Ease of doing Business for MSMEs | MSME Day 2023: General insurance company ICICI Lombard on Monday announced the launch of three insurance products focusing on MSMEs — MSME Suraksha Kavach Policy, Property All Risk (PAR) Policy, and i-Select Liability to make MSMEs more risk aware and provide them with the benefit of comprehensive coverage to safeguard their businesses.
The MSME Suraksha Kavach Policy is a bundled product to protect MSMEs against loss or damage to property due to defined insured perils. The policy offers the benefits of optional coverage for STFI (Storms, Typhoons, Cyclones, Tempest, Tornados, Hurricanes, Floods and Inundation), and Terrorism, providing businesses with the flexibility to choose the right level of protection.
On the other hand, the PAR policy covers a range of properties, including buildings, machinery, stocks, and furniture, against loss or damage caused by accidents or misfortunes, unless specifically excluded in the policy. Lastly, the i-Select Liability Add On is to further enhance the comprehensive Club Royale policy of ICICI Lombard by offering multiple additional covers such as security upgrades, cover on valuables like jewellery or any home event cancellation.
Sanjeev Mantri, Executive Director of ICICI Lombard, said, “In today’s dynamic business landscape, all businesses, especially MSMEs, must have a robust risk management and contingency plans. Insurance plays a pivotal role in this process, offering crucial financial protection and empowering businesses to withstand turbulence and uncertainties. Our new insurance solutions are specifically designed to empower MSMEs with a wider suite of products, a more comprehensive cover for property related risks and convenience of bundled offering in a singular plan.”
ICICI Lombard has a dedicated digital platform for SMEs to purchase, renew, and endorse insurance products online, as well as register claims. Keeping in mind the smaller turn-around time, higher dependency on liquidity and the immediate nature of threats, ICICI Lombard has also developed a service for MSMEs and start-ups, offering settlement offers for admissible property and marine claims up to Rs 5 lakh within 10 working days.
The insurer has issued over 32.7 million policies, settled 3.6 million claims and has a Gross Written Premium (GWP) of Rs 217.72 billion for the year ended March 31, 2023.