Tune Protect Group and Credit Guarantee Corporation Malaysia (CGC) have come together to offer innovative digital insurance solutions tailored specifically for Micro, Small, and Medium Scale Enterprises (MSMEs).
Tune Protect, known for its integrated insurance services, and CGC, a development financial institution specialising in guarantees and credit financing for MSMEs, are working hand in hand to empower the local MSME community by enhancing accessibility to insurance solutions, safeguarding businesses and employees, and contributing to a more resilient economic landscape.
The partnership was solidified through the signing of a Memorandum of Understanding (MOU) in a recent ceremony held in Petaling Jaya. This collaboration leverages the combined expertise and resources of Tune Protect and CGC, with a shared commitment to crafting innovative insurance offerings that align with the evolving needs of the MSME community.
As the initial step of this collaboration, Tune Protect will introduce two of its digital MSME propositions, SME Business Shield and SME EZY, designed to help MSMEs manage business risks and ensure the well-being and health of their employees.
By offering a simplified and seamless insurance experience, these digital initiatives aim to overcome common barriers such as affordability, complexity, and limited access, making it easier for MSMEs to explore insurance products that protect their businesses and employees.
“MSMEs represent a pivotal sector in Malaysia’s economic growth, yet they remain underserved by the industry, leaving them vulnerable when managing their businesses and employees,” said Rohit Nambiar, Group CEO of Tune Protect.
“With SMEs being a cornerstone of our business, our collaboration with CGC symbolizes our commitment to the growth and resilience of this vital community. This partnership extends our market reach, ensuring insurance accessibility and empowering MSMEs with the knowledge to make informed decisions about their insurance coverage. We look forward to the positive impact of the initiatives that will stem from this collaboration.”
However, the collaboration goes beyond offering insurance products; it also emphasises knowledge sharing and capacity building to support the MSME community. Through CGC’s outreach programs for MSMEs, Tune Protect will actively participate in educational endeavors such as interactive workshops, training programs, and informative sessions.
These initiatives will equip business owners with crucial information and perspectives, enabling them to secure cost-effective insurance coverage and protect their operations, workforce, and physical establishments. The collaborative events and workshops will target MSMEs spanning diverse sectors, including F&B, retail, e-commerce, wholesale distribution, and the automotive industry, among others.
Datuk Mohd Zamree Mohd Ishak, CGC president & CEO, noted, “In the rapidly changing business landscape, MSMEs are constantly exposed to risks and uncertainties. However, many MSMEs are either unaware or inadequately equipped to manage these risks.
“Recognising this, CGC and Tune Protect have collaborated in a groundbreaking initiative to bolster MSMEs’ awareness and business protection. MSMEs will now be able to purchase affordable Tune Protect General and Life insurance plans from our imSME portal, via a self-service customer journey.
“In addition, CGC is committed to the sustainable development of MSMEs, and this collaboration will enable us to assist entrepreneurs in better cushioning unforeseen situations and safeguarding their businesses.”
The imSME portal, launched in 2018, now hosts Tune Protect’s SME protection plans, making them more accessible to MSMEs. The collaborative efforts between Tune Protect and CGC will extend over three years, with a shared commitment to enhancing the MSME landscape, driving positive changes, and fostering economic growth in Malaysia.
To learn more about the digital insurance propositions for MSMEs, please visit imsme.com.my/portal/insurance/.