Meaningful entrepreneurship, at its core, cannot be merely about profits- it’s about innovation, transformation, and the vision to address real people’s real needs. Oyen Insurance is a Malaysian startup which has demonstrated these ideals in its very conception as well as its success. Oyen, founded by Michelle Chin and Kevin Hoong, is a digital-first insurance platform which primarily provides pet insurance services. 

Oyen is a leading player in the Malaysian pet insurance market because it offers a range of key client-focused services which address the needs of pet parents in the country. These services include a high vet medical bill coverage up to RM 10000, pet farewell cost coverage up to RM 1000, and third-party liability coverage up to RM 50000. The founders have sought to build a long-term sustainable business via the digital-first model. This model also amplifies the ease-of-access and speed of the services which Oyen offers.  Customers can claim for insurance online and receive services within minutes in cases of emergencies. Oyen’s services are also integrated with various veterinary partners across Malaysia to improve access to medical services. 

Oyen was launched in 2021, during the global pandemic, and the startup saw a sixfold growth in customer base and revenue from 2021 to 2022. In 2023, they recorded the milestone of servicing RM 100 million worth of coverage. In the same year, Oyen also ventured beyond pet insurance with its first human travel insurance with pet benefits.

Women’s Tabloid spoke to Ms Michelle Chin, co-founder and COO, about the journey of Oyen Insurance as a startup which has transformed the Malaysian insurance market. 

Women’s Tabloid: “What was the core vision behind launching Oyen Pet Insurance?”

Michelle Chin: “We saw an opportunity to use a niche but meaningful product within the insurance space, as a way to modernise a very traditional industry. General insurance in Malaysia hasn’t evolved much, and most people associate it with complexity and mistrust. Pet insurance, on the other hand, is more fun, emotionally-relatable and underserved, so it gave us the perfect entry point.

But our vision was always bigger than pets. We wanted to use Oyen to educate a new generation of consumers on what insurance can feel like. The fact that so many of our customers are first time insurance buyers shows us there’s a real need for simpler, more transparent, and customer-first solutions.”

Pets have been a part of human life throughout history in one form or another, just not in the way they are in the current world. In Malaysia, the pet population in 2025 is estimated at 5.38 million. 

We live in an era of pet humanisation, which refers to more and more people treating their pets like family. People are spending large sums of money on veterinary fees and other expenses for their pets. However, prior to the launch of Oyen, the founders noticed that insuring their pets was not something many Malaysians had considered despite the high expenditure dedicated to their pets being a growing concern. This was an area which remained largely unventured in the insurance industry. Seeing this with an entrepreneurial lens, the founders saw an opportunity and went for it. 

WT: “How has customer perception of pet insurance in Malaysia evolved since you launched, and what still needs to change?”

MC: “When we started, people weren’t even searching for pet insurance online. It just wasn’t something most Malaysians knew existed, and when we spoke about it in our early days, people either laughed out loud or thought it was a scam. Fast forward to today, and Oyen has become a household name. We’ve normalised the idea of protecting your pets financially, and people are more open to learning about it, which is something we’re proud of.

That said, there’s still a mindset shift needed when it comes to non-compulsory insurance products. Many people feel that if they didn’t “use” their insurance, meaning they didn’t make a claim, then their money was wasted. But the whole point of insurance is peace of mind for the unexpected. We still have work to do in helping people understand that not claiming means your pet stayed healthy, which is a win in itself.”

Oyen Insurance made news recently owing to its first repricing in the past three years. In 2025, pet insurance costs in Malaysia increased with the premiums for pet insurance offered by Oyen rising from 5% to 30%. This increase has also been attributed to increasing awareness and consequent demands for pet insurance services in Malaysia. 

WT: “What’s the next big milestone or product innovation we can expect from Oyen in the near future?”

MC: “We’re building on our success in pet insurance to serve other underserved areas in insurance. One example is financial lines insurance, like insurance bonds for businesses as a requirement for their tenders or contracts. It’s a class that’s typically hard to access and poorly explained. We’ve already seen real traction here by applying the same approach we used for pets: transparency, education, speed and ease of access.

We’re staying focused on categories where the customer experience has historically been neglected and where we believe digital-first thinking can make a real impact.”

Oyen insurance has time and again demonstrated their dedication to being customer-focused. For instance, they launched Takaful insurance for cats, in order to address the growing preference of Malaysian customers to opt for takaful insurance for themselves and their pets. Takaful is a form of Islamic insurance which functions with the idea of community and is Shariah-compliant in terms of its investment and charity. 

We also asked Ms Chin about her learnings as an entrepreneur, and what she would like to say to young startup founders. 

WT: “What was the biggest mindset shift you had to make transitioning from working for a company to building your own startup?”

MC: “I’ve been lucky—I previously worked at a company that really encouraged startup thinking and ownership, so that mindset was always with me. But the depth of it hits differently when it’s your own company.

There are two things I often tell people:

You’re constantly bouncing between thinking long-term and solving problems happening right now. That shift between big picture vision and daily execution can be intense and mentally exhausting.

All the problems are your problems. At the end of the day, my co-founder and I are the only ones who will always be here. We carry the weight of every decision, every team concern, every uncertainty. It’s hard to switch off. My work thoughts easily take up 90% of my brain… and many times they sneak into my dreams :rolling_on_the_floor_laughing:. When you’re working for someone else, you can end your day and mentally check out. That’s a luxury you lose as a founder.”

WT: “What advice would you give to young entrepreneurs, especially women, entering the tech or insurtech space?”

MC: “Start before you feel ready. You’ll never have all the answers. And honestly, you’ll learn way more by doing than waiting.

As women, we often underestimate ourselves or wait for permission. But you deserve a seat at the table whether or not you’ve done it before. Build confidence by getting your hands dirty. Talk to users, get feedback, iterate. Also, build your support system early: other founders, friends, mentors. This journey can be lonely, and you’ll need people who remind you of your strengths when things feel tough.

Most importantly: stay humble, stay curious, and trust your gut. You’ll be surprised how far it can take you.”

Oyen Insurance has been an industry example of how entrepreneurship can focus on addressing the needs of an underserved market and consequently transform even a traditional industry like insurance. The insurtech startup which was the pioneer of accessible pet insurance in Malaysia is now seeking to expand into markets like financial lines insurance. The growth and success of Oyen can be seen as being rooted in their core vision: 

“To bring goodness, care and the concept of community back to insurance.”