Home / Insurance / News /  New insurance portal aims to benefit 5 crore SMEs during financial emergency. Know details

Alliance Insurance has recently launched a portal to bring 5 crore Small and Medium Enterprises (SMEs) under the insurance category. Dubbed as SMEInsure, the new platform will benefit Micro, Small and Medium Enterprises (MSMEs), small shop and business owners amid financial emergency.

From buying insurance, renewing cover to filing claims — customers will be able to manage all insurance-related queries under SMEInsure. The small and medium enterprises in India have been severely affected by coronavirus pandemic and nationwide lockdown. This new portal aims to help SME sector manage multiple risks theroug single platform. "Dedicated SME insurance platform will help them manage crisis effectively," the insurer said.

Buyers will have an option to choose products from various well-known insurance service providers and compare them on the SMEInsure portal. The policies from well-known insurance companies including HDFC Ergo, Bajaj Allianz, Iffco Tokio, Tata Aig, Liberty General Insurance, Raheja QBE, Reliance General Insurance, and SBI General will be available.

The insurance services will be provided in a phygital format — physical, through individual personal assistance and digital insurance through SMEInsure portal.

“Consumers can choose the best products, basis their requirements on our platform from these insurance companies and compare them on our platform. We will help them do the all the paper work, which has been minimised due to the use of technology. Our phygital model will help in increasing insurance outreach to SMEs across the country," said Aatur Thakkar, director, Alliance Insurance.

SMEs can get their businesses insured for professional indemnity, director and officers, marine, fire and burglary etc. The platform will help small business with an assured saving in premium outgo vis-a-vis other company’s products.

"Recommendation on value of insurance will take care of inadequate claim payment at the time of an unfortunate event, to a greater extent. It will also offer support from the start to the finish," the Alliance Insurance said.

In the first phase, the company will focus on hospitality industry, shop owners, salon, offices and educational institutes. “We expect to reach out to more than 5 crore SMEs in the first year and expect a revenue of 10 crore. SMEs offer a huge opportunity window for the insurance industry. Approximately 97% of the SMEs are not insured in the country," Thakkar added.

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