time of the loss exceeds the sum insured by 10% or more, you need to bear part of the loss yourself in proportion to the under-insurance.
The maximum amount insurer will pay is the market value of your car at the time of the loss or the sum insured, whichever is lower.
For example, a buyer purchases a new car value at RM40k. Six months later, the car is stolen or met with an accident resulting in total loss; the market value at the time of the loss is determined to be RM50k. Thus, in the event of a claim, you are under insured by 20%. The claims payout will be reduced by 20% proportionally.
Once you reach the bottom of the screen, click NEXT and you will need to confirm your details are correct before proceed to Step 2.
Now, on the next screen, you are given the options to add in other coverage like windscreen, flood protection etc. This screen is different for different insurers and it may change from time to time, so we will not show you everything here. Or if you can just skip this screen.
Now, on to Step 2, where you enter your own details. All fields marked * are mandatory.
After you confirm everything is correct, hit NEXT at the bottom of the screen.
Step 3 is where you reconfirm you vehicle details. Let the screenshots do the talking below. Like usual, all fields marked * are mandatory. Click NEXT at the bottom once you confirm everything is correct.
Step 4 is optional - if you want to renew your road tax also. For simplicity sake, we'll choose NO.
Last step is to review the price or the quote based on the details you entered.
Click SAVE if you want to come back to pay later. or Click Pay if you wish to proceed to Pay now.
Click PAY NOW, and you will be redirected to payment page, where credit card payment is accepted.
Note that you will NOT get any hardcopy of the insurance policy; instead, you will get the softcopy sent by the app to your registered email.
At the same time, you will also receive a quotation in your inbox. If you run a few quotations from different insurers, you will receive multiple emails containing the quotation attachment, like the below:
Note: At anytime before payment, if you exit the app, etc, you can still come back later and modify your quotation, such as below:
To access your motor insurance transactions record in the app:
- Tap on My Quotation & Policies
- Select the Insurer by clicking on the Insurer’s logo
- Choose to email a copy of any of the following:
ii) Policy Schedule
iii) Certificate of Insurance (CI)
iv) Tax Invoice
3)How to Earn Rewards using GetCover App by Referring your Family/Friends/Colleague
Click on the 'Invite Friends' button on the Home screen, and you will get an invite link unique to you.
Do note that you need to be a GetCover registered user.
A successful referral earn RM 20 for both parties. (this is why you need to fill up details on your bank account in the app)
Customers can earn GC reward for current and future GetCover (GC) eligible Product & Services provided that all 3 conditions are fulfilled:
- A referred user downloaded and registered a valid GetCover user account
- A referred user completes and pays for a GC Product & Services transaction via the GetCover app
- Transaction for motor insurance be RM 700 or more annual premium
Guide your referred user to buy/renew motor insurance using GetCover app by following the step-by-step instruction in Section 2 above.
Note: For more details, refer to the official page on the referral system >> http://getcover.asia/rm20-rewards/
4) What is GetCover Malaysia?
Update 29 Sept 2017: Motor insurance and road tax renewal is now just a few taps away with the GetCover mobile app.
Users can access their policy and vehicle information on mobile devices, and renew their motor insurance within 5 to 10 minutes.
The app is linked to the Insurance Services of Malaysia (ISM) and Road Transport Department (JPJ), hence the vehicle and insurance details will be readily available.
The app is free for anyone to download and use. Clients only need to pay for the transaction of the motor insurance and road tax renewal.
“With the advancement in technology, the convenience of fintech is on the rise to deliver faster and secure financial services. We will include other value-added services integrated into the mobile app such as on the spot snap and file claim in the event of accidents, progress trackers and more,” said GetCover executive director Mark Tan at the launch in Kuala Lumpur.
“We placed extra attention to security details, to ensure that all transactions are made through a trusted and secure payment system. The data in the app is encrypted, and GetCover is secure by today’s standards,” Tan explained.
Under the supervisory guidance of Bank Negara Malaysia’s Fintech Enabler Group (FTEG), as well as collaboration with agencies under the Ministry of Finance and Malaysia Digital Economy Corporation (MDEC), GetCover hopes to be a positive example for a vibrant fintech and insurtech (insurance technology) ecosystem in Malaysia.
“The intellectual use of technology in recent years has resulted in the rise of Malaysia’s fintech and insurtech industries. This comes as a result of financial institutions pushing for development that will harness innovation and technology to improve the industry by providing better solutions to customers,” said Second Finance Minister Datuk Seri Johari Abdul Ghani, who officiated at the event.
