“People tell themselves, ‘I’m on high ground, so I don’t need flood cover,’ or, ‘Fire won’t happen to me.’ We call it the ‘it won’t happen to me’ syndrome,” said Tan. “But risks are evolving, and so must our approach to protection.”
A Trusted Name, Aligned with Evolving Business Needs
Berjaya Sompo Insurance Berhad (Berjaya Sompo) is a leading general insurer in Malaysia with Japanese roots and a strong presence in Asia Pacific and globally. Berjaya Sompo is 70% owned by Sompo Holdings Asia, and we are part of the Sompo Group, a leading global provider of property, casualty and speciality insurance and reinsurance.
Recent recognition underscores this commitment; the brand was named Insurance Brand of the Year, Best Auto Insurance, and Best Travel Insurance at the 2025 Global Banking & Finance Awards. Other accolades include Malaysia’s Most Innovative Motor Insurance Brand for SOMPO Motor and MotorSafe, as well as Malaysia’s Most Innovative Mobile Application (MySOMPO App) at the 2024 Global Brand Awards, and being named one of the Top 3 Achievers under the 2024 FIS Excellence Award.
Its attention to MSMEs reflects this adaptability. “We’ve long been strong in the consumer segment. But with the growing importance of MSMEs in Malaysia’s economic landscape, we’re reinforcing our attention and innovation towards them,” said Tan.
Meeting MSMEs Where They Are
Berjaya Sompo’s guiding philosophy— “We Are Here With You”—shapes everything from product design to claims service.
“As an insurer, we’re not just here to sell policies. We want to build trust, deliver reliability, and support our clients through the unexpected,” Tan explained. “For SMEs, that means offering solutions that are simple, relevant, and affordable.”
He also sees it as part of a broader national responsibility. “When businesses are protected, jobs and families are protected. We want to be a long-term partner for MSMEs, not just a service provider.”
The Insurance Gap, a Risk in Itself
Despite growing awareness, many Malaysian MSMEs remain underinsured. “The adoption rate still lags. Many business owners don’t factor insurance into continuity planning until it’s too late,” said Tan.
He added, “Some think only big companies need insurance. Others assume premiums are unaffordable. But we have SME-specific packages that are flexible and within reach. Most small businesses can’t survive a major disruption without support.”
Many also overlook that basic fire insurance doesn’t include theft, liability, or business interruption. “It’s not just about what happens during a crisis—it’s what happens after that that can shut a business down.”
What the Claims Experience Reveals
Berjaya Sompo has seen firsthand how underinsurance can stop recovery on its tracks. Costs have surged, too. “Construction and renovation costs have gone up 40–50% on average post-COVID. Many SMEs are not updating their sums insured to reflect that.”
What can SMEs learn from the claims process? Tan outlined that, first, comprehensive coverage is essential: SMEs should look at packages that cover fire, burglary, money, liability, and fidelity at a minimum. Second, the sum insured must reflect actual asset values. Third, documentation matters—receipts, inventory, and photos help speed claims. And, proactive risk management—like fire safety or security—can prevent loss and improve claim outcomes, Tan explained.
Berjaya Sompo also extends early support by offering interim payments. “For certain large losses, we provide an early payout before full settlement. It helps businesses get back on their feet. This step makes a real difference,” Tan said.
SOMPO FlexiSME for Flexible Coverage, Real Needs
In further recognising that each business has unique risks, Berjaya Sompo has introduced SOMPO FlexiSME—a modular insurance solution offering plan tiers across essential coverage areas. “It’s simple enough for quick onboarding, but flexible enough for customisation,” Tan assured. “You start with fire insurance and build from there—burglary, liability, money in transit and more.”
Tailored for businesses with total property values of up to RM10 million, SOMPO FlexiSME features clearly defined terms and optional add-ons that support a diverse range of industries. “If you run a café, you don’t need the same coverage as a shoe store. Our intermediaries ask the right questions to match coverage to risk,” he added.
Raising Awareness, Building Confidence
Berjaya Sompo’s focus isn’t just on coverage—it’s on empowering business owners with understanding. “Many don’t know where to start. So, we see our role as helping them connect the dots,” said Tan. “We want to create conversations, not just transactions.”
Efforts include information and engagement initiatives, such as coffee talks and forums. “Intermediaries are our bridge. With proper training, they can guide clients through decisions and build trust,” he added.
Behind the scenes, considerable effort is invested in supporting the intermediaries who are often the primary point of contact for MSMEs. “They understand the business and offer guidance that fits. That trust can only come with proper training and product understanding, which we’re constantly reinforcing.”
We’re Here with Support and Real Guidance
To SMEs still unsure about expanding their coverage, Tan offered a simple message: “Insurance doesn’t have to break the bank. SOMPO FlexiSME is affordable and flexible. You only pay for what you need. And when something happens, we’re here—with interim support and real guidance.”
Berjaya Sompo’s approach is both agile and responsive. “We want to shift the perception of insurance—from a burden to a business enabler,”
said Tan.
In the coming years, Tan hopes that Berjaya Sompo will be the first name SMEs think of when it comes to protection. To support that, the company is expanding its digital tools, improving outreach, and advocating for greater collaboration to raise insurance literacy among businesses. “There’s a long road ahead. But with the right partnerships, products, and people, we’re ready to walk it with our customers.”
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.
