Neo-banking platform Chqbook has tied-up with a private general insurer ICICI Lombard to offer small business owners to whom Chqbook offers a digital current account.
Chqbook will bear the first-year premium towards this Shop Insurance.
Mohit Goel, Co-founder – Chqbook said, “Our recent survey found that only 1 in 5 small business owners have insured their shops and contents, despite the potential risks. More than 50% of shop owners feel they are not at risk. This has led to financial struggles for many, with 80% forced to use their savings, sell their valuables or take out loans to recover losses.”
Goel said, “Our partnership with ICICI Lombard General Insurance aims to address this issue and make our community more resilient and financially secure. By bundling shop insurance solutions with our Digital Current Account, we are enabling small business owners to access financial services on their smartphones with no paperwork, empowering them to run and grow their business with the protection they need. As a responsible neobank and task force member of B20 (under G20), we remain committed to delivering financial inclusion for economic empowerment.”
Sandeep Goradia, Chief – Corporate Solutions of ICICI Lombard, said, “We are delighted to announce our collaboration with Chqbook in their vision of offering financial protection to India’s thriving, yet vulnerable population of shop owners and merchants. As a significant contributor to our economy, this highly adaptable customer segment can often find themselves with a lack of options when it comes to risk management.”
Goradia added, “With our extensive range of customised solutions, we are confident that bundling of such a solution will contribute towards increased preparedness and responsiveness of small/micro business owners vis a vis unpredictability during their operations. This will further enable insurance penetration and adoption of micro insurance products in India.”