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Time of India
09-07-2025
- Business
- Time of India
ET World MSME Day: How New India Assurance is charting a resilient future for MSMEs
In a virtual fireside chat on the occasion of ET World MSME Day on June 27, 2025, Girija Subramanian, Chairman and Managing Director of The New India Assurance Co. Ltd. (NIA), spoke about her company's critical role in protecting India's micro, small and medium enterprises (MSMEs). As economic volatility, climate change, and digital transformation reshape the business landscape, NIA is responding with inclusive, tech-forward insurance solutions to ensure that MSMEs thrive. Addressing climate risk with parametric insurance One of the most pressing concerns for MSMEs today is climate risk. From floods and landslides to heatwaves and hail, unpredictable weather phenomena are impacting operations across industries. Subramanian shared that NIA has taken bold steps to address this by launching innovative products such as Nishchit Suraksha. Nishchit Suraksha offers immediate payouts based on pre-defined triggers, namely, rainfall thresholds and such as temperature spikes, without the need for traditional loss assessments. 'Unlike traditional insurance, parametric cover offers instant cash flows,' she explained. 'When a trigger is breached, a payout is made, often within hours or days. This ensures seamless business continuity and better financial resilience.' This speed and efficiency makes such products especially appealing to MSMEs that lack deep cash reserves and need quick recovery to stay afloat. The New Blueprint for Risk & Resilience | Girija Subramanian, CMD, The New India Assurance Co. Ltd Girija Subramanian, Chairman and Managing Director, The New India Assurance Co. Ltd., shared valuable insights in an exclusive fireside chat on the theme 'Future Proofing India's Small Businesses: The New Blueprint for Risk and Resilience.' She highlighted the growing shift towards AI-driven credit rules and the increasing adoption of digital lending as key trends shaping the future of MSME financing. However, she also pointed out a critical gap — the lack of awareness among MSMEs about specific insurance programs that can help them mitigate risks effectively. While the government has introduced several supportive schemes and policy reforms for MSMEs, Girija emphasized the need for greater outreach and education to ensure these benefits reach grassroots businesses. Bridging credit and insurance with embedded cover Live Events Indian MSMEs are increasingly tapping into digital lending and AI-driven credit tools. In this context, New India Assurance is eyeing partnerships with credit guarantee platforms and fintechs to offer embedded insurance. It is also exploring collaborations that bundle insurance with working capital loans. These kinds of embedded coverage, whether for liability, property, etc, ensures that MSMEs are not just financed, but protected. 'Insurance significantly reduces the risk of credit default,' Subramanian said. 'If a covered event occurs, the payout ensures business continuity and protects loan exposure.' Tackling trust and awareness deficits Subramanian acknowledged that lack of trust and awareness about numerous insurance offerings remain key hurdles for Indian MSMEs. Micro units in particular operate with limited capital and are wary of spending on insurance. It doesn't help that insurance policies for businesses are also traditionally difficult to understand. To address this, NIA has introduced customer information sheets, simplified policy language, and targeted awareness drives particularly in Gujarat, where it is the designated state insurer. 'Trust comes when customers see that claims are paid quickly and without hassles,' Subramanian stated, emphasising the role of transparency and word-of-mouth in building credibility. Segment-specific solutions NIA is also tailoring products for different sub-segments within the MSME ecosystem, such as medium enterprises. For instance, Mahila Udyam Bima offers targeted protection for women entrepreneurs. Such products are distributed through retail agents and partner networks, with the insurer actively participating in industry and government workshops to reach the last mile. 'The MSME sector contributes over 40% of India's exports and GDP. It's imperative that we create tailored underwriting models and products that match their risk profiles and scale,' Subramanian underlined. 2025 as NIA's 'Year of SME' In line with the national focus on MSMEs and the need to increase insurance penetration (which has stagnated at around 1% for years), NIA declared 2025 as its 'Year of SME'. Subramanian revealed that the company has mandated all business units to prioritise MSME clients, especially those who've never been insured before. 'It's time we look beyond the already-insured pie and focus on businesses that have stayed outside the insurance umbrella,' she said. To conclude, the ET MSME Day fireside chat underscored a critical shift: that insurance is no longer a luxury or afterthought for small businesses, but a necessity. By aligning its strategies with emerging risks, technologies, and policy reforms, NIA is helping transform India's vibrant MSME sector into a more resilient engine of growth. As Subramanian aptly concluded, 'Insurance can no longer be viewed as an optional expense. It's a strategic investment in business continuity.'
