Oyen

Oyen Insurance Review: A Comprehensive Guide

Overview

Oyen Insurance, established in 2021 through a partnership with MSIG Insurance (Malaysia) Bhd., emerged during the pandemic to address the financial burdens faced by pet owners dealing with unexpected veterinary expenses.^[1] Its innovative approach to pet insurance and its inclusion of travel insurance with pet-centric benefits have quickly established it as a significant player in the Malaysian insurance market. A key milestone was reached in 2023, surpassing RM100 million in total protection provided.^[1] The company's growth has been remarkable, showcasing a sixfold increase in coverage from 2021 to 2022.^[1] This rapid expansion highlights the increasing demand for reliable and comprehensive pet insurance in Malaysia and Oyen’s successful response to this market need. The introduction of Malaysia's first-ever cat insurance agent further solidified Oyen’s commitment to comprehensive pet care and insurance solutions.

Regulatory Compliance and Licenses

Oyen operates under the robust regulatory framework of MSIG Insurance (Malaysia) Bhd., a well-established and reputable insurer. This affiliation provides a significant level of trust and assurance for policyholders.^[3] Furthermore, Oyen's policies are protected by PIDM (Perbadanan Insurans Deposit Malaysia), offering an additional layer of security.^[3] PIDM safeguards the benefits payable under eligible products, up to specified limits, providing policyholders with peace of mind knowing their investments are protected in case of unforeseen circumstances. This dual regulatory protection underscores Oyen's commitment to transparency and adherence to industry best practices.

Insurance Products and Services

Main Insurance Products

Oyen primarily focuses on two core product areas: pet insurance and travel insurance, with a distinct emphasis on integrated pet protection within both.

Pet Insurance: This is Oyen's flagship product, offering comprehensive coverage for veterinary medical expenses. Policyholders can access veterinary care at any clinic nationwide, with a generous annual coverage limit of up to RM8,000.^[3] The policy also extends beyond basic medical care, covering third-party liability for injuries caused by the pet and providing financial assistance with end-of-life expenses, offering support during a difficult time for pet owners.^[3]

Travel Insurance: Recognizing the increasing number of pet owners who travel with their companions, Oyen offers travel insurance that includes crucial pet-related benefits.^[1] These benefits alleviate the stress of unexpected travel disruptions by covering trip curtailment and providing for extended pet boarding in case of unforeseen delays. This comprehensive approach demonstrates Oyen’s understanding of the specific needs of pet-owning travelers.

Additional Services

Oyen’s commitment to customer satisfaction extends beyond its core insurance offerings. The company provides valuable assistance with claims processing, simplifying what can often be a complex and stressful procedure.^[3] They also offer expert insurance advice, guiding clients through the selection process and ensuring they choose the right plan to meet their individual needs.^[3] In an initiative to promote responsible pet ownership, Oyen offers a limited number of free microchips for dogs on a first-come, first-served basis.^[3,4] This proactive measure reflects their dedication to animal welfare and highlights their commitment to going beyond the typical insurance provider role.

Premiums and Pricing

Pricing Structure

Oyen offers a tiered system for its pet insurance plans, providing various levels of coverage to cater to different budgetary needs and levels of risk tolerance.^[3] The basic plan is priced at RM32 per month, offering essential coverage. For more comprehensive protection, the standard plan costs RM51 per month, offering increased coverage limits and benefits. A comprehensive annual plan is also available at RM319, providing the most extensive coverage. While direct comparison to industry averages isn't readily available in the provided sources, Oyen emphasizes its competitive pricing structure relative to the breadth of coverage offered.^[3] This pricing model allows pet owners to select a plan that aligns with their specific financial situation and the level of coverage they require.

Discounts and Special Offers

Oyen demonstrates its commitment to rewarding loyal customers by offering a No Claims Discount (NCD) upon renewal of their policies.^[3] This incentive encourages responsible pet ownership and rewards customers who haven't filed claims. The company also offers a Multi-Pet Discount, making it more affordable to insure multiple pets under the same policy.^[3] Although specific promotional deals are not highlighted in the current sources, Oyen demonstrates a proactive stance on expanding its offerings and tailoring its services to a wider customer base. This indicates potential future discounts and promotions aimed at increasing accessibility to pet insurance.

Customer Service and Support

Contact Methods

Currently, Oyen's customer service channels primarily consist of email ([email protected]) and their social media presence.^[3,4] While these methods provide convenient access for many, the absence of phone support or live chat might be a drawback for some customers who prefer immediate assistance. The company's digital-first approach emphasizes efficiency and ease of access through online platforms, but future expansion of support channels could enhance customer experience.

Availability of 24/7 Support and Multilingual Assistance

The provided sources do not explicitly mention 24/7 support or multilingual assistance. While Oyen's online platform is user-friendly, providing 24/7 support and multilingual options would significantly enhance its accessibility and appeal to a broader range of customers. This is an area where future improvements could elevate Oyen’s customer service experience.

Pros and Cons of Oyen Insurance

Pros

Oyen presents several compelling advantages: its comprehensive coverage options stand out, offering extensive protection against veterinary costs.^[1,3] The broad coverage for veterinary medical bills provides peace of mind knowing that a wide range of veterinary treatments are included.^[1,3] The company also emphasizes its hassle-free claims payout process, minimizing the inconvenience for policyholders during a potentially stressful time.^[1,3] Furthermore, the user-friendly online platform facilitates a smooth and efficient insurance management experience. The competitive premiums, especially when considering the comprehensive nature of the coverage, represent excellent value for money.^[3]

Cons

While Oyen offers many advantages, potential areas for improvement exist. The lack of 24/7 customer support and multilingual options might deter some customers who value immediate assistance or require support in languages other than English and Malay.^[3,4] Another significant limitation is the exclusion of pre-existing conditions and congenital diseases from coverage.^[3,4] This exclusion is common in many pet insurance plans, but it’s a factor to consider when comparing different policies and understanding the extent of coverage provided.

Conclusion

Oyen Insurance has established itself as a leading digital-first insurance platform in Malaysia, providing comprehensive pet and travel insurance packages. Its rapid growth and innovative approach to pet-centric insurance solutions have made it a prominent player in the market. The focus on comprehensive coverage, coupled with a user-friendly online platform and competitive pricing, offers significant value to pet owners. However, the absence of 24/7 support and multilingual capabilities represents a potential area for improvement. Overall, Oyen offers a valuable service for pet owners who prioritize comprehensive coverage and efficient claims processing. Further expansion of its services and customer support channels will solidify its position as a leading provider in the Malaysian insurance market.

Pet owners who value comprehensive coverage, hassle-free claims processing, and integrated pet-centric benefits in both pet and travel insurance will find Oyen a compelling option. Travelers with pets will particularly appreciate the added protection offered against travel disruptions.^[1,3]

Frequently Asked Questions about Oyen Insurance

Can I Create an Oyen Account if I’m Not Ready to Buy Insurance or Subscribe to a Takaful Plan Yet? Yes, you can create an Oyen account without any obligation to purchase insurance or subscribe to a Takaful plan.^[4] This allows you to explore the platform, learn about the different plans, and get a better understanding of Oyen’s offerings before committing to a purchase.

Can I Cancel My Oyen Insurance or Takaful Kucing Plan? The specific process for canceling policies is not explicitly detailed in the readily available resources.^[4] It is recommended to contact Oyen's customer service directly via email ([email protected]) for information regarding policy cancellation procedures and associated fees or requirements.

References

[1] https://www.oyen.my/post/oyen-milestone

[2] https://www.oyen.my/about-us

[3] https://www.oyen.my

[4] https://www.oyen.my/knowledge-base