On Monday, ICICI Lombard General Insurance Company has to settle the claim by MSME clients of amounts up to Rs 5 lakhs within ten days of completing the survey. On June 27, the International MSME day had been celebrated to recognize the contribution of these types of industries.

This claim settlement process enables faster claim settlement for MSMEs and new startups, said ICICI Lombard.

The offer for settlement for admissible property and marine claims has been received from businesses and claims of up to Rs five lakhs within ten days. ICICI Lombard sold 1.5 million or 15 lakhs policies to MSME as of the year ended March 31 2022.

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AI and big data analytics to enable this faster decision-making process and aid claims for payments, said the insurer. This facility also helps to manage the unwarranted situation arising from any mishaps.

“MSMEs have been the backbone of the Indian economy and have shown tremendous resilience even when faced with unprecedented challenges in the recent past,” Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance, said.