UOB Malaysia is collaborating with Liberty Insurance to offer an automated insurance procurement for SMEs. SME owners can now access the UOB BizCare microsite to purchase comprehensive insurance protections for their businesses.

Many SMEs were impacted by the recent floods with an estimated RM600 million worth of damages to business premises nationwide. At the same time, more than 90 percent of local entrepreneurs are uninsured (against risks including natural disasters) and have no safety net to fall back on should their businesses go under, the bank said in a statement.

As such, UOB Malaysia and Liberty Insurance have developed a dedicated microsite for SMEs to access comprehensive insurance coverage that will shield their businesses and properties against consequential losses caused by unforeseen risks and natural disasters. Apart from floods, the coverage also includes other incidents like fire, thefts and burglaries, public liabilities, and acts of terrorism.

Raymond Chui, executive director and country head of Business Banking, UOB Malaysia, said that having a convenient means for SMEs to procure insurance online is crucial, as they make up a majority of the total businesses registered in Malaysia, and many are not adequately protected.

“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 the insurance procurement seamless and convenient, we hope SMEs will be encouraged to get the crucial protection for their businesses.”

The development of an automated insurance procurement at UOB BizCare microsite is also aligned with UOB Malaysia’s continuous efforts to help SME customers achieve greater efficiency through digitalisation. Through this microsite, SME customers can opt for one of three Liberty Insurance coverage plans.

The microsite will generate digital insurance quotations for their review before they proceed to purchase. Once online payments are completed, the digital insurance policies will be emailed to the customers within a few minutes.

Based on the information provided by SMEs, the UOB BizCare microsite will also provide them with step-by-step guidance on getting the right insurance coverage by automatically generating a few recommendations that suit their needs.

The microsite also aims to educate customers on the different types of coverage available in the market and to prompt them to get additional coverage to top up the insurance packages they currently have.

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.”

Puneet Pasricha, CEO, Liberty Insurance, said, “UOB BizCare microsite is one of the many ways Liberty Insurance leapfrog its digital transformation efforts and improve its standard of service to local customers through technology.

This microsite allows SME owners to take control when purchasing their insurance policies and customise their protection with ease and independence. We are pleased to work together with UOB Malaysia in developing the microsite and in ensuring that SME customers’ purchasing and payment experience is a seamless and a hassle-free one.”

To find out more about Liberty Insurance packages offered, visit https://www.uob.com.my/business/insure/bizcare.page


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