Simplifying Group Health & Commercial Insurance for Businesses, SMEs & Start-ups

Businesses, insurance

SME, Startups or large businesses are critical for any country’s GDP growth and providing employment, contributing to taxes. Impact on these businesses/SMEs can cause impact on the entire economy. The same seems to happen these days due to pandemic hit on businesses.

Lets just have some statistics for the same:

In India, The small and medium businesses (SMEs) in India include 63.4 million units and accounts for nearly 30% of India's GDP, employing about 460 million people. The sector also makes up for 33.4% of the India's output in manufacturing, giving employment to around 120 million Indians, according to CII.

As of September 2020, there were over 1.26 million registered companies in the India. Out of these, over 1.25 million were companies limited by shares.

The approximately 400 million SMEs are the backbone of economies around the world. They are the main source of job creation globally, accounting for over 95% of firms and 60%-70% of employment. SMEs generate a large share of new jobs in OECD economies, and even more in the EU, where they represent approximately 99% of all businesses, create around 85% of new jobs and provide two-thirds of the total private sector employment. Similarly, in the Global South, growth in overall employment is generally connected to the development of SMEs.

There are approximately 41 000 listed companies in the world with a combined market value of more than USD 80 trillion. This is equivalent to the global GDP. More than half of this amount is held by institutional investors and the public sector, according to a new OECD report.


Impact & Need of Insurance

These businesses has been impacted a lot due to pandemic not only in terms of revenue but also in terms of existence of the businesses itself. Businesses involve in multiple activities as contracting, code writing, managing vendors, managing offices, contracts signing, sales, services, manufacturing processes, buying equipment’s, managing employees, transportation, finance, and more.

We already know that 75% of businesses are underinsured, and 40% of small business owners have no insurance at all. When faced with a disaster or lawsuit, many small businesses don't have insurance to cover their costs.

But how often do top risk events happen?

For the business, more than a third (35.2%) experienced an event last year that could have led to an insurance claim.

Here's a snapshot of the most common incidents business owners experienced in 2019, all of which can be covered with the appropriate small business insurance policy:

22.2%: Client complaint or contract dispute. Professional liability insurance can cover claims related to client dissatisfaction, including alleged work mistakes, undelivered work, or negligence.

10.6%: Employee injury. Workers' compensation insurance can pay for medical bills and partial missed wages when employees are hurt at work.

8.8%: Burglary or theft. Commercial property insurance can help pay to replace stolen business property.

6.6%: Fire, storm damage, or cracked pipes. Property insurance can also pay to repair property damaged by fire or certain weather events.

2.4%: Customer injury. General liability insurance can help cover costs when customers are injured on business property.

2.3%: Product that caused injury or damage. The product liability portion of general liability insurance can pay for legal expenses associated with damage from goods you sell.


Challenges

Commercial insurance have always been challenging and also more pressed with last minute need or sometime, ignoring the need. The challenges for the same are:

  • No Digital or Process itself:

  • 100% Offline & manual

  • High costs and unwanted benefits

  • Process takes not just days but months or quarters

  • No process of renewals, self manage

  • No personalized risk based insurance coverage & benefits

  • No self buying or customization process/ journey

  • Too much of documentations

  • Lack of awareness

  • Complicated claims processes

Current pandemic has hit badly to these businesses and its employees too. >80% of the businesses don’t have proper systems to manage their employee policies, their own liability, indemnity policies.

This is needed a change,


Can we build a Solution to solve these? We can, Artivatic is doing the same to solve these issues.

A change that transform the way SMEs/Businesses/ Corporates/ Startups buys, employees or liability or indemnity insurance. They need simple, digital, self-risk assessment, self-managed, and instant process /system that provides them insurance/coverage/benefits based on their risk need whenever they need, without putting too-much efforts.

Artivatic is pioneer in building next-gen insurtech platform that enables insurance businesses to drive easiness of business, increasing efficiency, improving transparency, enhancing TAT, improving customer experience, use of data driven technologies /solutions.


ASPIRE BUSINESS is the SOLUTION.

Artivatic’s Product ‘ASPIRE BUSINESS’ enables the same in seamless way to change the way ‘how commercial /business insurance are bought/renew /personalized /make payment /manage and buy based on risk assessment as per need.

Enabling SME/Enterprises to Self Buy, Manage Personalized Insurance for Employee & Indemnity Digitally via ASPIRE BUSINESS

ASPIRE BUSINESS: SaaS Based, Self Managed, Data Driven Personalized Insurance Platform for SME/Businesses for Buy, Renewal, Manage : Employees Health  + Indemnity /Liabilities

WHY ISNURANCE BUSINESSES OR BROKERS MUST USE ASPIRE BUSINESS?

  • Fullstack API Based self-managed business insurance platform that allows create account, buy policies digitally, connect to 3rd parties, build risk and more.

  • Allows SME/Businesses to personalise insurance based on business insights, risk insights, location insights etc.

  • Helps Businesses to file claims, track, get settlement digitally. [No manual ore email based process]

  • Instant Underwriting with use of 3rd party, govt, financial and many more data

  • Enables business to track their finances, alerts, employees, wellness and more

  • Allows businesses to manage multiple locations, warehouses, delivery centres, partners, clients etc.

  • Policy /Document Digital Vault for simplifying insurance

  • No Self onboarding process for buying insurance

This ASPIRE BUSINESS will change the way commercial insurance is bought or sold.


Partner with Artivatic.ai to launch next-gen insurance platforms for business /SME/Start-ups customers.

Interested in DEMO, write to contact [at] artivatic.ai

Visit Artivatic: www.artivatic.ai