MSIG Insurance transforms SME insurance shopping with WhatsApp integration
MSIG Insurance transforms SME insurance shopping with WhatsApp integration | Insurance Business Asia
Technology
MSIG Insurance transforms SME insurance shopping with WhatsApp integration
Executive highlights role of insurance in supporting businesses
Technology
By
Roxanne Libatique
MSIG Insurance has entered into a partnership with Embed Global to facilitate the purchasing of business insurance for small and medium-sized enterprises (SMEs) in Singapore through the WhatsApp platform.
This collaboration marks MSIG’s second venture into using a WhatsApp chatbot for automating insurance quotations, with a focus on the SME sector.
This automated system employs artificial intelligence (AI) and an application programming interface (API) to connect the chatbot with MSIG’s underwriting and rating system.
The technology supports the efficient generation of quotes for SUMO, a business insurance product from MSIG that offers coverage for property, liability, business interruption, and risks related to employees. SMEs also have the option to customise the policy to meet specific business needs.
Mack Eng, CEO of MSIG Singapore, highlighted the critical role of insurance in supporting SMEs, which comprise 99% of businesses in Singapore.
“Lack of insurance protection or underinsurance can significantly hinder their growth with ripple effects impacting the economy. Through our collaboration with Embed Global, we aim to foster entrepreneurship by making insurance both accessible and affordable. This partnership ensures our SME clients have adequate financial protection to navigate risk events and recover swiftly,” he said.
Dennis Ng, CEO of Embed Global, commented on the significance of the partnership in improving insurance accessibility for SMEs.
“MSIG is a reliable and trusted insurer with a proven history in business insurance. Their extensive knowledge and expertise align well with our mission to empower customers with simple, essential insurance,” he said.
Importance of technology in SMEs
Kenny Yap, senior vice president of corporate distribution at MSIG Singapore, emphasised the importance of technology in reaching SME clients.
“By expanding our distribution through new digital touchpoints like Whatsapp, it will streamline to make it easier and more efficient for SMEs to secure insurance to protect their assets and their employees,” he said.
SMEs interested in MSIG’s SUMO insurance package can engage with Embed Global’s chatbot on WhatsApp or visit their website.
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