Provide, a Singaporean digital business insurance platform has partnered with Berkley Insurance Asia to carry professional indemnity insurance targeted at small and medium enterprises.
The partnership allows SMEs that require professional indemnity cover to purchase a range of products for most types of businesses in Singapore, Provide said in a statement. Business owners can also report their claims online – eliminating the need to meet in-person – a major convenience amid the COVID-19 pandemic.
Provide noted an increase in demand for professional indemnity cover among SMEs, but these businesses also have trouble accessing the needed protection.
“The current market for professional indemnity insurance is largely catered towards large businesses and hence, requires lengthy proposal forms to be completed and charged very high premiums,” said
Zach Wong, co-founder of Provide. “Now, our SME clients can get insured on our online platform quickly and efficiently, while still being able to access our in-person assistance when needed through our helpdesk.”
“With Provide’s innovative technology solution, it offers quick access to costing and insurance cover instead of waiting for days or even weeks” added Shasi Nair, CEO of Berkley Insurance Asia. “We recognise the gap that currently exists and the need for professional indemnity solutions for SME businesses as it is the most underserved segment of the liability market in Singapore today.”