Intelligent SME.tech Issue 22 - Page 57

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APAC

CREDIT OK INTRODUCES PROTECT NOW PAY LATER FOR SME INSURANCE

Credit OK , a technology platform that plays a significant role in Thailand ' s SMEs market , offers financial products for small and medium enterprises ( SMEs ) including credit facilities and insurance for small businesses . Credit OK remains focused on helping entrepreneurs to thrive . With the launch of the Protect Now , Pay Later programme for small-medium businesses , corporations , as well as individual customers , the company believes this is a better alternative for SMEs in managing their risks and accessing the right SME insurance packages plus payment plan options .

Most Thai SMEs are underinsured , a big gap to cover their risks
SMEs – accounting for 95 % of all businesses in Thailand – are one of the crucial components that propel the Thai economy , especially in terms of employment , income distribution and growth of the country . However , most Thai SMEs are underinsured and lack channels to access risk management products .
More than 100,000 businesses , including restaurants , hotels and small business operators had to shut themselves down during the pandemic . This raises alarms for business operators to recognise the importance of risk management .
Still , there are multiple factors that make SMEs reluctant in how they select and acquire insurance for their business . Besides product knowledge and a complicated purchasing process , the most critical blocker is the monthly cash flow for SME insurance . As better coverage normally comes with a high premium that can exceed their monthly budget , Credit OK believes Protect Now Pay Later will help SMEs to get the adequate coverage that SMEs need in an affordable manner .
Experiencing a new way of purchasing insurance for SMEs on Credit OK platform
In collaboration with Chubb Samaggi Insurance Public Company , one of the leaders in the general insurance market in Thailand , both have worked together to design and develop insurance products to fit the needs of Thai SME operators .
“ There are two factors that contribute to the sustainable growth of SME business , one is cash flow and another is the ability to reduce the risks ,” said Mr . Phuwarat Norchoovech , Chief Executive Officer of Credit OK .
Credit OK helps to provide credit facilities for insurance premium payments ( premium financing ). This aims to serve the requirements of corporate customers and make SME insurance purchases not only convenient but also a friendly experience . The first product for SME businesses on Credit OK platform is called SME All Protect . It offers a business insurance package for SMEs covering fire insurance , flood and other necessary protection business such as third-party liability , etc . In near future , there will be a range of insurance products for both SMEs and individual customers coming to the platform . The SMEs can also submit their previous insurance policy to get a competitive tailor-made quotation with an instalment plan . �
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