SafeTree's Digital Platforms are changing the MSME landscape and Risk Mitigation eco-system in India
GURUGRAM, India, Aug. 17, 2022 /PRNewswire/ -- The MSME segment in India contributes nearly 32% of GDP and is the backbone of the economy. Currently, most insurance purchases by MSME segment are undertaken through a complex offline process due to the lack of full-service digital platforms to ease the buying process and it's estimated that insurance penetration levels in MSME segment is ~5% only.
Finally, the wait is over as MSMEs and startup companies will now able to buy insurance products, such as fire or burglary insurance by choosing from multiple insurance providers on a digital platform. Post making the payment, the policy will be issued instantaneously.
SafeTree has developed a comprehensive digital platform wherein MSME and Start-up clients can review quotations from multiple providers and buy their policy within minutes, according to Mr. Vikas Anand, CEO - SafeTree.
"The seamless buying experience with minimal data requirements, instant policy issuance and complete service ecosystem is our value proposition" added Mr. Anand.
Safetree provides a complete ecosystem to manage all MSME insurance requirements from providing competitive quotations, risk advisory, underwriting, policy servicing and claims settlement. We would like MSME business owners to focus on their core business and outsource their insurance related matters to us, as per Mr. Anand.
Mr. Anand anticipates following trends regarding insurance in Indian MSME and Start-up segment -
- Covid-19 brought the global economy to a standstill, and India was not spared by its devastating impact both in terms of loss of humans lives and the carnage unleashed in the economy. The pandemic has brought about a shift in the way businesses will be run in the future. We are already witnessing increased complexities in the business working environment due to business interruptions, increased exposure to various liabilities and cyber risks. Business owners are going to take more precautions in terms of insurance coverage against above losses. Hence, the industry is likely to see robust demand for increased insurance coverage within the segment.
- MSME segment is looking for value added services from insurers/insurtech players. New players are integrating wellness programs on their platforms for Corporates having Group Mediclaim Policies. Today organizations are looking at industry players to go beyond just 'coverage'.
As per a worldwide MSME Insurance survey report conducted by an International Consulting firm, over 93% of MSMEs surveyed expressed openness to new/different services from their insurer. MSMEs have indicated an appetite for value focused offerings that go beyond traditional coverages and encompasses non-traditional, non-insurance services. In this survey, MSMEs were asked which services they would they use if offered by their insurer, the top five services were cybersecurity (21%), advice on systemic risks (21%), general risk management (18%), legal advice (18%), and financial advisory (16%).
- Going forward, many MSME/start-up players will regard advice more important than price. Despite the traditional view that price is the number one driver for buying insurance, we are going to see to shift away from traditional practices.
- Internationally growing number of MSME organizations are beginning to purchase insurance policies through digital platforms. While the preference for in-person interactions will remain the most preferred option, there is a significant increase in technology adoption within this segment. As per a recent global survey, nearly 27% of world-wide MSME participants had a preference for using digital platforms for purchasing insurance products. Similar adoption of technology is expected in India within MSME segment.
Mr. Lalit Sharma, National Head â€“ Corporate business informed about SafeTree's Corporate Risk Profiler called Corporate Janampatri that provides a high-level assessment of an organization's insurance needs in a minute. Mr. Sharma added that we want to improve the overall risk mitigation environment for the MSME segment by curating various awareness programs which include monthly newsletters and industry/product specific surveys.
Mr. Anand believes that by providing comprehensive insurance services on a digital platform will increase the insurance penetration and be a catalyst to drive India's economy to greater heights.
