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HSBC and AIG team up to target Indonesian SMEs – report

According to local media reports, US insurance giant AIG and HSBC, the London-based banking group, are to offer a joint insurance offering to small businesses in Indonesia.

The bancassurance venture targets local SMEs with up to $1 million in revenues, the Jakarta Post says in its report. The product, to be known as ‘Business Shield’, offers protection for business travel, office contents and officer’s liability, among the six areas that are covered.

We plan to shift 30% of our 5,000 customers to our product…in the next two years, HSBC Indonesia’s commercial banking head Khuresh Faizullabhoy was quoted as saying in the report.