Initiative Sets Blueprint For Future Collaborations With Social Enterprises -Providing Affordable Insurance Solutions To Marginalised Communities
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
*As of Dec 2018
**Fortune Global 500, 2018.