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Alliance Insurance launched a portal to bring 5 croreIn order to provide financial security to Micro, Small and Medium Enterprises (MSMEs), small shop and business owners on February 28, 2021, Alliance Insurance launched SMEInsure.  It is a portal to insure 5 crore Small and Medium Enterprises (SMEs) under the insurance category.

  • Notably, the portal will provide insurance services in a phygital formate. physical, through individual personal assistance and digital insurance through the portal.
  • The target of Alliance Insurance is to reach more than 5 crore SMEs in the first year and expect a revenue of Rs 10 crore. Approximately 97% of the SMEs in India are not insured.

Key Points:

–Its objective is to help SMEs in managing multiple risks through a single platform ranging from buying insurance, renewing cover to filing claims.

–This portal will provide options to choose and compare products from various well-known insurance services including HDFC Ergo, Bajaj Allianz, Iffco Tokio, Tata Aig, Liberty General Insurance, Raheja QBE, Reliance General Insurance, and SBI General.

–SMEs can get their businesses insured for professional indemnity, director and officers, marine, fire and burglary etc

–In the first phase, the company will focus on the hospitality industry, shop owners, salon, offices and educational institutes.

Recent Related News:

i.On December 28, 2020 Bajaj Allianz General Insurance in association with Jammu & Kashmir Government launches health insurance coverage under Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) Social, Endeavour for Health, and Telemedicine(SEHAT).

ii.On January 6, 2021 PhonePe in partnership with ICICI Prudential Life Insurance Co Ltd launched Term Life Insurance plans on its platform. This policy can be availed by PhonePe users instantly on PhonePe app through an all digital process without the need of any health check-ups and paperwork.

About Alliance Insurance:
Chief Executive Officer & Principal Officer– S. V. Thakkar
Headquarter– Mumbai, Maharashtra