SafeTree is a registered trademark of A2V Insurance Brokers Private Limited, a licensed broker by IRDAI. The main objective of the firm is to protect individuals and corporate from financial risks through new, simple and innovative insurance solutions. They are currently developing tools which will change the buying of insurance products from reactive to proactive. To learn more about the Company and how it is planning to change insurance landscape do visit us at http://www.safetree.in
Bawa Mohit Singh
More News by PR Newswire India
Teachers Have the Power to Transform Lives
AG&P Group Appoints Sandeep Mahawar as Chief Commercial Officer of LNG Terminals and Logistics
Tejas Networks wins "Best Made in India Telecom Innovation award" at India Mobile Congress (IMC)
Bloom IVF Group rolls out Artificial Intelligence across its clinics in India, helping patients get pregnant sooner and for lower cost
INFANTINO AND BECKHAM HAIL ASPIRE ACADEMY AS INTEGRAL TO QATAR'S WORLD CUP LEGACY AS GLOBAL SUMMIT 2022 ENDS
Celigo Opens APAC Headquarters Amid Record Growth in Region
PARADISO, BARCELONA IS NO.1 AS THE WORLD'S 50 BEST BARS 2022 ARE REVEALED
infodas receives NITES certification from the Cyber Security Agency of Singapore
Automation Anywhere and the Center for Humanitarian Technology Launch 'Telegram for Humanity' Bot to Aid Refugees in Ukraine
Pomerantz Law Firm Opens London Office
Sphera Completes Previously Announced Acquisition of riskmethods, a Leader in Artificial Intelligence Supply Chain Risk Management Software
Hard Rock International Celebrates 23rd Annual PINKTOBER Campaign by Partnering with World-Renowned Chef Dominique Crenn
World's Fastest Growing Staking Service Provider Born out of Lugano, Switzerland
Firmenich Annual General Meeting 2022
Unispace: Data reveals Gen Z rely on the traditional office more than any other generation
Information Office of Beijing Municipal Government' Features: "My Beijing, My Story" Depicts the Lifestyle of People Living in Beijing
Automation Anywhere Unveils the Automation Success Platform with a Surge of Innovations
Deloitte Named a Leader in Worldwide Industry Cloud Professional Services by the IDC MarketScape
HAVAS HEALTH & YOU APPOINTS PAUL PFLEIDERER AS PRESIDENT OF HAVAS LIFE NEW YORK
Solace Launches Event Portal 2.0, Addressing the Biggest Challenges Enterprises Face in Designing, Managing and Governing Event-Driven Architecture at Scale
IMG Appoints Amanda Winkle as Chief Operating Officer
Vinco Ventures Announces Ross Miller as CEO and Settlement of Litigation
RevitaLashÂ® Cosmetics Champions Breast Cancer Awareness, Research, and Support Worldwide with 2022 Pink Program Announcement
Aspire Academy and FIFA Kick Off the 8th Global Summit with high profile FIFA guests David Beckham and Wenger
EvolveWare Facilitates Non-disruptive Application Modernization with Industry's First and Only Agile Business Rules Extraction Solution
Stamus Networks Signs Reseller Agreement with EliteVAD
China Matters' Feature: How Does Basketball Shape Dongguan's Sports Culture?
Altair Presents Open, Flexible, and Scalable Total Digital Twin Solution
IZUMA NETWORKS ACQUIRES PELION'S DEVICE MANAGEMENT BUSINESS
Globalization Partners Rebrands as G-P and Reaffirms its Promise to Make a Global Workforce Possible for Growing Companies
Secureworks State of the Threat Report 2022: 52% of ransomware incidents over the past year started with compromise of unpatched remote services
First-of-its-kind government-industry partnership announced between Deakin University, Australia and Ministry of Education and Ministry of Skill Development and Entrepreneurship, Government of India
LyondellBasell Catalyst Production Expansion Adds Life to Infrastructure Projects
BE EVERYTHING - A new chapter opens in the story of United Colors of Benetton: new creative director, Andrea Incontri presents his first fashion show
PwC announces record global revenues of US$50 billion
