“The brand new interface will function a handy platform for SME house owners to purchase or renew insurance coverage merchandise, endorse their insurance coverage insurance policies, and register claims. By this platform, enterprise house owners can go for completely different insurance coverage choices reminiscent of marine insurance coverage, workmen compensation,” the insurer stated in an announcement, in keeping with the discharge.
Government director Sanjeev Mantri stated the thought behind the brand new website was to spice up entry for SMEs to get assist throughout the pandemic.
“The SME section is comparatively extra weak to a number of dangers and has been considerably impacted by the pandemic,” he stated, in keeping with the discharge. “With this one among its form on-line platform for enterprise insurance coverage, we’re empowering SMEs to avail our enterprise insurance coverage options conveniently at any time and from anyplace in a contactless method.”
The discharge goes on to say that ICICI Lombard plans to leverage the growing digital penetration and adoption of digital providers as a way to attain round 6.33 crore MSMEs throughout the nation.
PYMNTS writes that whereas the COVID-19 pandemic has been dangerous for SMEs, it may give them a lift in insurance coverage insurance policies, as they search extra digital and user-friendly experiences.
Subsequent Insurance coverage Chief Working Officer Sofya Pogreb advised PYMNTS that many corporations had been inquiring extra typically about property insurance coverage in addition to particular protection associated to pandemics, though Subsequent did not function in property insurance coverage on the time.
Small companies, she stated, had been mainly in search of safer, simpler methods to receives a commission with direct deposits, versus having to enter a department and receives a commission bodily. Pogreb stated the essential factor could be streamlining the underwriting and decision-making workflows to verify the pace is at its optimum price.