Time of India
23-06-2025
- Business
- Time of India
ET World MSME Day: ET Digital to host 3-day conclave celebrating India's growth engines
India, home to 63 million micro, small, and medium enterprises (MSMEs), has been witnessing a transformation, achieving phenomenal economic growth and development. The contribution of these MSMEs here is immense and irreplaceable. The sector plays a crucial role in job creation, contributing around 110 million jobs while also providing customised services and acting as a catalyst for India's exponential export growth. In light of this, is conducting a series of programmes in the run-up to the World MSME Day on June 27, 2025. These programmes will feature engaging panel discussions, exclusive fireside chats, and the exchange of ideas to celebrate the achievements of these MSMEs while bringing together industry experts, MSME associations, government leadership, and other stakeholders. The theme of this year's ET World MSME Virtual Conclave is 'Intelligence, Innovation and Impact'. It emphasises the role, contributions, and journey of MSMEs in fostering a tech-powered economy and prompting sustainable development in the country while creating a long-lasting impact on the last mile. Register here for ET World MSME Day by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Meet The Pillow That Is Changing The Lives Of People With Sleep Apnea (It's Genius!) Health Insight Undo The ET World MSME Virtual Conclave will begin with a panel discussion on the topic 'Innovation in MSME Financing' on June 25, 2025. The panellists here will include Arvind Singh, Founder & CEO, Quest OntheFRONTIER; Anil Bhardwaj , Secretary General, FISME; Sanjay Tripathy, CEO, BriskPe; and Rajat Mehra, Co-convenor of CII UP MSME Panel & Director, Rajat Chemicals Industry. On June 26, 2025, the Conclave will host two important panels understanding the challenges and opportunities of the sector as well as the dynamics behind operating a successful SME in the sustainable sector. It will begin with the panel titled 'Challenges & opportunities for India's MSMEs,' which will have the panel members Ashish Kukreja, CEO - Homesfy & Christopher Sargunam, Founder, Vallaham; Alok Mittal, Co-founder and Executive Chairman, Indifi; and Vishal Pacheriwal, MD, Parvati Fabrics. Live Events The second panel is titled 'How to run a profitable sustainable SME', which will have Vaibhav Kaushik, Co-founder & CEO, Nawgati; Dr Jitendra Singh, VP, AquAgri; Divya Chandra, Managing Director, Atul Greentech; and Rahul Nainani, CEO & Co-founder, ReCircle as panel members. On World MSME Day (June 27), the programme will begin with a fireside chat with Girija Subramanian, Chairman and Managing Director of The New India Assurance Co. Ltd. This will be followed by a panel discussion on the topic 'How MSME exporters are balancing tariffs and FTAs together'. The panellists here include Ajay Srivastava, Founder, GTRI; Saon Ray, Professor, ICRIER; Sanjay K Jain, TT Textiles; and Ajay Sahai, Director General & CEO, FIEO. Following this, there will be a special conversation with Arvind Virmani, Member of NITI Aayog. The programme will then conduct a panel discussion on 'How SMEs are navigating the AI challenge', which will have Kapil Bardeja, CEO, Vehant Technologies; T Sankara Subramanian, Partner and COO, Digital Platforms, KPMG in India; Punit Thakkar, CEO & MD, Shivaami; and Hemendra Mathur, Co-founder, ThingAg, as panellists. The programme will end with a conversation with Ajit Chavan , Additional CEO and Chief Seller Officer at Government e Marketplace (GeM), Department of Commerce, Ministry of Commerce & Industry. The event is conducted by with New India Assurance Co. Ltd as the General (Non-Life) Insurance Partner and IDBI Bank as the Banking/Lending Partner. On World MSME Day , on June 27, 2025, ET Digital will also open registrations for its sixth edition of the ET MSME Awards 2025. The coveted award programme celebrates India's top MSMEs for their achievements and contribution to the nation's economic development. Register here for ET World MSME Day
