MUMBAI: Bharti AXA General Insurance is offering 'packaged policies' aimed at shopkeepers, hospitality sector and small and medium enterprises.
As per the company, the policies are cost-competitive and can be bought instantly through on-the-spot issuance of pre-underwritten policies. With this move, the company intends to enlarge its penetration in the SME segment starting from Punjab.
Since beginning, Bharti AXA General Insurance has sold 1,31,636 policies across Punjab. It has collected a total of Rs 94.97 crore as premium and paid about 20,342 in retail and commercial claims.
The company has partnered 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.
Amarnath Ananthanarayanan, CEO & MD of Bharti AXA General Insurance, said, “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.”
Dipankar Saikia, North & East Zone Head at Bharti AXA General Insurance, said, “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.”