Making Insurance Easier




The Insurance industry lags other industries in delivering digitalized service to their customers. Insurance distributors in the current landscape are dealing with multiple insurance systems and many inefficient processes. All of which hinder their ability to productively advise, sell and provide services to their clients.

For distributors to reach higher productivity, they will need to evolve. Essential for them are automated advices, central data management, product comparison capabilities and the ability to seamlessly work with clients. As it stands, there are no solutions in the market that is able to provide all this functionality, allowing distributors to focus on what they do best: offer advice and matching their products with their clients.

AI Concept is a software company incorporated in June 2019 with plans to disrupt Malaysia’s Insurance Industry through its technological solutions. Backed up with a wealth of knowledge and experience in the industry by its 5 founders who are also experts at developing new business ventures. In 2019, the company started to generate income with software solutions in insurance claim processing and decided to develop a solution for insurance distributors.

For the last 2 years, AI Concept has developed a complete and comprehensive solution to address distributor’s pain points. We’ve leveraged on our relationship with insurers to gain access to their products as well as insights of the industry which helped to design a product that delivers on all fronts. 


The insurance industry is massive and essential piece to a economic development. Sales of insurance products are dominated by intermediaries that provide advice and services to clients. While many insurance products are becoming commoditized, there is still a need, as shown by all developed markets, for proper advice and after-sales services, especially in claim cases.

The industry has been slow in adopting new technology and has not kept up with recent developments. As insurance regulators deregulate markets, allowing insurance companies to price their product freely, potential clients become keener to compare benefits and price. These potential clients may also not be keen to interact with distributors directly but expect the same convenience of the digital services they receive on the other products that they purchase.

Distributors, both traditional and digital, must be able to compare products efficiently and deliver services digitally. As it stands, they’re unequipped to survive market competition, from both a client and cost perspective, if they do not fundamentally change the way they operate.  

AI Concept’s ambition is to make the delivery of insurance easier for both professional providers of insurance advice and clients.


To thrive, distributors need a solution that provides:

  1. Full Insurance operation support: This includes centralized data, paperless operation, full process automation, analytics support, payment processing, and commission management for often complex organization.

  2. Multiple Insurer integration in one platform: Allowing distributors to compare product/price considering the full complexity of insurance products, and with no duplication of efforts, as it is the case now. Insurance companies can offer their products and operate marketing campaigns directly to consumers, in full compliance with laws and regulations.

  3. Fully automated digital sales and servicing: Distributors must be able to offer seamless service on-demand to their customers, with most tasks automated, under their own brand, with full integration and painless management.

AI Concept has developed a product that provides this functionality in a fully secure and compliant environment.


AI Concept has spent 1.5 years to develop a product called MIOS (Multi-taking Insurance Operating System).

MIOS is a SaaS platform providing full distributor management functionality on demand. It includes a package for the distributor, e.g. an insurance agency and all its employees, to operate its business on the platform in their office or on the road through their mobile phone. The package includes all the necessary functions needed to run an insurance distribution business. Leveraging the decades of experience of the company founders, AI Concept is able to address all the complex needs of an insurance business, with advice Bots and claims functionality.

The platform is linked to an expanding number of insurance companies, focusing first on motor insurance, a complex and difficult product to manage, as every insurer now uses its own set of rating factors and optional coverages.

The system provides the distributor with its own branded on-line platform for its customers to buy, renew products and get full digital services.

AI Concept also offers direct access to its own APIs for distributors that prefer to operate their own platform to manage and sell insurance. The APIs allows distributors to access multiple insurers products and bind policies fully automatically.


AI Concept has been active in the market for 2 years, providing software solutions to insurance players, while developing its core product.

At this time, the company has an initial fully operational product, linked to an ever-growing numbers of insurance companies, with 10 already engaging with AI Concept (some insurers are still developing their APIs). Through its founders, the company has signed agreements with a number of distributors managing in excess of RM 100 million in insurance premium. The product is ready to go to the market more broadly.

Through its founders’ experience, relationships and expertise in the insurance industry, the company has a number of key competitive advantages:

  1. Access to insurance companies and their products

  2. Understanding of the very particular needs of distributors

  3. An existing customer base

  4. Business management and new venture experience


Our potential customers are businesses selling general insurance. They are insurance agencies, brokers, financial advisers, including car dealers (operating with an insurance agency license), and a range of digital businesses selling insurance as part of a broader offering – for example e-wallet, e-retailers, banks. They often do not have the resources and expertise to handle insurance products. 

