ICICI Lombard's new online portal aims to help SMEs safeguard business amid COVID-19

ICICI Lombard on Wednesday has introduced an online business insurance platform for small and medium enterprises (SMEs). The new platform will be convenient for the SME owners to purchase or renew insurance products, endorse their policies, and register claims. The business owners wilalso opt for different insurance options such as marine insurance, workmen compensation, the company says in a statement.

Coronavirus pandemic has severely affected the small and medium businesses in India. To manage such risks effectively, SME owners need a dynamic platform, believes India’s one of the leading private sector non-life insurance company. "With the newly launched platform, small businesses can avail various insurance related solutions conveniently at the click of a button, thereby ensuring that they are adequately covered against any risks to their business operations," the insurer mentions.

ICICI Lombard’s business insurance portfolio includes different types of insurance solutions covering property damage, transport of goods, legal liability,cyber security, employee-related risks across sectors, among others. The company has also been adopting latest technology i.e., Robotics, Artificial Intelligence, Machine Learning, Internet of Things (IoT) etc in servicing the customers. The insurer will continue to introduce more products and services on the newly launched digital facility, the private insurer states.

Commenting on the new business insurance, Sanjeev Mantri, executive director at ICICI Lombard said, "The SME segment is relatively more vulnerable to multiple risks and has been significantly impacted by the pandemic. With this one of its kind online platform for business insurance, we are empowering SMEs to avail our business insurance solutions conveniently at any time and from anywhere in a contactless manner."

ICICI Lombard, through this platform, intends to reach over 63.3 million Micro, Small & Medium Enterprises (MSMEs) across India and help them safeguard their businesses.

"The new initiative is part of ICICI Lombard’s larger objective of leading the insurance sector in terms of digital transformation and redefining customer value proposition with the use of innovative technologies," the insurer says.

Source: Live Mint