Malaysia, 29 March 2017: AXXESS, a first-of-its-kind programme that translates purchasing behaviour into points that can be used to lower insurance premiums and gain access to private healthcare, was officially launched today, at TPC Kuala Lumpur.
With the simple concept of swipe, earn and redeem, AXXESS allows consumers to turn their daily spending into points that can be redeemed to lower motor insurance and healthcare premiums. The programme will not only help consumers curb the potential increase in motor insurance premiums resulting from the industry’s de-tariffication process starting in July, it also provides an avenue for Malaysians who want to access private healthcare and gain admission to private hospitals.
The uptake of private healthcare insurance remains relatively low in Malaysia, with only 15 percent of the population being insured for protection. The high premiums and low penetration mean that many Malaysians have limited access to quality healthcare, and rely heavily on the public system for their healthcare needs. AXXESS aims to address this by offering consumers access to private healthcare by leveraging their earning power with everyday purchasing habits.
Speaking at the inaugural launch ceremony, Executive Chairman of Shieldcard Holdings, Yang Amat Mulia Tunku Laxamana Tunku Dato’ Seri Utama Naquiyuddin Tuanku Ja’afar said, “Currently, five out of six bumiputras don’t have access to insurance and only 54 percent of Malaysians have any form of insurance coverage. Our mission is to provide security and access to insurance and private hospitals for all Malaysians. In addition, AXXESS will also help the rakyat reduce or settle their motor insurance premiums when regulators allow Malaysian insurers to liberalise motor tariffs in July this year.”
The unique AXXESS business model provides merchant partners consistent and continual consumer traffic whilst providing the ability to build brand loyalty and a competitive edge. To date, AXXESS has partnered with key merchants across diverse consumer retail touchpoints, including petroleum, hypermarkets, retail, entertainment, food & beverage, and health & wellness.
AXXESS has also invited premier insurers such as Zurich and ALLIANZ to be on their panel of partner insurers. With their model, the AXXESS team is confident the insurance industry will realise its growth potential by acquiring and retaining new and existing customers.
CEO of Shieldcard Holdings, Richard Devaraj said, “The AXXESS’ business model provides joint growth opportunities for our partners and the insurance industry. We anticipate that AXXESS will encourage growth in the private sector, from the creation of job opportunities to the development of innovative products and increased quality healthcare facilities. The migration to the private healthcare sector will stimulate investments and eventually create a flourishing and self-sustaining healthcare industry.”
Witnessing the launch, Dato’ Sri Idris Jala commented, “It is encouraging to see the private sector playing its part in providing a better quality of life for Malaysians. With healthcare services spread across both public and private sectors, the government will hopefully be able to see reduced debt, and public hospitals will be able to provide more focused and quality services.”
Richard added, “AXXESS was designed with the best interests of Malaysians in mind. Our aim is to provide a higher quality of life and the freedom to choose the level of products and services without having to incur significant costs. Given our unique business model, we are already working closely with partners from across Malaysia. Through AXXESS, we are creating a unique ecosystem that all stakeholders can benefit from, including our members, partners and merchants.”
Consumers will be able to enroll in the AXXESS program and begin earning their points across panel merchants starting from 1 May 2017.