KUALA LUMPUR: United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is partnering with Liberty Insurance to offer Malaysia’s first automated insurance procurement for small- and medium-sized enterprises (SMEs).
In a statement, the bank said SME owners can now access its UOB BizCare microsite to purchase comprehensive insurance protections for their businesses.
UOB Malaysia executive director and country head of business banking Raymond Chui 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,” he said.
UOB said the development of an automated insurance procurement at UOB BizCare microsite is also aligned with its 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.
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