Merchantrade Insure: Venturing Further Into the Microinsurance Scene

People do not wake up to the thought of buying insurance, they wake up to the worries of the risks they are to face.

Last month, Merchantrade Insure attended a programme in Italy organized by the International Labour Organization’s (ILO) Impact Insurance Academy (a United Nations agency), tailored for financial institutions or other distributors that are interested in inclusive insurance.

This programme is crafted from ten years of experience and innovation by top-notch professional partners in the Microinsurance industry. There were participants from more than 25 countries, and Merchantrade Insure is proud to be the first from Malaysia to attend this programme.

Microinsurance has been articulated by The Financial Sector Blueprint 2011-2020 as one of the solutions for financial inclusion. It is an affordable financial protection solution for the underserved market.

In fact, many migrant workers in Malaysia are unaware of the existence of insurance at all, as the findings from our groundwork demonstrates. Which is why Merchantrade Insure has developed our very own product to suit migrant workers – complementing existing mandatory schemes by their employers - in partnership with AXA Malaysia, whose vision aligns with ours: to empower their customers to live a better life, converging towards the goal of creating an equitable society that is sustainable, resilient and inclusive in the irrepressible spirit of the United Nations Sustainable Development Goals.

We strive to educate all migrant workers on the importance of insurance, and the benefits that come along with it, hence all our staff are well-equipped with the knowledge we wish to pass along. Our Merchantrade branches are strategically located at urban, suburban as well as rural areas, making it accessible to all people from all walks of life.

The distribution of microinsurance is not merely about selling premiums with the lowest ticket price, it’s about the Customer – providing them a seamless customer journey from buying the policy, receiving claims quickly, being attended to in times of need efficiently, and predominantly, being granted a peace of mind. Our priority is the well-being and inclusion of the underserved market with low socioeconomic status. We believe that every individual is of equal importance to the world, regardless of their social strata, and deserves to be part of a fair and equitable society.