Insurance for MSMEs: The Delhi-based insurance broker company, RiskBirbal, announced the launch of its new insurance and risk management products aimed at mitigating financial risks for small and medium businesses. The company will offer online quotes for all the policies along with financial solutions.
According to the release, the company uses artificial intelligence and Internet-of-things-based technologies along with risk management strategies to mitigate financial risks and frame solutions for MSMEs. RiskBirbal attained its insurance license from IRDAI in May, this year. Presently, it serves more than 700 corporate clients till date.
“Although small & medium business has been instrumental in contributing to the overall growth of the nation, a huge number of the companies remain uninsured. Thus, RiskBirbal was founded to serve SMEs and MSMEs with specifically designed insurance and risk management products, leveraging the affinity model for effective sales,” said Syed Meraj Naqvi, Founder and CEO of RiskBirbal Insurance Brokers.
Also read: SME Artha 2022: What’s plaguing insurance penetration in India’s MSME sector
The platform offers personalized insurance coverage and balances premium costs and benefits. Further, the release states that the company plans to create insurance products by involving mixed models of Point-of-Service and direct engagement through software.
Other than insurance, the company offers services such as policy audits, asset valuation, and data management. “We emphasize continuous learning, and hence, we have established a research and development team within the organization to collaborate with insurers and other strategic partners,” added Naqvi.
The general insurance industry in India grew by 5 per cent in 2021, its slowest growth during the last decade, according to data and analytics company GlobalData. The industry is now projected to grow at a compound annual growth rate (CAGR) of 9.9 per cent from $29.39 billion in 2021 to $41.78 billion in 2026 in terms of gross written premiums (GWP). However, according to experts, that’s not the number India should be sitting on in its vision to become a $5 trillion economy given how critical insurance adoption is for businesses’ growth which remains resilient to any economic or natural shocks in the longer run.