ICICI Lombard launches a unique online business platform for SMEs

• It will serve as a one-stop-solution for SMEs to insure their firms against varied risks

Mumbai, December 30, 2020: ICICI Lombard General Insurance, India’s one of the leading private sector non-life insurance company, has launched an online business insurance platform, www.sme.icicilombard.com for small and medium enterprises (SMEs). 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 etc. The company will continue to introduce more products and services on the newly launched digital facility.  

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. With the newly launched platform, small businesses can avail various insurance related solutions conveniently at the click of a button, thereby ensuring that they are adequately covered against any risks to their business operations.

ICICI Lombard’s business insurance portfolio includes different types of insurance solutions covering property damage, transport of goods, legal liability, cyber security, employee-related risks across sectors, among others. In addition, the company has been adopting latest technology i.e., Robotics, Artificial Intelligence, Machine Learning, Internet of Things (IoT) etc in servicing the customers.

Commenting on the launch, Sanjeev Mantri, Executive Director at ICICI Lombard said, “At ICICI Lombard, our focus is on offering customer centric solutions to our diverse set of customers, in line with our brand ethos of Nibhaye Vaade. The SME segment is relatively more vulnerable to multiple risks and has been significantly impacted by the pandemic. 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.”

Leveraging the country’s growing internet penetration and resultant increased digital adoption, ICICI Lombard, through this platform, intends to reach over 63.3 million MSMEs across India and help them safeguard their businesses.  

The new initiative is part of ICICI Lombard’s larger objective of leading the insurance sector in terms of digital transformation and redefining customer value proposition with the use of innovative technologies. When it comes to the SME segment, the company has been leading the curve on automation. Its automated Bot platform, MyRA (My Remote Assistant) empowers customers to receive policy quotes via email and complete the transaction through the Bot itself, making it a seamless proposition.