Being There When They Need Us Most
At Berjaya Sompo Insurance Berhad (Berjaya Sompo), this is more than a business opportunity. It’s a philosophy rooted in the company’s philosophy of “We Are Here WITH You.” For Phang Yin Peng, Chief Consumer and SME Officer, this tagline signals a corporate purpose.
Over her 32 years in the industry, Phang has witnessed the shifting landscape of Malaysian businesses. From family-run coffee shops to chain restaurants, pasar malam burger stalls to fast-growing manufacturers, she has seen how small decisions can make or break livelihoods.
“Our job must come with purpose,” she said. “Whatever we do has to connect back to the people and businesses we protect and it’s about being there when they need us most.”
Supporting MSMEs Through Sompo FlexiSME
Berjaya Sompo’s flagship offering for MSMEs, Sompo FlexiSME, is explicitly designed for MSMEs, giving business owners a solution that reflects both their budgets and their realities.
“Insurance has traditionally been seen as something sold to customers, but we’ve changed that approach,” Phang explained. “It’s not about what we want to sell; rather, it’s about what businesses need, and most importantly at a cost that they can afford.”
Sompo FlexiSME gives business owners the flexibility to choose their coverage. There are two structured plans, Plan A and Plan B, for straightforward coverage, with options for deeper customisation.
This approach positions Berjaya Sompo as an advisor and advocate, helping business owners understand their risks and select coverage that makes sense for them.
Bridging Knowledge Gaps Through Advisory
Understanding what insurance covers and why it matters is one of the biggest challenges for MSME owners.
“Take a restaurant, for example,” Phang shared. “Common risks like water damage, pipe leakage, gas explosions, or slippery flooring leading to third-party accidents can be devastating for a business owner. Our job is to make these risks visible and explain them in simple terms.”
To support this, Berjaya Sompo leverages its 2,600 agents nationwide. These intermediaries, which include agents, brokers, and financial advisors, work closely with businesses, providing advice and education face-to-face.
“This isn’t a process you can automate,” Phang emphasised. “Business protection needs conversations. You need to understand their environment, operations, and exposures before offering solutions.”
Reaching the MSME Segment
MSMEs make up a vast landscape, spanning micro, small, and medium enterprises. And within this spectrum, small and micro businesses remain the most underserved.
Phang shared some examples. “Medium-sized businesses such as small restaurant chains with five to ten outlets; small businesses like independent cafés and boutique shops, often started by younger entrepreneurs; and micro-businesses such as pasar malam stalls are businesses that are almost always without insurance.”
Yet Phang said, they are people who are highly vulnerable to minor disruptions. “These outfits frequently rely on borrowed capital to establish their businesses, and a single unforeseen incident has the potential to completely upset their operations.”
Berjaya Sompo, Phang shared, is innovating ways to reach this segment collectively. “For instance, we are actively creating awareness and providing basic but adequate coverage for small and micro businesses.”
Sompo FlexiSME, a Modular Approach
Phang explained that Berjaya Sompo is redefining its offerings with a modular, business-first approach that is practical.
“A café owner with a limited budget on insurance shouldn’t have to opt for a fixed package,” she explained. “The Sompo FlexiSME offers optional modules, allowing business owners to pick what matters most to their business, and to put their insurance budgets where it counts most.”
These, according to Phang, could include a multitude of considerations; for example, money coverage, fidelity guarantees, public liability, plate glass protection, burglary or all-risk insurance, equipment insurance, employee personal accident cover, among others.
She further illustrated, “If a business handles very little cash, they could forgo money coverage. If they’ve borrowed to buy expensive equipment, we would highlight the importance of equipment insurance. For startups, employee personal accident coverage can be added on.”
Tailored Protection Across Industries
Berjaya Sompo also tailors protection to suit each industry’s unique operational risks. To illustrate this, Phang pointed to Malaysia’s Revised Fire Tariff, which standardises basic policy wording across all insurers, as an example of how standardisation alone isn’t enough.
“Drawing from years of experience, we customise policies without overcomplicating them, ensuring MSMEs receive protection that speaks directly to their day-to-day risks,” adding that the company is open to looking at new areas of coverage as needs for them arise.
Making Insurance Understandable and Accessible
Many MSMEs find insurance overwhelming, and Berjaya Sompo recognises that education is critical to building trust. To connect more effectively with this segment, the company has introduced a multi-pronged outreach strategy.
These include hosting coffee talks, roadshows, and events to raise awareness among SME owners, as well as participating in expos to showcase their products and provide on-the-ground advisory support. Berjaya Sompo also engages the public through media outreach, most recently through interviews and features to demystify insurance in accessible ways.
Digital engagement is another key pillar. Through various online touchpoints, businesses can easily explore information about available policies. To complement this, Berjaya Sompo maintains a nationwide presence with 15 branches, including in Sabah and Sarawak, ensuring that businesses have access to in-person support when needed.
Even with digital tools, Phang believes that human connection remains essential. “We use online platforms for education, but purchases require conversations,” she said. “It’s about understanding each business, advising them, and building trusting relationships.”
Innovation in Claims, Interim Payments
Unexpected events like floods or fires can paralyse a business. Berjaya Sompo addresses this through interim claim payments, an innovation designed to get businesses back on their feet faster.
“If a fire happens, owners shouldn’t have to wait months for full claim processing,” Phang said. Once an adjuster assesses the approximate loss, Berjaya Sompo can immediately release up to 20% of the sum insured, allowing businesses to replace damaged equipment, clean up affected premises, and resume operations sooner.
She shared that the company’s approach was tested during the 2021 floods in Malaysia. Berjaya Sompo became one of the first insurers to launch a dedicated helpline for affected policyholders and by using video-calls to evaluate damage instantly.
SMEs impacted by flooding also received interim payments, helping them recover faster and stabilise their businesses. “We didn’t just follow the rule book,” Phang recalled. “In moments like that, speed matters more than paperwork.”
Risk Management, The Future of Insurance
Insurance provides the safety net, but Berjaya Sompo believes the future lies in proactive risk management. “We want to play a bigger advisory role, and this includes sharing best practices to business owners on items that are often overlooked,” said Phang. She explained that it could include the need to install sprinklers in manufacturing facilities, using alternative systems for data centres, louvres for ventilation on chemical storage as well as advice on best practices for safety compliance; to simple, cost-free steps like wet floor signage during mopping sessions or near slippery areas to prevent slips and injuries to name a few.
“For many small businesses, these practices aren’t obvious,” she said. “Preventing risk before it happens is just as important as covering losses.” This approach equips SMEs with knowledge and practical tools to manage risks effectively, protecting both their people and their profits.
A Purpose-Driven Commitment
From its products to its claims, innovation, and risk advisory services, Berjaya Sompo’s mission extends beyond insurance. It’s about empowering MSMEs to grow confidently.
“We are here WITH you. It’s not just something we say. It shapes how we make decisions, how we innovate, and how we build lasting partnerships with businesses.”
Phang Yin Peng, Chief Consumer and SME Officer, Berjaya Sompo.
For more information, go to www.berjayasompo.com.my.
