While India is home to 62m business owners, a mere 3% have embraced SME insurance, according to Mr Anand Singhi, chief- Retail and Government Business at ICICI Lombard.
In an interview with ET Online, Mr Singhi indicated how much is at stake. MSMEs contribute about 33% to India’s GDP and account for 42% of all Indian exports. Small companies, which comprise 96% of industrial units, generate employment, especially in rural and urban areas.
Measures taken to meet MSMEs’ insurance needs
Mr Singhi said that ICICI Lombard aims to bridge the glaring insurance gap by providing a vast suite of insurance products tailored to the diverse needs of MSMEs and ensuring swift claim settlements, which are essential for businesses that cannot afford prolonged downtime.
He said that ICICI Lombard has formed partnerships with several platforms like Actyv.ai, a SaaS, to provide seamless access to group insurance options. The insurer has also launched a specialised programme for its women agents catering to MSMEs. This initiative involves webinars on insurance and financial literacy based on research findings, intending to raise awareness among women about the benefits of insurance policies.
Mr Singhi also said that ICICI Lombard has developed a specialised digital platform that provides a holistic suite of services ranging from group health and property insurance to specialised coverages such as liability floater. “We meticulously design each product to defend businesses against a spectrum of risks, including cyber threats and issues of employee dishonesty. In sum, ICICI Lombard’s primary mission is dual-pronged: to equip MSMEs with a comprehensive shield of protection, and to offer them a seamless digital experience, “ he said.
To read the full interview, please click here.