Most Thai SMEs are underinsured, a big gap to cover their risks
SMEs, accounting for 95% of all businesses in Thailand, are one of the crucial components that propel the Thai economy, especially in terms of employment, income distribution, and growth of the country. However, most Thai SMEs are underinsured and lack channels to access risk management products.
More than a hundred thousand businesses, including restaurants, hotels, and small business operators had to shut themselves down during the COVID-19 pandemic. This raises alarms for business operators to recognize the importance of risk management.
Still, there are multiple factors that make SMEs reluctant in how they select and acquire insurance for their business. Besides product knowledge, and a complicated purchasing process, the most critical blocker is the monthly cash flow for SME insurance. As better coverage normally comes with a high premium that can exceed their monthly budget, Credit OK believes "Protect Now Pay Later" will help SMEs to get the adequate coverage that SMEs need in an affordable manner.
Experiencing a new way of purchasing insurance for SMEs on Credit OK platform
In collaboration with Chubb Samaggi Insurance Public Company Limited, one of the leaders in the general insurance market in Thailand, both have worked together to design and develop insurance products to fit the needs of Thai SME operators.
"There are 2 factors that contribute to the sustainable growth of SME business, one is cashflow and another is the ability to reduce the risks", said Mr. Phuwarat Norchoovech, Chief Executive Officer of Credit OK. Credit OK helps to provide credit facilities for insurance premium payments (premium financing). This aims to serve the requirements of corporate customers and make SME insurance purchases not only convenient but also a friendly experience. The first product for SME businesses on Credit OK platform is called "SME All Protect". It offers a business insurance package for SMEs covering fire insurance, flood, and other necessary protection business such as third-party liability, etc. In near future, there will be a range of insurance products for both SMEs and individual customers coming to the platform. The SMEs can also submit their previous insurance policy to get a competitive tailor-made quotation with an installment plan.
- Health Insurance
- Motor Insurance
- Compulsory Motor Insurance
- Group Personal Insurance
- Credit/Loan Protection
- Construction Insurance
- Inland Transit / Carrier Insurance
- Machinery Insurance
Premium Financing - Instant Approval without Hassle
Credit OK made instant installment plans for SMEs possible through machine learning, data analytics, and verification systems to make credit assessment simple yet accurate and effective. Customers can choose to have instant coverage from the straight-through purchasing process with 6 installments with a 0% interest rate. No credit history, guarantors, or bank statement is required.
Cashback program with OK Partner
Credit OK also houses an online community for SMEs and micro-entrepreneurs called "OK Partner", where small business owners or even individual customers can participate to earn cash back whenever they or their friends purchase on Credit OK platform. Simply register on OK Partner and share their unique referral links. This will allow their friends to get a cashback discount when buying insurance on Credit OK, and the referrers will also earn extra money through a successful referral. Get unlimited savings on insurance today at www.creditok.co /okpartner
For more information about Credit OK, please visit www.creditok.co
*Remark: Terms and conditions as designated by Credit OK
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