How ICICI Lombard betting big on the MSME sector

Mumbai: ICICI Lombard, one of India's leading private general insurance companies, saluted the Indian MSMEs on International MSME Day. The United Nations observes this day on June 27 every year to recognize the contribution of these industries. As a token of honour, the company has launched a multimedia campaign emphasizing that MSMEs are an integral part of the Indian economy and acknowledges their enduring spirit.

The core message of the communication focuses on celebrating their entrepreneurial spirit and empowering them with comprehensive risk management solutions. ICICI Lombard has also pioneered the MSME-centric online insurance platform (sme.icicilombard.com).

The company has undertaken an extensive deep dive on understanding the behaviour, challenges and risk exposure of this sector. The study captures detailed insights on various aspects including risk perception, insurance awareness and need, insurance purchasing behaviour and factors influencing the decision.

The report covers the significant sub-sectors comprising manufacturing, trade and services, BFSI, and ITeS. The findings highlighted the challenges faced by MSMEs in terms of their accessibility to digitally purchase insurance solution and perception related to claim settlement time as a key barrier to purchasing business insurance solutions.

With an intent to address the need gap of MSME units and to commemorate the significance of this day, the company has introduced a first-of-its-kind service to enable faster claim settlement for MSMEs and startups. With this, now businesses shall receive the offer for settlement of their admissible property and marine claims up to Rs 5 lakh within ten working days of the claim survey.

The company uses state-of-the-art AI and big data analytics to enable faster decision-making and aid claims payments. This unique facility will empower MSMEs to manage unwarranted situations arising from any mishaps and have a hassle-free, digitally seamless experience to continue business operations unabated.

Moreover, the report also highlighted how MSMEs consumed 3-4 hours daily usage of mobile and the need for digitisation and higher accessibility of insurance solutions.

The company being the first general insurer to offer a digital platform (sme.icicilombard.com) enables MSME owners to buy or renew business insurance products online, endorse their insurance policies, and register claims.

A suite of comprehensive business insurance solutions including ICICI Lombard's group health insurance (GHI), marine insurance, liability insurance, engineering insurance, workmen's compensation, personal insurance for doctors, and property insurance products, are offered through this platform.

Talking to Bizz Buzz, Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance, says, "MSMEs have been the backbone of Indian economy and have shown tremendous resilience even when faced with unprecedented challenges in the recent past. In light of the fact

that this community contributes over a third of the country's GDP, we have launched the campaign #SalaamMSMSE to salute and celebrate their spirit of endurance and enterprise. Through our campaign, we intend to showcase the significance of MSMEs and positively influence the perception of small business owners in society.

As a company, we have always been pioneers with innovative and cutting edge digital solutions. Not only were we the first to offer an online seamless and hassle free purchase of insurance solutions to this community, in addition we are pleased to announce that in their 'moment of truth' of an insurance journey, we are offering a claim settlement within just 10 days."

MSME is a sector that is poised for further and inclusive growth propelled by the support from the governments and the various schemes and with the backdrop of Atmanirbhar Bharat. ICICI Lombard is poised towards helping the last mile support to this promising sector by enabling research and innovation-backed financial products.