HDFC ERGO General Insurance, India’s leading private sector general insurance company, announced its partnership with Visa, the leader in digital payments. The partnership will provide curated insurance covers for Visa’s business cardholders.
To start with, the partnership will offer two insurance products - Business Suraksha Classik and my:Credit Personal Accident Insurance group policy:
Business Suraksha Classik policy will provide small traders and shop owners a safety mechanism from accidents due to Fire, Floods, Earthquake, Burglary, Cash in kept in a safe, among others with enhanced add-ons under the Fire section like spontaneous combustion, waiver of under insurance up to 15%, increased limits for architect/surveyor fees and removal of debris.
my:Credit Personal Accident Insurance group policy is broadly divided into two different insurance offerings that can be customized, namely – Accident Shield and Permanent Disability plan. Under Accident Shield, the sum assured will be provided to an individual (or family of an individual) if the insured sustains an injury due to an accident which shall within twelve months of its occurrence is the sole and direct cause of death. In case the insured is permanently disabled due to an accident then the Permanent Disability benefit will cover the individual as per the sum assured under the plan.
Speaking about the partnership Mr. Ankur Bahorey, President – Bancassurance Business, HDFC ERGO General Insurance Company said, “Traditionally SME owners have given limited attention to business risk management, which often makes them vulnerable towards several factors such as theft or Act of God, unforeseen health conditions, loss of income due to reasons beyond their control etc. They also need to consider employee benefits, assets & liability management and; most important; family protection. We believe SMEs now need to draw up a prudent financial strategy to navigate through such unplanned & unfortunate incidents. With this association, we will deliver solutions as well as a sense of security to SMB owners and their respective employees.”
Mr. Manish Daswani, Head – Business Solutions, India and South Asia, Visa said, “Small businesses are amongst the most adversely impacted by the pandemic and Visa remains committed to helping them navigate and thrive in the new normal. We are thrilled to partner with HDFC ERGO to bring specialized insurance solutions to our Visa business cardholders. These bespoke plans have been built with the needs of MSMEs in mind and aim to ensure the financial wellbeing and security of our cardholders and their businesses.”
The my:Credit Personal Accident policy provides a total sum insured of up to INR 1 crore which is subject to the credit limit of an individual card holder and for tenure of 1 year. Additionally, adults between the age group of 18 to 60 years are eligible to opt for this policy. The policy is customised and its benefits are exclusively made available for Visa customers.
HDFC ERGO is a ‘Digital First’ insurance company and leveraging on technology the Company has designed a portal exclusive for Visa customers.
About HDFC ERGO:
HDFC ERGO General Insurance Company is a joint venture between Housing Development Finance Corporation Ltd. (HDFC) and ERGO International AG; the primary insurance entity of the Munich Re Group of Germany. With complimentary skill sets and strengths of both the companies, the JV formed in 2008. HDFC ERGO offers the complete range of General Insurance products including Motor, Health, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space and Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space. The Company also offers a range of products for rural India, including Gramin Suraksha, Parivaar Suraksha, Crop, Weather and Cattle insurance. Innovative insurance products like Mosquito Disease Protection Policy, E@secure, Title and Solar Energy Shortfall Insurance have also set milestones in the way insurance can adapt to and cater for whatever it is that the customers need.
Over the last few years, HDFC ERGO has constantly endeavored to not just align itself to the evolving market needs, but instead be a pioneer in terms of its offerings. Having its ears to the ground has helped HDFC ERGO create a stream of highly targeted new products and AI-based tools and technology. Be it unique insurance products, integrated customer service models, top-in-class claim process or a host of technologically innovative solutions, the Company has been able to delight its customers at every touch-point and every milestone. The Company has been a market leader in using technology to advance the reach and impact of insurance in the country.
Recently, the Company announced the completion of the merger of HDFC ERGO Health Insurance (formerly known as Apollo Munich Health Insurance) with HDFC ERGO, which came in to effect on November 13th, 2020. This merger marked the second successful merger in India’s general insurance sector, following the merger of L&T General Insurance in 2017. With a wide distribution network and a 24x7 support team, the Company has been offering seamless customer service and innovative products to its customers.
About Visa:
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.
No comments:
Post a Comment