KUALA LUMPUR: Crowd Sense Sdn Bhd (CSSB) today launched its latest rakyat-centric campaign called 'KITACOVER' during the MyFintech Week organised by Bank Negara Malaysia.
In a statement today, the peer-to-peer (P2P) operator said the corporate social responsibility (CSR) campaign was fittingly launched as a two-pronged approach, targeting small and medium enterprises (SMEs).
"Firstly, it is to educate and create awareness about the importance of insurance coverage to uninsured SMEs by providing complimentary advisory services to business owners.
"The advisory services will be provided by Cofundr's panel of professional insurance intermediaries made up of experienced insurance agents and brokers who are well versed, adept and conversant of the SME segment, including issues relating to natural disasters," it said.
CSSB, the P2P Cofundr platform operator, said the second approach is for Cofundr to crowd finance the relevant insurance premiums due and payable to the insurer first to make sure that the insurance coverage is in place.
"This means that SME business owners have the flexibility of making monthly payments for their premiums instead of having to make the lump sum payment upfront to help ease their cash flow.
"And to further aid with affordability, Cofundr will 'cover' (fully subsidise) the insurance premium financing costs applicable for any uninsured SMEs that are getting insurance for the first time through the campaign," it added.
Cofundr director Ahmad Kamal S Awab said according to data released by AIG Malaysia Insurance Bhd, only 15 per cent of insured policyholders have purchased the flood cover.
"This means that more than 80 per cent of SMEs have no coverage against flood peril, denoting the lack of comprehension on the urgency of the risk and consequences to the overall running of their business.
"Given the perceivably high-level exposure to multiple risks, insurance is undeniably one of the most crucial risk transfer tools that can make an important contribution to financial management and reducing the share of losses absorbed by businesses and governments.
"The recent catastrophe that hit us should send a clear message to SMEs across the country to be more proactive and to look into insurance coverage as it is the only defence we have to mitigate the financial impact from any untoward incidents," he said.
Source: https://www.nst.com.my/business/2022/01/765705/crowd-sense-launches-kitacover-rakyat-centric-csr-campaign