“The new interface will serve as a convenient platform for SME owners to buy or renew insurance products, endorse their insurance policies, and register claims. Through this platform, business owners can opt for different insurance options such as marine insurance, workmen compensation,” the insurer said in a statement, according to the release.
Executive director Sanjeev Mantri said the idea behind the new site was to boost access for SMEs to get help during the pandemic.
“The SME segment is relatively more vulnerable to multiple risks and has been significantly impacted by the pandemic,” he said, according to the release. “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.”
The release goes on to say that ICICI Lombard plans to leverage the increasing digital penetration and adoption of digital services in order to reach around 6.33 crore MSMEs across the country.
PYMNTS writes that while the COVID-19 pandemic has been harmful for SMEs, it could give them a boost in insurance policies, as they seek more digital and user-friendly experiences.
Next Insurance Chief Operating Officer Sofya Pogreb told PYMNTS that many companies had been inquiring more often about property insurance as well as specific coverage related to pandemics, although Next didn’t operate in property insurance at the time.
Small businesses, she said, were chiefly looking for safer, easier ways to get paid with direct deposits, as opposed to having to go into a branch and get paid physically. Pogreb said the important thing would be streamlining the underwriting and decision-making workflows to make sure the speed is at its optimal rate.