UOB Indonesia partners Sompo Insurance Indonesia to launch SME Digital Insurance, preparing SMEs for risk-managed growth

Hendra Gunawan, Presiden Direktur UOB Indonesia dan Eric Nemitz, CEO Sompo Insurance menandatangani kemitraan untuk peluncuran SME Digital Insurance

Jakarta, 22 September 2022 – UOB Indonesia and PT Sompo Insurance Indonesia (Sompo Insurance) today launched SME Digital Insurance, a comprehensive insurance product for small- and medium-sized enterprises (SMEs) in Indonesia, which prepares SMEs with risk managed growth. SME owners can procure insurance protection for their businesses online, instantly and conveniently through SME Digital Insurance so they can focus on their business strategies and growth ambitions.

Micro, small, and medium-sized enterprises (MSMEs) are an integral part of Indonesia’s economy, accounting for around 64 million businesses, and contributing over 61 per cent to the country’s gross domestic product1 . The ASEAN SME Transformation Study 20222 shows that 55 per cent of businesses expressed optimism about the economic outlook as people transition into living with COVID-19, despite facing global challenges like the rising costs of goods. As the business landscape in Indonesia and across the region changes and expands, SMEs will be exposed to greater risks, including unforeseen financial challenges and natural disasters.

The SME Digital Insurance solution protects SMEs against a wide range of risks including fire, burglary, terrorism, sabotage, and third parties’ liability. SME owners can buy insurance plans through their mobile devices. The business owners can choose from a wide range of protection packages that meet their varied needs. SMEs in the retail and food & beverage industries, such as restaurants and cafes, office buildings, beauty salons, pharmacies, boarding houses, warehouses, and house-shops (ruko) can also customise their insurance coverage. Through this service, SME owners can get instant approval for their policies as well as to get their properties and company assets protected immediately, without going through a lengthy process.

Mr Hendra Gunawan, President Director, UOB Indonesia, said, “We recognise that SMEs are the backbone of our nation’s economy and need support in achieving their expansion goals. We understand that many SMEs here may not have had the opportunity to consider their insurance needs, in order to protect their businesses holistically and effectively. Together with Sompo Insurance, we have expanded our offerings to go beyond loan access, digital services, and partnerships so that SMEs can be protected and have financial stability as they grow their businesses for the long term.”

Mr Eric Nemitz, Chief Executive Officer of Sompo Insurance, said, “We are committed to delivering innovative solutions that protect business owners and give them peace of mind to grow their businesses. The SME Digital Insurance offers comprehensive coverage that can be personalised according to their needs and procured instantly at their convenience. With our long-standing expertise in the industry and strategic partnership with UOB Indonesia, we are confident of protecting SMEs in the country and largely mitigating their operational risks.”

Indonesian SMEs can get protected through this mobile-friendly microsite in just five easy steps. Business owners can apply for the most suitable insurance package according to their needs, receive illustration for their planned protection, and obtain instant protection in only a few clicks.

To find out more about the SME Digital Insurance from UOB Indonesia and Sompo Insurance, please visit https://digital.sompo.co.id/uob.