The industry share of private insurers in the non-life insurance coverage segment enhanced from 15 per cent in FY04 to 56 per cent till April FY21.
Technology for MSMEs: Small firms are the backbone of the Indian economy and enterprise activities but to serve their enterprise wants, there is not a single insurance coverage platform that offers them the solution of getting fully on the web — from insurance coverage quote to policy issuance, according to ICICI Lombard General Insurance Executive Director Sanjeev Mantri. “Presently the market is catered by insurance distributors on the digital front but it is only for lead generation while the fulfillment is done offline,” Mantri told TheSpuzz Online as the corporation launched an on the web enterprise insurance coverage platform for SMEs.
SMEs will be capable to obtain or renew insurance coverage items, endorse their insurance coverage policies, register claims, opt for distinctive insurance coverage solutions such as marine insurance coverage, workmen compensation, and so on. on the new platform. The launch came amid the rising need to have for modest firms to have the proper threat management practices for getting operating in a dynamic atmosphere wherein crises like Covid can drastically influence their operations. ICICI Lombard’s enterprise insurance coverage portfolio consists of insurance coverage options covering house harm, transport of goods, legal liability, cybersecurity, employee-associated dangers across sectors, and so on.
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“We aim to become a single destination for business firms for all the business insurance needs with the new platform. While products existed earlier as well but distribution and complete buying through online mode are only launched by ICICI Lombard. The seamless buying experience with minimal data requirements and Instant policy issuance is the value proposition,” added Mantri. The corporation is searching to attain more than 6.33 crore MSMEs in India by means of the new platform. For SMEs, ICICI Lombard had earlier launched its automated bot platform, MyRA (My Remote Assistant) to get policy quotes by means of e-mail and full the transaction by means of the bot itself.
The common insurance coverage or non-life insurance coverage penetration in India at the finish of FY2019 stood at .9 per cent, up from about .6 per cent in FY2009, according to Statista. India’s all round insurance coverage industry was anticipated to be worth $280 billion in 2020, according to the India Brand Equity Foundation (IBEF), with the all round insurance coverage penetration (premiums as a percentage of GDP) in India reached 3.71 per cent in FY19 from 2.71 per cent in FY02. Moreover, the industry share of private insurers in the non-life insurance coverage segment enhanced from 15 per cent in FY04 to 56 per cent till April FY21. According to IBEF, there are 57 insurance coverage firms in India such as 24 in the life insurance coverage industry and 33 in the non-life insurance coverage industry.