ICICI Lombard launches online SME insurance platform to reach 63 mn cos

ICICI Lombard General Insurance Co, one of India’s largest non-life insurers by market share, on Wednesday said it has launched an online business insurance platform for small and medium enterprises (SMEs).

The new interface will serve as a one-stop-solution for SME owners to buy or renew insurance products, endorse their insurance policies, and register claims, as per a statement.

ICICI Lombard said it intends to reach over 63.3 million MSMEs across India through the new platform.

Business owners can opt for a variety of insurance options, such as marine insurance and workmen compensation, through the platform that is expected to introduce more products and services.

“SME enterprises are the backbone of India’s growth engine. These establishments need to ensure effective risk management practices considering their relatively small business size and having to operate in a dynamic environment. Further, events like Covid-19 can significantly impact their business,” the statement said.

Watch: How ICICI Lombard fast-tracked the insurance process with emerging technologies

The launch, ICICI Lombard said, is part of its larger objective of digital transformation and redefining customer value proposition with the use of innovative technologies. The company claims to have adopted technologies of robotics, artificial intelligence, machine learning, and internet of things (IoT) to service customers.

ICICI Lombard’s business insurance portfolio includes different types of insurance solutions that cover property damage, transport of goods, legal liability, cyber security and employee-related risks across sectors, among others.