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A UNIT of Silverlake Axis has won a project to develop and deliver an innovative digital collaboration platform for the life insurance and takaful insurers in Malaysia, the company said on Thursday.
The global technology provider to financial institutions said that the letter of award received by its wholly owned subsidiary, Cyber Village (CBV), was from an insurance trade association and is expected to contribute positively to its results for the financial year 2018.
In the initial phase, CBV will deliver an industry-wide platform, which serves as an informational gateway to consumers and provides them with self-assessment financial planning tools, it said in a Singapore Exchange filing.
"This digital platform will set the foundation for the association to subsequently deliver a full service life insurance and takaful aggregator portal which enables consumers to compare life insurance and takaful products online and buy directly," it said.
It can also integrate with new digital insurance platforms and be the source for greater insights into the industry, it noted.
The portal is expected to create a more competitive market for life insurance products and increase empowerment for consumers to make informed decisions through better access to information.