Economic Times
23-06-2025
- Business
- Economic Times
ET World MSME Day: ET to host 3-day conclave celebrating India's growth engines
ET Online The theme of this year's ET World MSME Virtual Conclave is 'Intelligence, Innovation and Impact'. India, home to 63 million micro, small, and medium enterprises (MSMEs), has been witnessing a transformation, achieving phenomenal economic growth and development. The contribution of these MSMEs here is immense and irreplaceable. The sector plays a crucial role in job creation, contributing around 110 million jobs while also providing customised services and acting as a catalyst for India's exponential export growth. In light of this, is conducting a series of programmes in the run-up to the World MSME Day on June 27, 2025. These programmes will feature engaging panel discussions, exclusive fireside chats, and the exchange of ideas to celebrate the achievements of these MSMEs while bringing together industry experts, MSME associations, government leadership, and other stakeholders. The theme of this year's ET World MSME Virtual Conclave is 'Intelligence, Innovation and Impact'. It emphasises the role, contributions, and journey of MSMEs in fostering a tech-powered economy and prompting sustainable development in the country while creating a long-lasting impact on the last mile. Register here for ET World MSME Day The ET World MSME Virtual Conclave will begin with a panel discussion on the topic 'Innovation in MSME Financing' on June 25, 2025. The panellists here will include Arvind Singh, Founder & CEO, Quest OntheFRONTIER; Anil Bhardwaj, Secretary General, FISME; Sanjay Tripathy, CEO, BriskPe; and Rajat Mehra, Co-convenor of CII UP MSME Panel & Director, Rajat Chemicals Industry. On June 26, 2025, the Conclave will host two important panels understanding the challenges and opportunities of the sector as well as the dynamics behind operating a successful SME in the sustainable sector. It will begin with the panel titled 'Challenges & opportunities for India's MSMEs,' which will have the panel members Ashish Kukreja, CEO - Homesfy & Christopher Sargunam, Founder, Vallaham; Alok Mittal, Co-founder and Executive Chairman, Indifi; and Vishal Pacheriwal, MD, Parvati Fabrics. The second panel is titled 'How to run a profitable sustainable SME', which will have Vaibhav Kaushik, Co-founder & CEO, Nawgati; Dr Jitendra Singh, VP, AquAgri; Divya Chandra, Managing Director, Atul Greentech; and Rahul Nainani, CEO & Co-founder, ReCircle as panel members. On World MSME Day (June 27), the programme will begin with a fireside chat with Girija Subramanian, Chairman and Managing Director of The New India Assurance Co. Ltd. This will be followed by a panel discussion on the topic 'How MSME exporters are balancing tariffs and FTAs together'. The panellists here include Ajay Srivastava, Founder, GTRI; Saon Ray, Professor, ICRIER; Sanjay K Jain, TT Textiles; and Ajay Sahai, Director General & CEO, FIEO. Following this, there will be a special conversation with Arvind Virmani, Member of NITI Aayog. The programme will then conduct a panel discussion on 'How SMEs are navigating the AI challenge', which will have Kapil Bardeja, CEO, Vehant Technologies; T Sankara Subramanian, Partner and COO, Digital Platforms, KPMG in India; Punit Thakkar, CEO & MD, Shivaami; and Hemendra Mathur, Co-founder, ThingAg, as panellists. The programme will end with a conversation with Ajit Chavan, Additional CEO and Chief Seller Officer at Government e Marketplace (GeM), Department of Commerce, Ministry of Commerce & Industry. The event is conducted by with New India Assurance Co. Ltd as the General (Non-Life) Insurance Partner and IDBI Bank as the Banking/Lending Partner. On World MSME Day, on June 27, 2025, ET Digital will also open registrations for its sixth edition of the ET MSME Awards 2025. The coveted award programme celebrates India's top MSMEs for their achievements and contribution to the nation's economic development. Register here for ET World MSME Day
