ALTHOUGH the Covid-19 pandemic in 2020 has brought about main points and setbacks for Malaysians of varied backgrounds – from college students and households to enterprise homeowners – it has additionally taught us one good lesson: to at all times plan forward for the long run.
Whereas most of us comply with not understanding what may even occur tomorrow, it’s precisely the rationale why your small business should be perpetually ready with a contingency plan, in order that within the absence of a key choice maker, your small business, staff and household are taken care of.
As an organization with a enterprise objective of empowering individuals to attain lifetime monetary safety and dwell more healthy lives, Solar Life Malaysia encourages enterprise homeowners to not lose sight of their longer-term plans and to take a holistic view of the vary of economic options obtainable to offset their dangers and shield and strengthen their companies.
With a sluggish economic system and rise in Covid-19 instances over the previous month, managing funds can show to be considerably tough and trigger severe implications for enterprise homeowners to navigate by.
As small and medium enterprises (SMEs) account for 38.3% of the nation’s gross home product since 2018 and 60% of whole employment within the nation, these companies in Malaysia are, little question, key financial drivers and shall be important in shaping the restoration throughout this difficult interval.
Nonetheless, on this present financial local weather, many SMEs are struggling to remain afloat and climate by the pandemic.
For a enterprise to outlive any present or future menace, it wants to grasp and implement the components that drive enterprise longevity from the onset.
A enterprise is about up with the deal with rising it and in search of new alternatives and therefore, some areas typically ignored or deemed not pressing are enterprise disruptions as a consequence of premature demise of key executives or staff’ medical-related points.
Medical safety hole
Within the Way forward for Household Companies in Asia survey by Solar Life, the findings revealed a worrying development that signifies the existence of a big well being and important sickness safety hole that can affect companies when confronted with surprising challenges and disruptions. The survey was performed with over 1,300 household enterprise homeowners in six Asian markets – Malaysia, Indonesia, Hong Kong, the Philippines, Singapore and Vietnam.
From the survey, it unearthed a major safety hole by way of well being and important sickness in Malaysia, with 61% of companies offering well being and accident insurance coverage for the workers.
As well as, 97% of enterprise homeowners reported that in the event that they, or their key individuals, undergo an incapacitating sickness, their enterprise can be severely impacted.
“As an integral part in making certain the continuity of the corporate, the well being of key people is of paramount significance for companies to bounce again faster and be safer within the occasion one thing untoward occurs, ” stated Solar Life Malaysia chief govt officer and president/nation head Raymond Lew.
“The heightened emphasis on well being is extra profound throughout this era as companies battle to remain afloat with declining gross sales whereas embracing new commonplace working procedures with out compromising staff’ security.
“The Covid-19 pandemic has created severe challenges for companies particularly SMEs and taking the correct steps early with insurance coverage options can go a great distance in constructing a baseline of resilience in opposition to related surprising challenges and guarantee long-term sustainability.”
Enterprise continuity options
The survey additionally discovered that there’s a want for additional reinforcement in the way forward for household companies and SMEs in Asia, as 19% of native companies reported not having any type of succession planning whereas 14% of enterprise homeowners really feel the method of succession planning is just too sophisticated.
In Malaysia, solely 51% have key man insurance coverage for the corporate.
Most of us are acquainted with having a life insurance coverage coverage to guard the household’s livelihood within the premature demise of the breadwinner. The very fact is, the identical may be finished for a enterprise by key man and legacy planning options which helps a enterprise handle potential contingencies for his or her leaders and key personnel and map out the long-term survival of their enterprise whereas taking steps to safe its well being for the long run.
Apart from narrowing the medical safety hole, the very last thing any enterprise would need to face is monetary loss and operational pressure within the occasion of the premature demise of a key particular person particularly after spending a lot money and time into constructing it.
That is the place key man insurance coverage is available in to cowl the lifetime of key personnel for a financial worth. When wanted, the insurance coverage proceeds can be utilized, for instance, to repay money owed, staff’ wage, bills for substitute headcount, and plenty of others.
Most of us are acquainted with having a life insurance coverage coverage to guard the household’s livelihood within the premature demise of the breadwinner. The identical may be finished for a enterprise.
“From our standpoint, the survival of SMEs will hinge on their capacity to adapt and roll out enterprise methods whereas in search of out exterior monetary recommendation to offset their dangers, and shield and strengthen their enterprise continuity processes for long run sustainability.
“We’ve been serving to our purchasers to get their bases coated with our insurance coverage options that not solely map the survival of their enterprise however make sure the enterprise will proceed to prosper within the occasion of any unlucky circumstances, ” stated Lew.
All in all, with correct steps and planning considered to make sure companies and funds are well-protected, many key choice makers will certainly have the ability to steer their firm safely whereas using out difficult conditions akin to the present pandemic.
To study extra about Solar Life Malaysia, go to sunlifemalaysia.com or comply with its Fb and Instagram pages for the most recent updates.
About Solar Life Malaysia
> A three way partnership by Solar Life Assurance Firm of Canada and Khazanah Nasional Berhad, Solar Life Malaysia (SLM) was established in 2013 with a deal with providing a complete vary of insurance coverage and household takaful services to all Malaysians throughout totally different life levels, affordability and monetary targets.
> A few of the revolutionary merchandise with compelling propositions on legacy planning and key man insurance coverage provided by SLM are:
• Solar Legacy-i: An investment-linked takaful plan that gives purchasers peace of thoughts understanding that their legacy of affection shall be handed on to their household with the wasiat/will writing price coated and extra unintended protection of as much as 200% of sum assured.
• Solar Signature Life: A common life plan that safeguards purchasers’ legacy and enterprise by offering an rising loss of life and whole everlasting incapacity (TPD) protection of as much as 200% of preliminary sum assured and assured well being check-up allowance.
• Solar Final Protection-i: A surplus-sharing time period takaful plan that ensures purchasers’ household and enterprise are nicely taken care of by mitigating monetary dangers with loss of life and TPD protection with additional unintended safety and incapacity allowance profit.
> Enterprise achievements
• 25% six-year CAGR since 2013
• No.1 BancaTakaful supplier in 2019
• RM941mil claims paid out since 2014
• Greater than 1.5 million purchasers’ lives touched
• Greater than RM1bil recorded in gross premium
• Greater than RM570mil in dividend payout since 2013
> Awards
• Finest CSR Communications at Advertising’s PR Awards 2020 (bronze winner)
• Superbrands award standing by Superbrands Malaysia
• Finest Life Insurance coverage 2019/2020 by iBanding.com
• Advertising Initiative of the 12 months (Malaysia) at Insurance coverage Asia Awards 2019
• Most Modern Takaful Product (Malaysia) at 2019 International Banking & Finance Awards
• Most Modern Takaful Supplier at Worldwide Finance Awards 2018
JobbGuru.com | Discover Job. Get Paid. | JG is the world’s main job portal
with the most important database of job vacancies globally. Constructed on a Social First
enterprise mannequin, submit your job in the present day and have the most effective expertise apply.
How do you safe the most effective expertise for that emptiness you could have in your
organisation? No matter job stage, specialisation or nation, we’ve
bought you coated. With all the roles vacancies revealed globally on JG, it
is the popular platform job seekers go to search for their subsequent problem
and it prices you nothing to publish your vacancies!
Utterly FREE to make use of till you safe a expertise to assist add worth to
your small business. Publish a job in the present day!
