UOB to Offer Automated Insurance Procurement for SMEs
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UOB Malaysia and Liberty Insurance have established a partnership to provide Malaysia's first automated insurance procurement solution for small and medium enterprises (SMEs). SME entrepreneurs can now acquire comprehensive insurance protections for their companies through our UOB BizCare webpage.
Many SMEs were damaged by the recent floods, which caused an estimated RM600 million in damage to business premises nationwide. At the same time, more than 90% of local entrepreneurs are uninsured (against risks such as natural disasters) and have no backup plan in case their businesses fail.
Comprehensive insurance coverage for SMEs
As a result, UOB Malaysia and Liberty Insurance have joined forces to create a dedicated microsite for SMEs to obtain access to comprehensive insurance coverage that will protect their businesses and assets from unanticipated dangers and natural disasters. Aside from floods, other disasters covered include fire, thefts, burglary, public liabilities, and terrorist activities.
Mr Raymond Chui, the Executive Director and Country Head of Business Banking, UOB Malaysia, stated that providing a convenient way for SMEs to obtain insurance online is critical, as they account for the majority of all firms established in Malaysia, and many are underinsured.
"Natural disasters, such as the recent flash floods that hit Malaysia, have affected many people, including SME owners and entrepreneurs. Such flooding incidents are likely to reoccur during this monsoon season. It is a huge concern as many Malaysian businesses are still underinsured against this risk. By making insurance procurement seamless and convenient, we hope SMEs will be encouraged to get crucial protection for their businesses.
UOB BizCare
The creation of an automated insurance procurement on the UOB BizCare microsite is also in line with UOB Malaysia's ongoing efforts to help SMEs improve their efficiency through digitalization.
SME customers can choose from three Liberty Insurance coverage plans through this microsite. Before customers purchase, the microsite will produce digital insurance quotes for them to review. Within minutes after completing online payments, consumers will receive digital insurance policies via email.
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UOB BizCare's coverage scope. Click here for the full size.
What UOB BizCare covers
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Public Liability: Protects businesses against legal liability arising from a third party due to accidental bodily injury or damage to property.
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All Risks: Covers accidental loss or damage to office equipment, computers & peripherals, furniture & fittings, plants and machinery at the property.
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Burglary: Covers loss or damage to the property insured due to theft.
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Fire: Covers loss or damage to your building & contents resulting from fire, lightning or explosion.
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Business Interruption: Protects you against financial loss incurred due to loss or damage to your property insured under fire coverage.
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Terrorism Insurance: Covers loss or damage to the property due to an act of terrorism.
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Employer Liability: Protects you against liability to pay compensation for an employee's injury or disease in the course of employment.
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Money: Protects businesses against loss of money in transit or on-premise during business hours.
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Plate Glass: Covers accidental breakage of any fixed glass at the property.
Mr Chui said, "At UOB, we tap on technology and work with strategic partners like Liberty Insurance to offer progressive solutions for our SME customers' convenience. The UOB BizCare microsite rollout is timely, as we continue to improve our customer experience with automation."
For more information, please visit the UOB BizCare microsite here.
Source: Business Today