Initiative Sets Blueprint For Future Collaborations With Social Enterprises -Providing Affordable Insurance Solutions To Marginalised Communities
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KUALA LUMPUR,
MALAYSIA�-�Media OutReach�-�28 May 2019�- MSIG Insurance (Malaysia)
Bhd "(MSIG Malaysia)", Malaysia's second largest fire insurer, has designed a fire insurance package
specifically created for the Orang Asli homes built by Epic Homes. It is MSIG Malaysia's
first-ever partnership with a Social Enterprise. Epic Homes provides a platform
for sponsors to fund homes for the Orang Asli and for people from different
walks of life to work together to raise living standards for marginalised Orang
Asli communities, bridging the urban and rural divide. Epic Homes has so far
built over 140 homes around Malaysia.
To ensure
MSIG Malaysia understood Epic Homes' building eco-system, 33 employees were
sent to experience a home build first hand. By working closely with Epic Homes on
the ground, MSIG Malaysia gained an understanding of Epic Homes' operations and
insights into the potential risks and insurance needs of the three main
stakeholders involved -- protecting the work of the Social Enterprise, the Orang
Asli homeowner, and the sponsorship of the building cost by generous corporate
/ individual sponsors. The experience enabled MSIG Malaysia to design a
dedicated fire insurance package to ensure the sustainability of the Orang Asli
Homes built by Epic Homes.
Epic Homes is now offering the dedicated insurance
package to corporate sponsors and partners, including those who assisted in the
construction of its first 136 Orang Asli homes -- enabling them to sponsor the
insurance for these homes that are currently uninsured. Epic Homes is encouraging
partners to help fund the fire insurance package on all upcoming homes, thereby
contributing to the longevity and sustainability of these projects, while
giving the Orang Asli residents the peace of mind that insurance gives to
regular home owners.
Mr.
John-son Oei, Founder and CEO of Epic Homes, said "We are very happy to be
working with MSIG Malaysia who share our vision of developing community-based
housing solutions for the Orang Asli communities. All our partners bring
something different and valuable to the table and so has MSIG Malaysia.
This bespoke fire insurance product, will make our projects more sustainable
and assuring to our sponsors - which ultimately benefits the Orang Asli
residents too."
Mr. Chua Seck Guan, Chief Executive Officer
of MSIG Malaysia, said, "We are delighted
to be working with Epic Homes on this very meaningful �project and have learned a lot from it. The experience
from this project has allowed us to create this unique Fire insurance product
for marginalised communities. We are open to extend this fire insurance product
to any other Social Enterprise / NGO who may work on similar models in
providing houses, schools or any buildings that serve the under-served."
Mr.
Chua Seck Guan continued, "As one of Malaysia's leading fire insurers, it was
wonderful to be able to team up with Epic Homes to create this dedicated
insurance package. Building safer homes for the marginalised is a goal that is
close to our hearts, so the team behind this project had a great sense of
purpose and drive. As a result of their work, Epic Homes and their sponsors can
now deliver safer homes for families who may not have the means to achieve this
themselves. This is also perfectly aligned to the United Nations Sustainable
Development Goals (SDG 11) -- Sustainable Cities and Communities initiative
which MSIG Malaysia fully support."
A video of MSIG Malaysia's first build with Epic
Homes can be viewed on YouTube at the following URL: https://www.youtube.com/watch?v=hlbrIHT0HCY&feature=youtu.be
About MSIG Insurance (Malaysia) Bhd
MSIG
Insurance (Malaysia) Bhd ("MSIG Malaysia") is a subsidiary of Mitsui
Sumitomo Insurance Company, Limited and a member of MS&AD Insurance Group
Holding, Inc. (MS&AD), one of the top ten** general insurers in the world.
With over
100 years of general insurance experience and a nationwide network of 20
branches in Malaysia, MSIG Malaysia is one of the leading general insurers in
Fire, Engineering and Motor classes and No.1* in Marine Cargo, offering
extensive range of products and services for personal and business needs.
MSIG Malaysia's
expertise has been recognised through its receipt of many prestigious awards.
These have included the 2018 "Outstanding Property and Casualty Insurer in
Malaysia" award* in the InsuranceAsia News Awards for Excellence. MSIG Malaysia
was commended for leading the market with strong financial growth, investment
in product innovation, enhanced digital capabilities in business and claims management
systems and strong customer service proposition. Our commitment to customer
service excellence also earned MSIG Malaysia the "General Insurance Company of
the Year" at the Asia Insurance Industry Awards in 2015, recognising its
efforts in enhancing the customer experience and industry leadership in
Enterprise Risk Management
For
more information on MSIG Malaysia, visit www.msig.com.my or
facebook.com/MSIGMalaysia.
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*As of
Dec 2018
**Fortune
Global 500, 2018.
