ICICI Lombard has introduced an online business insurance portal for small and medium enterprises (SMEs). This new platform is expected to be convenient for the SME owners to obtain or renew their insurance products, endorse their policies, and register claims. Alongside, the business owners will also opt for different insurance options such as marine insurance, workmen compensation, states the company in a statement.

One of the insurers states, "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."

Coronavirus pandemic has severely attacked small and medium businesses in India. To manage such risks effectively, SME owners need a dynamic platform, and has evolved to be India’s one of the leading private sector non-life insurance companies.

ICICI Lombard’s business insurance portfolio includes different types of insurance solutions that cover property damage, legal liability, transport of goods, employee-related risks across sectors, cybersecurity, among others. The company has also been adopting the latest technology that is Robotics, Artificial Intelligence, Machine Learning, the Internet of Things (IoT), and more in servicing the customers. The insurer will continue to introduce more products and services on the newly launched digital facility, the private insurer states.

Commenting on the new business insurance, Sanjeev Mantri, executive director at ICICI Lombard said, "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."

ICICI Lombard, through this platform, intends to reach over 63.3 million Micro, Small & Medium Enterprises (MSMEs) across India and help them safeguard their businesses.

The insurer further says, "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."