Challenge the Highest Level of <MIR4>! A New Content, Hell Raid, Unveiled
Leading Gaming technology provider Quixant announces the launch of new cabinet offering
StoreHippoÂ® launches Mystore Buyer and Seller Apps for ONDC
Cambrex Announces Stability Storage Expansions in Ireland and Belgium
TimesPro collaborates with IMT Hyderabad to launch programmes in Business & Retail Management
Industrial Transformation ASIA-PACIFIC 2022 returns to catalyse sustainable growth for advanced manufacturing in the region
The PI Group and Averna Announce their Partnership
Academic partnerships in focus, Global Education Summit commences at Chandigarh University
UST and Mendix Collaborate to Accelerate Low Code Development in Spain
NestlĂ© launches NESCAFĂ‰ Plan 2030 to help drive regenerative agriculture, reduce greenhouse gas emissions and improve farmers' livelihoods
Ingenico Launches as Independent Company Following Acquisition by Apollo Private Equity Funds
Stockify announces single-window online service to buy unlisted equities
Manipal Hospital Whitefield's Exclusive Take on Minimally Invasive Advanced Surgical Procedures (MIAS)
THE LEELA PALACES, HOTELS AND RESORTS PARTNERS WITH RAJASTHAN POLO CLUB FOR ITS INAUGURAL SPONSORSHIP OF THE ROYAL SPORT IN INDIA
CLO Virtual Fashion Announces the Acquisition of GoVise Technologies
Education Cannot Wait Announces US$11.8 Million Catalytic Grant in Haiti
DXC Technology Calls for Latest Innovations from Insurance Startups and Scaleups across Asia Pacific through the DXC Invitational
Global AdTech Company TripleLift Names Dave Clark as New Chief Executive Officer
Navneeth Sulakhe joins Innoviti as Senior VP Human Resource Management
KEI Wires & Cables Hosts Real Kabbadi League Season 2
Automation Anywhere Secures $200 Million in Financing from Silicon Valley Bank and Hercules Capital
2022 World Trade Centers Association Member Forum Returns to New York City for First Time in Two Years
TATA POWER REINFORCES COMMITMENT TOWARDS GREEN ECOSYSTEM CONSERVATION ACROSS ITS RENEWABLE SITES
Azure Power wins the prestigious Golden Peacock Award for Sustainability
FANDOM ACQUIRES LEADING ENTERTAINMENT & GAMING BRANDS INCLUDING GAMESPOT, TV GUIDE AND METACRITIC
National Engineering Industries Ltd (NBC Bearings) honored with 'Iconic Brands of India 2022'
Celebrating Glorious 35 Years of BIMTECH
HABANOS, S.A. PRESENTED THE MONTECRISTO WIDE EDMUNDO IN WORLD PREMIERE IN SPAIN
Sanjay Ghodawat Foundation awarded The Mahatma Award 2022
STL announces Gram Galaxy - India's first integrated solution to connect villages with fibre
DEBIOPHARM REINFORCES THE BOND BETWEEN SWISS AND JAPANESE CANCER RESEARCH WITH THE 2022 JCA MAUVERNAY AWARD CEREMONY
Healthium Medtech amongst the first in Asia and first Indian Medtech Company to receive CE certification under the EU MDR (European Union Medical Device Regulation) norms for Class III implants
Jagadguru Kripalu Parishat holds Grand Rath Yatra on 3rd October 2022 near Kunda, Pratapgarh in honor of the 100th Birth Anniversary of Jagadguru Shri Kripalu Ji Maharaj
Addteq APAC Announces Rebranding, Changes Name to Enreap
Karwa Chauth 2022: FlowerAura Is All Geared Up To Enhance The Celebrations
DMCC AWARDED GLOBAL FREE ZONE OF THE YEAR FOR EIGHTH CONSECUTIVE YEAR
New Book Property Tax in Asia Provides the First Comprehensive Analysis of the Property Tax Across the World's Largest Continent
UN WOMEN'S HeForShe EXPANDS MOVEMENT THROUGH KEY PUBLIC AND PRIVATE PARTNERSHIPS IN EAST ASIA
STL unveils 5G cosmos to help Indian telcos fiberise their networks for 5G
STL launches Multiverse - India's first Multicore fibre and cable; aims to revolutionize the optical landscape
Tejas Networks successfully demonstrates end-to-end network based on its indigenous 4G/5G wireless, optical and satellite products
IIIT Hyderabad and Silicon Labs Launch Campus-wide Wi-SUN Network for Smart City Applications