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Credit OK introduces Protect Now Pay Later for SME insurance 

Credit OK introduces Protect Now Pay Later for SME insurance 

APACBanking & FinanceTop Stories

Credit OK, a technology platform that plays a significant role in Thailand’s SMEs market, offers financial products for small and medium enterprises (SMEs) including credit facilities and insurance for small businesses. Credit OK remains focused on helping entrepreneurs to thrive. With the launch of the Protect Now, Pay Later programme for small-medium businesses, corporations, as well as individual customers, the company believes this is a better alternative for SMEs in managing their risks and accessing the right SME insurance packages plus payment plan options. 

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 100,000 businesses, including restaurants, hotels and small business operators had to shut themselves down during the pandemic. This raises alarms for business operators to recognise 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, 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 two 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 instalment plan. 

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