ICICI Lombard General Insurance Company on Monday said it will settle the MSME clients' admissible claims of up to Rs 5 lakh within 10 days of completing the claims survey.
This marks the International MSME Day observed on June 27 to recognize the contribution of these industries.
The claims settlement process is a first-of-its-kind service to enable faster claim settlement for MSMEs and startups, ICICI Lombard said in a release.
With this, now businesses shall receive the offer for settlement of their admissible property and marine claims of up to Rs 5 lakh within 10 working days of the claims survey.
ICICI Lombard sold 1.5 million (15 lakh) policies to MSMEs as of March 31, 2022.
The insurer said it uses state-of-the-art AI and big data analytics to enable this faster decision-making process and aid claims payments.
This facility will empower MSMEs to manage unwarranted situations arising from any mishaps. "MSMEs have been the backbone of Indian economy and have shown tremendous resilience even when faced with unprecedented challenges in the recent past," Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance said.