BJAK Malaysia has received approval as a financial adviser (FA) from Bank Negara Malaysia (BNM), allowing the firm to operate as a licensed adviser alongside its existing digital distribution business.
Under the approval, BJAK can provide regulated financial advice to retail customers in Malaysia’s insurance and takaful markets, with an initial focus on motor business. The company previously functioned primarily as an online comparison and transaction platform for policyholders. Ronald Lim, chief executive officer of BJAK Malaysia, commented: “This is a major step forward for BJAK and for digital insurance in Malaysia. It allows us to deepen our commitment to transparency, choice, and consumer empowerment – values that have guided our journey from day one.”
In connection with the FA licence, BJAK has launched what it describes as Malaysia’s largest online insurance partnership, involving 16 insurers and takaful operators on its platform for motor products. The panel consists of AIG, Allianz, Chubb, Great Eastern, Takaful Ikhlas, Liberty Insurance, Lonpac Insurance, Generali, MSIG Insurance, Pacific & Orient Insurance, RHB Insurance, Berjaya Sompo Insurance, Takaful, Tokio Marine, Tune Protect, and Zurich Takaful.
BJAK says the panel reflects around six years of work with local insurers and takaful providers. By hosting multiple participating companies, the platform is intended to give Malaysian motorists the ability to review a range of motor insurance and takaful offerings in one place, instead of engaging separately with each provider. “Bringing 16 insurers together on one platform is a collective achievement for BJAK and our partners. This network is the largest of its kind in Malaysia, and it reflects a shared commitment to strengthening digital access, fair comparison, and customer empowerment across the industry,” Lim said.
Through BJAK’s platform, users can request quotations for motor insurance and takaful from several insurers, compare policy features and limits, and complete purchase or renewal online. For insurers and takaful operators, the site functions as a digital route to market and a source of potential new business. For customers, it brings premium and coverage information from different providers into a single interface.
The company presents these tools as a shift away from more traditional processes that have relied on in-person interactions, paperwork, and phone-based servicing. With the FA approval in place, BJAK can combine these digital tools with licensed advisory services delivered under BNM’s regulatory framework. “Consumers deserve clarity and confidence when choosing protection for themselves and their families. Our platform is designed to cut through complexity and provide Malaysians with easy, accessible, and transparent options tailored to their needs,” Lim said.
BJAK states that its approach is in line with government initiatives on financial inclusion, digital capability, and the broader move toward a digital economy. The company says its arrangements with insurers and takaful operators are aimed at extending the reach of protection products while remaining within local regulatory requirements.
The move comes as insurers and intermediaries across Asia continue to invest in digital platforms to respond to customer behaviour, supervisory expectations, and cost pressures. Markets in Southeast Asia and other parts of the region are seeing further use of online channels, direct-to-consumer portals, and embedded insurance offerings, supported by data analytics and automation.
Globally, the digital insurance platform market was valued at US$132.9 billion in 2023 and is projected to reach US$259.3 billion by 2030, representing a compound annual growth rate of 10% between 2023 and 2030, according to a report published on ResearchAndMarkets.com. The research links this trajectory to developments in artificial intelligence, internet of things technologies, and predictive analytics, as well as regulatory measures that emphasise transparency, protection of personal data, and outcomes for policyholders.
