Chandigarh, (Aditi): ICICI Lombard, one of India's leading private general insurance companies, salutes 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 & 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 start-ups. With this, now businesses shall receive the offer for settlement of their admissible property and marine claims up to INR 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.