MoneyHero, a financial product comparison platform and digital insurance brokerage, has launched a new feature allowing users in Singapore and Hong Kong to purchase travel insurance in three clicks.
This update significantly simplifies the process for frequent travelers, eliminating the need to repeatedly fill out personal information for each purchase, saving users over 75% of the typical purchase time.
The new feature enables users to compare policies from 11 leading insurers and complete their transaction quickly by selecting a policy, reviewing pre-filled details, and making payment.
This streamlined approach, leveraging an autofill function, aims to save users time.
MoneyHero reports that this faster process not only benefits customers but also increases sales for insurers by improving conversion rates, with the company seeing up to double the conversion rate on end-to-end insurance purchases.
The company has reported substantial growth in its digital insurance business, with revenues increasing by 54% in the first nine months of 2024.
MoneyHero plans to expand the three-click purchasing option to other insurance products and markets in the future.
Rohith Murthy, CEO of MoneyHero, said,
“With this launch, we’re saving our members’ time, providing a smarter and more efficient way to purchase travel insurance.
Our data indicates that reducing friction leads to higher completion rates for purchases—benefiting both our customers and our insurance partners. This new feature is integral to our commitment to making MoneyHero the go-to destination for digital insurance in the region.”
Featured image credit: Edited from Freepik
