Risk Mitigation for a Shifting Business Landscape
Kuala Lumpur, 9 July 2025 — In a significant move to strengthen Malaysia’s micro, small, and medium-sized enterprises (MSMEs), Berjaya Sompo Insurance Berhad (Berjaya Sompo) has launched SOMPO FlexiSME, a comprehensive and affordable insurance solution tailored for the unique and diverse needs of local businesses.
The launch, held in conjunction with the MSME Business Risk and Financial Losses Mitigation Roadshow, was officiated by YBhg. Tan Sri Datuk Seri Panglima Bernard Giluk Dompok, Chairman of SME Corporation Malaysia. Also present were Bill Zhang, President of Consumer Lines for Asia Pacific at Sompo International, and Tan Sek Kee, Chief Executive Officer of Berjaya Sompo, alongside senior leaders and industry stakeholders.
“SOMPO FlexiSME is designed to give SME owners the flexibility to protect what matters most to their business with affordability in mind,” said Tan in his welcoming remarks. “No two SMEs are alike, so solutions must offer coverage that can be customised to suit individual needs — from property and liability to group personal accident protection.”
Meeting MSMEs Where They Are
In his address, Tan Sri Bernard praised Berjaya Sompo’s efforts to address fundamental challenges faced by MSMEs. He highlighted that while MSMEs contribute over 40% to Malaysia’s GDP and nearly half of total employment, many remain underinsured and vulnerable to disruptions.
“Far too many remain uninsured. When MSMEs are protected, they’re in a better position to grow, recover, and contribute to national development goals,” he said. “I applaud Berjaya Sompo for providing a solution that is both affordable and tailored.”
A Product Designed for Flexibility
SOMPO FlexiSME is designed as a packaged business insurance solution that covers a range of common SME risks, including public liability, employer’s liability, burglary, group personal accident, and more.
With three tiers of coverage — Plan A, Plan B, and a Flexible Plan — SMEs choose preset levels or fully customise their protection. For instance, Public Liability and Employer’s Liability are covered up to RM2 million under the flexible option. At the same time, Group Personal Accident coverage can go as high as RM100,000 per employee for up to 20 staff members.
Annual premiums start from as low as RM561.88 and depend on the coverage selected. All plans include onboarding, fast claims processing, and coverage under the Perbadanan Insurans Deposit Malaysia (PIDM) scheme.
Panel Discussion Highlights Gaps and Opportunities
During the panel session, Berjaya Sompo’s leadership and agency experts unpacked the real-world relevance of SOMPO FlexiSME. “Losses are real. Without adequate protection, a single incident can set a business back years or close it entirely,” said Weng Eu Gene, Chief Agency Officer of Berjaya Sompo. “FlexiSME makes it easier to select coverage based on real risk profiles and offers simple onboarding.”
“Insurance isn’t just about compensation — it’s about continuity,” said Weng. “We designed SOMPO FlexiSME to give MSMEs a more flexible way to protect their operations, based on what truly matters to them.”
See Toh Lai Chee, Berjaya Sompo’s Head of Underwriting – Commercial Lines, emphasised the product’s practical development: “We built it by listening to agents, learning from claims, and studying market needs. It’s simple to understand, fast to onboard, and responsive to evolving risks.”
From the claims perspective, Teh Yau Kun, Head of Claims, Berjaya Sompo, highlighted the importance of action and documentation, “Loss mitigation begins the moment an incident happens, not after. When MSMEs take proactive steps and maintain clear documentation, it helps us process claims faster and makes a real difference in recovery.”
Berjaya Sompo agent, Chong Kok Wai, added a candid reflection from the ground, “Many business owners think they understand insurance — until something goes wrong. SOMPO FlexiSME gives them the coverage they need, at a cost they can afford, without the guesswork.”
Panellists emphasised the importance of regular policy reviews, risk and loss mitigation, and proactive engagement with insurers to ensure adequate coverage. Teh noted, “It’s not just about compensation after loss — it’s about working together to reduce the impact.”
Bridging the Gap Through Outreach, Collaboration and Conversations
Audience members raised questions about event-specific insurance and cyber risk coverage, both of which are increasing concerns in the digital era. While SOMPO FlexiSME does not currently include cyber protection, Berjaya Sompo representatives have indicated openness to exploring tailored solutions for sectors such as MICE (Meetings, Incentives, Conferences, and Exhibitions) through association-based outreach.
In response to calls from the floor for deeper outreach and education — particularly to rural and underserved MSMEs — Berjaya Sompo reaffirmed its commitment to agent training, ongoing awareness programmes, and upcoming initiatives to engage SMEs more directly.
“Insurance can’t remain a paper product that sits in a drawer,” said Weng. “We’re focused on building lifelong relationships through education, transparency, and service.”
A Milestone for MSME Protection
SOMPO FlexiSME represents a shift in how business protection is designed and delivered — from rigid, one-size-fits-all policies to flexible, needs-based solutions that meet entrepreneurs where they are.
With Malaysia’s MSME sector continuing to evolve and face new challenges, the product launch and the broader conversations at the event serve as a rallying call for public-private collaboration, enhanced insurance literacy, and improved risk management practices.
“Empowering MSMEs with the right protection tools is key to building a more resilient business ecosystem.”
Tan Sek Kee
About Berjaya Sompo Insurance Berhad
Berjaya Sompo Insurance Berhad (“Berjaya Sompo”) is a Malaysian operating entity and part of the Sompo Group. Bolstered by the Sompo Group’s 80 years of trusted presence in Asia, spanning 13 markets in the region, Berjaya Sompo is a leading name in general insurance in Malaysia, with an ever-expanding network that currently comprises 15 offices and 2,614 agents nationwide. Berjaya Sompo provides a comprehensive range of general insurance solutions for individuals and corporations.
For more information, go to www.berjayasompo.com.my.
