To boost the resilience of micro, small, and medium enterprises (MSMEs) in the Philippines, regional insurtech company Igloo, in partnership with Growsari, a B2B MSME enabler, has launched the Personal + Business Protection Plan.
This new insurance offering aims to provide financial assistance to sari-sari stores (or neighborhood stores) against various risks, including natural disasters like floods.
MSMEs play a pivotal role in the Philippine economy, making up 99.5% of all businesses and employing 62.8% of the workforce. Despite their critical economic contribution, these small enterprises often face significant challenges in managing risks due to their limited resources.
“Igloo and Growsari share the same goal of protecting MSMEs by offering innovative insurance solutions that help them mitigate risks and continue thriving,” said Roberto Vea, commercial lead at Igloo Philippines.
The newly introduced Personal + Business Protection Plan offers up to P150,000 in financial coverage for accidents and up to P35,000 in cash assistance for property or inventory losses due to floods or fires. This plan is set to benefit over 200,000 sari-sari stores across the country.
Igloo and Growsari want to extend this protection to the customers and communities served by these stores.
“We’re planning to expand our partnership to cover the customers, or sukis, of these stores against unforeseen events. Our goal is to offer comprehensive protection for these businesses, safeguarding not just their assets but also their human capital,” Vea said.
The Personal + Business Protection Plan is the latest in a series of products developed by Igloo to support MSMEs. Last year, Igloo launched NegosyoCare in partnership with GCash and Malayan, offering insurance specifically designed for small businesses through the GInsure Marketplace.