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Approved Financial Adviser

BJAK is an Approved Financial Adviser under Bank Negara Malaysia

Product lines covered:
Car insuranceMotorcycle insuranceTravel insurance (including Umrah coverage)Life insuranceMedical insurancePersonal accident insuranceHome content insurance
Yes. BJAK Sdn. Bhd. (BJAK) is approved by Bank Negara Malaysia (BNM) to carry out financial advisory and Islamic financial advisory businesses.Source: BNM List of Approved Financial Advisers
  • Compare insurance and takaful quotations across multiple product types
  • View product information from participating insurers and takaful operators
  • Purchase and renew policies online
  • Manage insurance and takaful transactions digitally

Key Facts at a Glance

Regulator
Bank Negara Malaysia (BNM)
Type of Intermediary
Approved Financial Adviser
Governing Law
Financial Services Act 2013
Insurance / Takaful Panel
16 partners (as of 13 May 2026)
View on BNM website

What is an Approved Financial Adviser?

A financial adviser in Malaysia is a company that has been approved by BNM under Section 11 of the Financial Services Act 2013 to carry out certain insurance-related services.Under Malaysian law, these services (known as "financial advisory business") may include activities such as:
  • Analyzing financial planning needs relating to an insurance product;
  • Recommending an appropriate insurance product;
  • Sourcing an insurance product from a licensed insurer;
  • Helping arrange insurance contracts with insurer; or
  • Other related services allowed under the law.
In simple terms, an approved financial adviser is allowed to operate within a regulated framework to help connect customers with insurance and takaful products in a transparent and structured way.

What Approved Financial Advisers Are Required to Do

Under BNM's Policy Document on Prudent and Professional Conduct by Financial Advisers, approved financial advisers must comply with key regulatory requirements designed to ensure financial stability, professionalism, and consumer protection.These include requirements such as:
  • Maintaining a minimum capital fund of RM50,000, which represents the financial strength of the business;
  • Maintaining professional indemnity insurance of at least RM200,000 to protect against operational or professional risks;
  • Providing customers with access to product options from at least three (3) different licensed insurers or takaful operators for each insurance category, where available;
  • Ensuring fair, professional, and properly governed business conduct in carrying out financial advisory business activities; and
  • Meeting ongoing regulatory standards relating to governance, reporting, and operational compliance.
In general, these requirements ensure that approved financial advisers operate in a well-regulated environment with appropriate safeguards for consumers, while offering access to insurance and takaful products from multiple licensed providers.BNM Policy Document on Prudent and Professional Conduct by Financial Advisers

How BJAK Obtained Its Approval

BJAK was previously operating as a digital platform that helps customers compare insurance and takaful quotations from multiple licensed insurers and takaful operators.Following its approval by BNM to carry out financial advisory and Islamic financial advisory businesses, BJAK continues to operate its platform within the regulated financial services framework in Malaysia.This approval allows BJAK to maintain and enhance its digital services for:
  • Comparing insurance and takaful products across multiple providers;
  • Displaying quotation and product information in one place;
  • Enabling customers to filter, review, and select suitable options; and
  • Supporting end-to-end online purchase and renewal processes.
BJAK operates as a digital platform that connects customers with licensed insurers and takaful operators, helping make insurance comparison and purchasing more convenient, transparent, and accessible.

BJAK Approval at a Glance

Company NameBJAK Sdn. Bhd.
RegulatorBank Negara Malaysia (BNM)
Governing FrameworkFinancial Services Act 2013
Chief Executive OfficerLim Kuan Yue (Ronald)

