The top private general insurance provider in India, ICICI Lombard, has joined forces with actyv.ai, a Singapore-based corporate SaaS platform with integrated B2B, BNPL (Buy Now, Pay Later), and insurance capabilities. In order to enable sustainable growth and reduce company risks in the rapidly changing market environment, our collaboration intends to co-create cutting-edge insurance products that are precisely suited for businesses and their supply chain partners.
In accordance with this agreement, ICICI Lombard and actyv.ai will work together to develop comprehensive insurance options for the ecosystem’s distributors, retailers, and suppliers. Businesses may encourage constant expansion while also protecting the safety and security of all stakeholders by offering group insurance alternatives to supply chain partners. Utilising the technological prowess of actyv.ai, ICICI Lombard will integrate bite-sized insurance products into the actyv.ai platform, providing easy access to both large and small businesses.
The importance of the relationship was emphasised by Sanjeev Mantri, Executive Director at ICICI Lombard: “We recognise that MSMEs are the driving force behind the economy, and we are determined to safeguard their interests through readily available and thorough insurance products. We hope to provide specialised insurance solutions to the supply chain ecosystem, a vital part of MSME businesses, through our partnership with actyv.ai and their cutting-edge technology platform, protecting them from potential business interruptions. We are proud to offer yet another feature that is tailored to their specific needs. We have been pioneers in the MSME insurance industry, having settled claims of Rs. 5 lacs in just 10 days and providing seamless digital solutions.
“Thanks to our cooperation with ICICI Lombard, we are now able to provide all businesses, as well as their distributors, retailers, and suppliers, with cutting-edge insurance solutions that are embedded on our digital platform. We are thrilled about our collaboration, and we can’t wait to use technology to deliver useful risk protection for the MSME market. According to Raghu Subramanian, founder and global CEO of actyv.ai, “our combined capabilities will assure sustainable growth for all parties in the supply chain ecosystem, allowing for an atmosphere of assurance and support.
Through the provision of reliable and affordable insurance solutions, this cooperation marks a significant advancement in ensuring the long-term success and sustainability of MSMEs in India. Actyv.ai and ICICI Lombard are dedicated to providing businesses with essential risk protection, encouraging growth, and making a positive impact on the nation’s overall economic development.
The first company in India to provide a digital platform exclusively for MSMEs to purchase risk coverage is ICICI Lombard (sme.icicilombard.com). This platform serves as evidence of our commitment to supporting MSMEs on their path to growth and efficient risk management.
Singapore-Based actyv.Ai And ICICI Lombard Partner To Launch Revolutionary Insurance Solutions For SMEs
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