“GetCover also comes in time with the motor insurance detariffication, where liberalisation of motor insurance premiums will be based on a list of risk factors. The app will be the ideal solution as their comparative tools will allow consumers to make more informed decisions. This app is a positive step forward that blends new age technologies to solve everyday matters with ease and convenience,” Johari added.
Update 29 May 2017: Bank Negara has approved 4 firms to operate within its “regulatory sandbox”, marking a significant milestone in the growth of financial technology (fintech) in Malaysia. GetCover is one of the 4 firms in this first batch.
Bank Negara opened applications for parties intending to create innovative ways to improve the quality, efficiency and accessibility of financial services in Malaysia last year, in line with global trends.
It also saw the central bank creating a unit called the Financial Technology Enabler Group (FTEG) which would oversee the entry of technological innovations in financial services.
Companies operating in the sandbox will be allowed to commercially launch their services albeit within limits set by the central bank and under close watch by the regulator.
Paul Khoo, founder and CEO of GetCover has been quoted by the media as saying that the global insurance industry has not seen a lot of innovation and that only a very small number of users currently buy motor insurance online.
According to Khoo, GetCover intends to provide a fully automated transactional platform which will drive down costs and provide consumers with more cost savings. He added that due to strategic tie-ups that GetCover has pursued, it would be able to extract relevant data when consumers key in their basic information, enabling a seamless purchase of the insurance product by the consumer.
Source 1: http://www.thestar.com.my/business/business-news/2017/05/29/bank-negara-kicks-off-fintech-with-licences-issued/
In a nutshell, GetCover is a mobile app for insurance products comparison, with direct payment capability to participating insurance product providers. It comes under Independent Financial Adviser (IFA) structure.*
*IFA structure and companies are licensed by Securities Commission & Bank Negara Malaysia.
The pioneer product which will be first available in this platform is motor insurance.
5) The 2 big WHYs of GetCover mobile app
Reason #1: Motor Insurance Detariffication
The liberalisation of motor insurance tariffs in Malaysia started from July 1, 2016. In short, motor insurance premiums will soon be based on a list of risk factors, instead of the current overly simplified and regulated pricing policy. The existing insurance tariff requirements – relating to pricing and coverage limits – will be phased out, but not immediately. Refer to the diagrams below for the full roadmap.
In the first phase (the first year of implementation, starting July 1), the industry will be allowed to offer “new products” and optional add-on covers at market rates. This can include, for example, additional policies to cover engine hydro-lock (water entering the engine in lightly flooded areas, separated out from the currently costly flood damage insurance), lost car key replacement, and perhaps even the availability of courtesy cars.
Prices of these new products will not be regulated, and as such will be determined by the market force. Insurance providers will be open to price them as they see fit, to attract consumers.
The second phase (2017 onwards) will see the detariff rates for comprehensive and third party motor insurance. Risk-based assessments will also be introduced in Malaysia.
Various risk factors not included in the current motor tariff will be taken into consideration, similar to the system employed in countries like the UK.
- Residence location
- Vehicle make and model
- Use of vehicle
- Occupation of owner
- Claims history
- Gender and age
In other words, the insurance premium rates you pay will depend on how much risk you are perceived to carry – for instance, owners of makes and models with high repair costs, owners of high-performance vehicles, owners with fewer years of driving experience or those who live in crime-prone areas may have to pay higher premiums. And the rates offered to you will not be regulated, so prices may vary across different insurance providers.
Enhancements to consumer protection will also be introduced, to ensure proper governance over product design and pricing. Insurers are expected to assess the risks appropriately and consistently for fair treatment of consumers. The standard scope of coverage disclosure will be increased, so consumers can easily compare between insurers to make informed purchasing decisions. This is where GetCover Malaysia fills the gap to be the comparison tool at the tip of your fingertips over your smartphone.
Reason #2: The Convenience of Emerging Financial Technology (Fintech)
It's 2016, and you either embrace fintech or be left behind eating dust. The infographics below sums things up pretty well.
Also read: TheStar - fintech - disruptive technology
6) How does GetCover benefit consumer?
One word - convenience. And by that, it means fast, time saving and hassle free. All payments made are being channeled directly to insurance providers, not GetCover platform.