Participating Insurance and Takaful Providers

Built over roughly six years of partnership work, BJAK's platform connects customers to quotations from 16 licensed insurers and takaful operators in Malaysia through a single digital platform, enabling easy comparison of coverage, pricing, and benefits.
aig insuranceAIG Malaysia Insurance Berhadallianz car insuranceAllianz General Insurance Company (Malaysia) Berhadchubb insuranceChubb Insurance Malaysia Berhadgenerali insuranceGenerali Insurance Malaysia Berhadgreat easternGreat Eastern General Insurance (Malaysia) Berhadliberty insuranceLiberty General Insurance Berhadlonpac insuranceLonpac Insurance Bhdmsig insuranceMSIG Insurance (Malaysia) Bhdpacific and orientPacific & Orient Insurance Co. Berhadrhb insuranceRHB Insurance Berhadberjaya SompoBerjaya Sompo Insurance Berhadtakaful ikhlasTakaful Ikhlas General Berhadtakaful malaysiaSyarikat Takaful Malaysia Am Berhadtokio marine insuranceTokio Marine Insurans (Malaysia) BerhadtuneTune Insurance Malaysia Berhadzurich takafulZurich General Takaful Malaysia Berhad
Provider availability may vary depending on product type.Customers may verify our panels through BNM's official directory: BNM Financial Services Provider Directory

How BJAK Platform Works

BJAK operates a digital platform that helps customers compare insurance and takaful quotations from multiple licensed providers and complete their purchases online. The platform is designed to make it easier for customers to review available options and make their own selection.
1
Customer information input
Users provide basic details depending on the product type — such as vehicle or personal information, coverage requirements, and travel, health, or protection preferences. This information is used to retrieve relevant quotations from participating insurers and takaful operators.
2
Multi-provider quotation display
BJAK displays quotations from multiple licensed insurers and takaful operators side by side, allowing users to compare premiums and coverage, review key policy features and limits, understand differences between available options, and filter and sort based on their own preferences.
3
Customer selection
Customers review the available options and select a policy based on their own assessment and needs. BJAK does not make binding recommendations on which product to purchase.
4
Online purchase and issuance
Once a customer selects a policy, payment is completed online and an e-policy or e-cover note is issued by the insurer or takaful operator. Selected products may support digital renewal and related services.
5
Post-sales support
BJAK also facilitates post-sales services in coordination with insurers and takaful operators, which may include policy endorsements (e.g. changes to insured details or coverage updates), cancellation requests, and general assistance with policy-related administrative processes.

Your Consumer Protections Under BNM Regulation

As an approved financial adviser regulated by BNM, BJAK is subject to ongoing regulatory and operational requirements designed to support fair business conduct and consumer confidence.
Access to multiple insurers and takaful operatorsBJAK's platform provides quotations from multiple licensed insurance and takaful providers across different product categories.
Minimum financial and operational requirementsApproved financial advisers are required to maintain minimum capital funds and professional indemnity (PI) coverage in accordance with regulatory requirements issued by BNM.
Regulated business conduct standardsApproved financial advisers must comply with applicable regulatory requirements relating to governance, professionalism, operational controls, and business conduct.
Complaint and escalation channelsCustomers may contact BJAK for assistance and complaints. If a matter cannot be resolved directly, eligible disputes may be referred to BNMLINK or the Financial Markets Ombudsman Service (FMOS), where applicable.
Personal data protectionCustomer information is handled in accordance with Malaysia's applicable data protection laws, including the Personal Data Protection Act 2010.
Transparent comparison experienceCustomers can review, compare, filter, and select available insurance and takaful products based on their own preferences and requirements.

Our Journey

2019BJAK begins building its digital insurance and takaful comparison platform and onboarding participating insurers and takaful operators.
2022–2024The platform expands to support additional insurers, takaful operators, and broader digital insurance services across multiple product categories.
October 2025BJAK receives approval from BNM to carry out financial advisory and Islamic financial advisory businesses.
2025 onwardsBJAK continues expanding its digital platform capabilities, including quotation comparison, online purchases, renewals, and post-sales support services.

Frequently Asked Questions

Compare Insurance & Takaful Quotes from Multiple Licensed Providers

Compare and purchase insurance and takaful products from multiple licensed insurers and takaful operators in Malaysia — all in one digital platform.Get quotations online in as little as 2 minutes — no calls, no paperwork.
Verify BJAK's Status as an Approved Financial Adviser under Bank Negara Malaysia
Customers may verify the list of approved financial advisers through the official directory maintained by Bank Negara Malaysia.View BNM Approved Financial Advisers List
References
  1. 1Bank Negara Malaysia, List of Approved Financial Advisers
  2. 2Bank Negara Malaysia, Financial Services Act 2013
  3. 3Bank Negara Malaysia, Policy Document on Prudent and Professional Conduct by Financial Advisers (issued on 26 April 2022)