Company Overview - Bjak Sdn, Malaysia's largest online insurance aggregator, is considering an initial public offering (IPO) within the next two years to facilitate its expansion into Europe, specifically targeting Spain and Germany by 2026 [1][3] - The company has been profitable since its inception in 2019 and has experienced a gross written premium increase of 20% to 30% this year, with expectations for faster growth as it enters new markets [2] Market Expansion - Bjak is shifting its focus to well-established auto insurance markets in Spain and Germany, following its recent expansions in Japan, Taiwan, and Thailand [1][3] - The firm plans to double its global workforce from nearly 200 employees by the end of 2026 to support its growth strategy [4] Industry Context - The Malaysian insurance industry is projected to see moderating growth, with non-life premium gains expected to slow to 5% in 2025 from 7.3% last year [5] - Despite this, the potential for growth remains strong due to increasing awareness of insurance coverage and a significant number of uninsured and underinsured Malaysians, particularly among lower-income households [6] User Base and Partnerships - Bjak currently has 7 million users and collaborates with 16 insurance brands, including Allianz SE and Tokio Marine [7] Entrepreneurial Background - The founder of Bjak, Wei Low, began his entrepreneurial journey at age 20 and has been inspired by successful figures like Warren Buffett, aiming to adopt a business philosophy that transcends mere financial success [8][9]
Bjak Founder Weighs IPO as Malaysia Insurtech Seeks Expansion Into Europe