Tune Protect – CGC Malaysia Join Forces To Safeguard And Empower MSMEs

Tune Protect Group (Tune Protect) and Credit Guarantee Corporation Malaysia (CGC) have joined forces in a strategic collaboration to offer innovative digital insurance solutions for Micro, Small and Medium Scale Enterprises (MSMEs). 

Tune Protect is a vertically integrated insurer offering General and Life insurance, Reinsurance and Insurtech propositions, whilst Credit Guarantee Corporation Malaysia (CGC), is a development financial institution that provides guarantees and credit financing to Micro, Small and Medium Scale Enterprises (MSMEs).

The collaboration was formalised through a Memorandum of Understanding (MOU) signing ceremony held recently in Petaling Jaya. This partnership aims to empower the local MSMEs community by enhancing the accessibility of insurance solutions, safeguarding their businesses and employees, towards nurturing a more resilient economic landscape.

In a joint effort to strengthen and bolster the growth of the MSMEs community, this strategic collaboration harnesses the expertise and resources of both Tune Protect and CGC, dedicated to creating innovative insurance offerings that cater to the evolving needs of the community.

For a start, Tune Protect will be offering two of its MSMEs digital propositions, SME Business Shield and SME EZY, to help manage their business risks and protect their employees’ well-being and health. By providing a simplified and seamless insurance journey, the digital-led initiatives aim to overcome common barriers such as affordability, complexity, and limited access, making it easier for MSMEs to explore insurance products to safeguard the wellbeing of their businesses and employees.

“MSMEs represent a pivotal sector to Malaysia’s economic growth, yet they remain underserved by the industry, leaving them vulnerable to risks in managing their businesses and employees,” emphasised Rohit Nambiar (Rohit), Group CEO of Tune Protect.

“With SMEs being a cornerstone of our business, our collaboration with CGC symbolises our commitment to the growth and resilience of this vital community. This partnership amplifies our market footprint, ensuring insurance accessibility and empowering MSMEs with the knowledge to make informed decisions about their insurance coverage. We look forward to the positive impact of the initiatives that will stem from this collaboration,” said Rohit.  

The collaboration goes beyond insurance offerings, emphasising knowledge sharing and capacity building as pillars of support for the MSMEs community.

Via CGC’s outreach programmes for the MSMEs, Tune Protect will participate in educational endeavours such as interactive workshops, training programs, and informative sessions to equip business owners with vital information and perspectives.

This preparation will empower them to secure cost-effective insurance coverage, ensuring the protection of their operations, workforce, and physical establishments.

These collaborative events and workshops are intended to educate MSMEs spanning diverse sectors, encompassing F&B, retail, e-commerce, wholesale distribution, and the automotive industry, among others.

CGC President & Chief Executive Officer, Datuk Mohd Zamree Mohd Ishak said, “With the rapidly changing business landscape, MSMEs are constantly exposed to risks and business uncertainties. However, many MSMEs are either unaware or inadequately equipped to manage these risks.

Realising this, CGC and Tune Protect have collaborated in a groundbreaking initiative to bolster MSMEs’ awareness and business protection. MSMEs will now be able to purchase affordable Tune Protect General and Life insurance plans from our imSME portal, via a self-service customer journey. In addition, CGC is committed to the sustainable development of MSMEs, and this collaboration will enable us to assist entrepreneurs to better cushion unforeseen situations and safeguard their businesses.”

The imSME portal was launched in 2018 and Tune Protect’s SME protection plans are the first insurance offerings made available on the portal, making it more accessible for the MSMEs. The collaborative efforts between Tune Protect and CGC will span a period of three years, with a shared commitment to enhancing the landscape for MSMEs with positive changes, further fostering economic growth in Malaysia.

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