There are about 35,000 licensed insurance agencies in Malaysia alone, ranging from small entities to large operation managing in excess of RM 100 million in insurance premium. They can be approached directly or through insurance company referrals. They will work with providers that speak their language and that they can trust to manage their customer data – their most precious assets.

Business Model

AI Concept solution, both the standard SaaS package, and the APIs based tailored solution for providers embedding insurance into their solution, is marketed under a software licensing agreement.  The core fees are based on a percentage of insurance premium processed – depending on the monthly volume. For smaller distributors, this is subject to a minimum fee based on the number of users and the number of insurers connected. Insurer can also run marketing campaigns through their agents at a fee.

As most of the general insurance products are yearly renewable, this model generates recurrent income every year.


AI Concept is targeting primarily the General Insurance market as distributors are typically multi-insurer licensed and have the needs for pricing comparison, product benefit analysis and management of multiple insurer data.

AI Concept is currently active in the Malaysian market and will focus its expansion there for the next 1.5 years.  The Malaysia General Insurance market is approximately RM 18 billion in insurance premium, with a substantial portion sold and serviced by AI Concept potential customers. Considering with the availability of APIs from insurance companies and product suitable to the approach, this opens an estimated 60% of the market, i.e. about RM 11 billion premium, to the company.

The situation is similar in other South-East Asia markets, all dominated by intermediaries. The total key market size (Thailand, Vietnam, Philippines, Singapore, Indonesia, Malaysia) was RM 108 billion in 2019.  With about 60% of the market suitable for the company product, there is substantial room to grow beyond the company home market.


There is no complete solution in the market for distributors to efficiently manage their business and provide fully digital support to their customers.

Most distributors rely on the systems provided by each insurance company. If a distributor works with many insurance companies, as most do, this means that they need to use multiple systems to compare quotations, and manage their business. They usually keep a central depository of their customers and policies sold outside the insurer systems, resulting in further duplication of work and complications.

No existing package provides full distributor management support, including connection to multiple insurers, full insurance sales and servicing support, data analytics, automated advise, and a branded on-line presence.

Distributors end up joggling with multiple systems, or, for the larger ones, trying to develop in-house solutions that fits their often complex need. This often results in expensive and non-performing solution.

AI Concept aims at providing solutions addressing all these problems.


AI Concept is looking to raise a minimum of RM 800,000 and a maximum of RM2,000,000.

The funds will be used to develop sales initially in the Malaysian market, and continue developing the functionality of the SaaS package. The funds will be allocated 27% to sales/marketing, 48% to product development and 25% to build-up the operations.

We expect the funds to last until the end of 2022, achieving the sales and operational KPIs set, leading to a managed gross written premium of at least RM 200 million and positive cash flows.


AI Concept vision is to provide the tools to insurance distributors so that they are fully equipped to

  • deliver outstanding digital services to their customers

  • and operate efficiently,

allowing them to gain more market share, reduce their cost, and serve a much larger number of customers. 

In line with the experience made in many markets in the world, AI Concept believes that there is room for professional advice and service for a large range of insurance products.  Many products are fully commoditized during the sales process, but most customers value the advice and support of professionals to deal with selecting the right products, and with managing claims. This is true in Malaysia, but also in all South-East Asian markets, all heavily dominated by professional distributors. 


AI Concept has been fully funded but its founders, who saw a need to develop software that deliver solutions to address their day-to-day operational problems. This led to the decision to invest in the development of a full SaaS solution to support traditional players of the industry, as well as digital players that embed insurance sales into their core offerings.


AI Concept has been founded by five individuals with long-term management experience in the insurance industry, new business ventures and technology. 

They bring long-standing relationships with key industry players, providing access to insurance products and customers. 

Their knowledge of the insurance industry and access to key players have helped the company design products that fully address the needs of the industry.

The initial team has been complemented with experienced executives in both sales and operations, led by Steven Lim, our CEO, who brings a wealth of expertise in insurance, product management, and sales.

  • No shares will be allotted or issued based on this document after six months from the closing of the offer period.
  • This issue, offer or invitation for the offering is a proposal not requiring authorisation of the Securities Commission under section 212(8) of the CMSA 2007.
  • This document has not been reviewed by the Securities Commission Malaysia. The Securities Commission does not recommend nor assumes responsibility for any information including any statement, opinion or report disclosed in relation to this fund raising exercise and makes no representation as to its accuracy or completeness. The Securities Commission expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information disclosed.

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