MANILA, PHILIPPINES, 26 June 2024– From small mom-and-pop shops around the corner, sari-sari stores, and small businesses started by young entrepreneurs, the importance and impact of these micro, small, and medium enterprises (MSMEs) cannot be overstated. These businesses account for 99.5% of the total number of companies in the country and employ 62.8% of the workforce.
However, the same segment is often exposed to a wide range of risks, from theft, illnesses, or natural disasters. Compared to larger businesses, they struggle to manage these risks more due to limited resources.
Understanding how these businesses are major drivers for economic growth, regional insurtech Igloo together with Growsari, a leading B2B MSME enabler that powers Philippines sari-sari stores, introduced the Personal + Business Protection Plan that provides financial assistance to these neighborhood convenience stores in case of unwanted incidents arising from natural calamities such as floods due to heavy rain.
“Igloo and Growsari share the same goal of protecting MSMEs like sari-sari stores by offering innovative insurance solutions that will help them mitigate risks while ensuring they can continue to thrive and contribute to the growth of their communities,” said Roberto Vea, Commercial Lead at Igloo Philippines. “As we celebrate International MSME Day on June 27, we not only reaffirm our commitment to continue providing them with the tools and protection they need but champion how these businesses are the backbone of our economy, driving innovation, creating jobs, and fostering community resilience.”
The Personal + Business Protection Plan provides up to P150,000 in financial coverage for accidents and up to P35,000 of cash assistance to help them protect their property or inventory in cases of flood and fire in more than 200,000 sari-sari stores in the country.
Beyond this, Igloo and Growsari are empowering these sari-sari stores to eventually extend the same protection plan to their customers and community–giving them ease of access to insurance products that can protect them and their loved ones. This is part of Igloo’s mission to provide affordable and accessible insurance for all.
“We’re not stopping there as we plan to expand the partnership to help cover their customers or sukis against unforeseen events. The goal is to provide the most comprehensive protection product for these businesses, covering not just their assets but also their human capital,” Vea added.
The Personal + Business Protection Plan is one of the latest MSME products Igloo has created with its partners. Last year it introduced NegosyoCare with GCash and Malayan–an insurance product specifically designed to protect MSMEs that provides coverage for accidents and other unwanted situations through the GInsure Marketplace.
These products further Igloo’s mission to provide underserved segments with comprehensive and affordable protection products across the region.
Learn more about Igloo’s products and services by visiting iglooinsure.com
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