ICICI Lombard General Insurance Company said it would settle the MSME clients’ permissible claims of up to Rs 5 lakh within ten days of finishing the claims survey. This marks the International MSME Day saw on June 27 to recognize the contribution of these industries.
The claims settlement process is a first-of-its-kind service to permit faster claim settlement for MSMEs and startups, ICICI Lombard said in a release. With this, now businesses shall receive the offer for payment of their admissible property and marine claims of up to Rs 5 lakh within ten working days of the claims survey.
ICICI Lombard sold 1.5 million (15 lakh) policies to MSMEs by March 31, 2022. The insurer said it uses state-of-the-art AI and big data analytics to permit this faster decision-making process and aid claims payments.