MSIG uses WhatsApp to streamline SME insurance process

SMEs constitute 99% of business in Singapore.

MSIG Insurance and Embed Global have partnered to simplify the buying of insurance for small and medium enterprises (SMEs) through the messaging platform WhatsApp.

This initiative represents the insurer's second use of a WhatsApp chatbot to automate insurance quotations.

“The availability of appropriate insurance policy cover is important for business continuity and success of SMEs, which constitute 99% of businesses in Singapore. Lack of insurance protection or underinsurance can significantly hinder their growth with ripple effects impacting the economy,” Mack Eng, chief executive officer of MSIG Singapore said.

The new system simplifies the process by guiding SME clients through an automated chatbot conversation. Users only need to provide basic information to receive an instant insurance quote.

They can complete the transaction through a payment link provided by the chatbot and receive their e-policies via email.

The chatbot utilises Artificial Intelligence and an Application Programming Interface (API) to integrate with MSIG’s underwriting and rating model, enabling smooth and efficient quotation processing for the SUMO business insurance package. 

This all-in-one policy covers property, liability, business interruption, and employee-related risks, with options for SMEs to customise benefits according to their specific needs.