Bharti AXA General Insurance is offering "packaged policies” targeted at shopkeepers, hospitality sector and small scale industries. The company says these policies are cost competitive and can be bought instantly through on-the-spot issuance of pre-underwritten policies. The company intends to deepen its penetration in the SME segment starting from Punjab.
Since inception, Bharti AXA General Insurance has sold 1,31,636 policies across Punjab. It has collected a total of Rs 94.97 crores as premium and paid about 20,342 in retail and commercial claims. The company has tied up with 187 hospitals and 96 garages in Punjab to offer cashless facilities.
In Jalandhar, the company has sold 70,346 policies, collected Rs 24.61 crores as premium and settled 4,550 claims. The insurer is tied up with 34 hospitals and 28 garages to offer cashless facilities in Jalandhar.
“We have an estimated 15 million SMEs in India where many business investments have been made primarily by the promoter. This puts the business at great risks as one untoward incident can potentially wipe out livelihood. Further in today’s competitive market place partners, vendors and customers prefer to work with SMEs who are insulated,” says Amarnath Ananthanarayanan, CEO & MD of Bharti AXA General Insurance.
Shopkeepers can now look at buying one this product for a premium starting at Rs 825. The first SME slice primarily looks into the shopkeeper segment, which includes small shop owners, mom & pop stores and cash ‘n’ carry stores.
Business Advantage packaged policy for hospitality and small scale industries. It is an 'all-inclusive' product for industrial and manufacturing companies. It covers 12 different risk types with an extension for terrorism. Then there are covers under 'liability section' such as food and beverages and tenant’s legal liability. Policyholders can avail themselves of a sum insured of up to Rs 100 crores under the fire section.
Says Dipankar Saikia, North & East Zone Head at Bharti AXA General Insurance, "Our SME products are designed to address this segment’s 3 most pertinent challenges. This is part of the company’s strategy to gain greater share in the general insurance market.”