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Optimuz: Your Key to SME Innovation

May 26, 2017

Small and Medium Enterprises (SMEs) form the backbone of Malaysia's economy and has been experiencing a rapid, double-digit growth. To put into perspective, 97% of business establishments in Malaysia are SMEs and they contribute to nearly 36% of our GDP, 65% of employment, and nearly 18% of exports. Junior Cho, our Head of Market Management, General Insurance and Takaful for Zurich Malaysia provides his insights on the benefits of Optimuz and Takaful Optimuz - All-in-one-solution for small business protection.

Head of Market Management, General Insurance and Takaful

About this expert

Key to SME innovation

Although SMEs are a key contributor to our economic growth, the reality is that many business do not have proper or adequate protection against their business/and operational risks. The lack of proper business protection could impact these SME businesses should something untoward happens.

At Zurich, our mission is to help our customers understand and protect themselves from risks. Our goal is to make the purchase of SME insurance and Takaful as simple, straightforward and cost effective as possible so that out customers can focus on running their business without unnecessary worries.

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What are some of the most common risks that could jeopardise one's business?

Image_Theft and Burglary

Burglary and theft are unfavorable to any business, no matter how small or big

Imagine losing money, merchandise, property, equipment's or even store clothing's.

Ever wonder how detrimental would this be to your business cash flow?

Crime Doesn't Pay!

Image_Fires and Explosions


Remember the Chili's and Mcdonald's incidents that happened at MidValley Megamall?

This is by far the most common risk and could prevent your business from generating income for an extended period of time.

At the same time, you'd have to continue paying for recurring business commitments.

Don't Let Your Dreams Go Up in Smoke!

Image_Liability to Third Parties


Slips and falls are one of the most common commercial hazards, especially in customer-facing businesses such as Food & Beverage outlets.

Not only will you suffer a big financial hit should a customer or visitor sue you, your brand's reputation could suffer a negative backlash

It Is Better To Be Safe Than Sorry


Most people think that occupational hazards only occur in industrial businesses that use heavy equipment or machinery.

On the contrary, hazards can happen anywhere. For instance, your admin staff could sustain an injury while engaging with heavy or bulky objects at the workplace. As a result, you will need to bear the medical cost.

The failure to implement occupational health and safety controls, including insurance protection,could affect business productivity and profits in the long run.

A Snapshot of Common Mistakes by SMEs

A common mistake that most SMEs make is not selecting the right level and type of insurance coverage to mitigate potential risks related to their businesses.

There is a lack of awareness on business insurance; which could be due to the complexity and inflexibility of business insurance products.

Image_Snapshot 1st half
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Can you explain the difference between Business Insurance and Insurance for the consumer market?

The main difference is how the end user defines the risks for insurance companies to cover.

SME owners seek to protect their businesses and employees from the various operational risks such as fire, burglary and accidents.

Whereas, Insurance for the consumer segments are skewed towards protection for the individual, be it for the family or assets.

How is Optimuz different as compared to most business insurance / takaful plans in the market?

Optimuz is a unique platform that drives great flexibility, convenience and simplicity with its 7 Unique Propositions. Unlike other offerings in the market.

Optimuz empowers our agents,partners and SME owners to choose, from up to 9 types of conventional or takaful coverage with "fire" as the anchor protection.

The complete list of coverage is available at www.zurich.com.my/optimuz

Do-It-Yourself Approach Towards The Buffet We Serve


How is the take-up rate for Optimuz so far?

Since the launch of Optimuz almost 2 years ago, we're pleased to report a take-up rate of about 70% from our 20,000 strong SME customer base. While the sales contribution to our overall business volume is still nascent, Optimuz continues to chart double-digit growth.

The introduction of Takaful Optimuz early this year has allowed us to cater to a wider SME population with both conventional and takaful offerings. We believe we are on the right trajectory for growth as we continue to innovate our products and platform offerings to better serve our agents, partners and customers.

What else can intermediaries (agents), partners and customers expect from us?

Access to rich analytical insights.

We have underwritten lots of policies for various SME segments via Optimuz and have strong statistical data to present to our prospects. These data show what types of insurance are usually picked by other businesses from the same industry and serve as guidance to prospects.

One of our key focuses is to invest in advanced technologies to provide a seamless and hassle-free experience to all our- customers; digitally omnipresent to our customers at every touch point, ensuring that the product offerings and services we provide drives Simplicity,Flexibility and Convenience.

The above article is brought to you by Zurich Malaysia. It is intended for educational and informational purposes only; the content of which does not form any statements of contract. For more information about Zurich Malaysia’s products and services, please contact the Company’s Call Centre or visit the Company’s website at www.zurich.com.my. Zurich Malaysia accepts no responsibility for any loss which may arise, directly or indirectly, as a result of reliance on information contained in the article.