Moving forward, the team envisioned that it would be more than a motor insurance comparison and renewal mobile app. It would also potentially include other value-added services integrated into the mobile app, such as:
- Roadtax renewal & delivery
- On-the-spot Snap & File Claim in the event of accident
- Call a tow-truck assistance
- Motor insurance panel workshop locator
- Progress on insurance claim tracking
- Progress on motor repair tracking
Plus, similar to a referral feature seen in apps like Uber or Grab, there is an incentive of RM 20 to the referrer for every referral who signed up and pay to buy motor insurance via the mobile app.
7) How does GetCover benefit general insurance agent?
Fintech are notoriously known for being disruptive. However, GetCover aims to be collaborative in its approach dealing with product providers and existing general insurance agencies.
i) With product providers
Acts as additional distribution channels on top of the provider's agency offices. This has worked well in Malaysia, for instance, FundSupermart.
ii) With general insurance agencies
Rather than competing with or disrupting conventional general insurance agencies' businesses, GetCover aims to be the enabler to bring traditional process of motor insurance renewals from Offline to Online.
By bringing conventional general insurance agency business from Offline to Online, there will be substantial reduction of existing paperwork. In fact, paperwork* is going to increase with motor insurance detariffication, so if you are running 'lean' now, you would want to expect increased paperwork-load come 2017.
That could translate into hiring extra staff or additional time cost - both translates into money and cents and a reduced bottomline. Futhermore, if you are the principal consultant, your time should be spent on advising (important once full detarrification is in place), instead of excessive routine paperwork.
8) FAQs on GetCover being a MLM scheme
MLM (Multi Level Marketing) scheme by itself is not evil. Legitimate companies using direct-selling and/or MLM method include public listed Zhulian, Amway and Hai-O.
But MLM scheme gotten itself a bad name due to scammy companies using MLM scheme to disguise their pyramid schemes (which is illegal).
Here are how to identify a pyramid scams using MLM schemes to market its products or services.
Dissecting GetCover modus operandi, PIAM regulatory guideline aside:
- GetCover does not charge exorbitant entry fees, there is only an annual platform fees of RM 106.
- GetCover services is not complex and understandable.
- GetCover does not has any products - think like Alibaba. Is Alibaba a scam? Nope. GetCover is an intermediary platform (like iMoney, RinggitPlus, Loanstreet MY) which provides direct payment to participating motor insurance providers. Motor insurance is compulsory for every single on the road vehicles.
- GetCover does not promise any high returns on the only 'investment' - which is RM 106 per year. The payout does not depend on your 'investment', it depends on how many people signed up via your referrer code. For example, if 1,000 people signed up using your Uber invite link you earn RM 10,000. Is Uber a pyramid scam then?
On 22 August 2015, Paul Khoo, Managing Director and CEO of GetCover Sdn Bhd issued a statement with the excerpts below:
GetCover and it’s current licensed financial intermediary partner, StandardFA notes that there have been commentsmade in the public trying to link it as an illegal MLM online marketing insurance model, notably since 18 July.
GetCover would like to highlight that it is a mobile app designed to provide better service, convenience, data integrity, and transparent information to the consumer who uses the app to renew their motor insurance and road tax. It does not benefit from the agents 10% commissions nor the customer’s payments to the insurer.
On 20 July, GetCover took the initiative to call for a meeting with PIAM to present the GetCover InsurTech Business Model. A meeting has since been held on 18 August at the premises of PIAM with its distribution management subcommittee to clarify any misinformation that has taken place.
Our partner StandardFA has also previously met up for a dialogue with Bank Negara Malaysia on 28 June and has fully engaged with our regulator.
As we have always stated, GetCover has a vision to be a lifestyle transactional eco-system mobile app platform, starting with motor insurance and rapidly expanding our range of product and services.
It is a FinTech start-up, making Malaysia its base to develop a regional footprint.
GetCover and it’s licensed financial intermediary partners would like to reiterate that it is not an illegal insurance scheme using online and MLM models.
GetCover Sdn Bhd is a mobile app and IT platform solution provider that is fully-owned, managed and based in Malaysia. The company has been awarded the MSC status in 2016 under the MSC4STARTUPS.
On 25 May 2017, GetCover obtained the approval to participate in the BNM FinTech Regulatory Sandbox. Under the sandbox, GetCover Sdn Bhd aims to build a customer driven mobile app that delivers a new and great experience in insurance and road tax renewal, automating the entire on-boarding, motor insurance and road tax renewal process between 5-10 minutes.
Standard FA. It is a leading, award-winning and the largest Financial Adviser Dealer Group in Malaysia, established since 1999 and licensed by BNM and Securities Commission.