Challenges

Keyman Insurance : Offers protection to the business against the loss of life/impairment of the SME Business Owner by providing financial relief as a payout
General Insurance : Covers the business premise/stock/cash against any unforeseen losses by providing a financial relief to the business as a payout

Primary target

Which group does your product/service primarily target?

Description of Innovation

Affordable General Insurance products make it practical for SMEs to protect their business assets/premises/cash against a wide range of calamities and ensure business continuity General & Keyman Insurance for SME Business Owners to protect the business against unplanned losses

Results

Over a 1000 SMEs have availed the GI/Keyman insurance products and as awareness of the products increase, additional SMEs are beginning to avail the proposition.

Lessons Learnt

Cost effectiveness and digitization of the product offering results in faster turnaround and delivery, while managing any logistic challenges.

Regulatory environment is considerate of existing product offering, and new product launches. This enables the bank/providers/partners to innovate and bring new/enhanced products to the market, which benefit the customer.