Falcon Insurance is setting up a separate cell for dealing with SME sector. It will also devise package products, covering all or most of their insurance requirements under one policy, says A R Srinivasan, CEO of Falcon Insurance Company.
Can you highlight the initiatives taken by Falcon Insurance Company to help SMEs?
Falcon is always on the look-out to help businesses of all sizes, by creating schemes that will protect the businesses from unknown misfortunes. In this regard we have several initiatives and products to help the SME Sector.
Falcon has been pivotal to the growth of SMEs in Oman. This has been reflected in various group life schemes and other schemes launched by Falcon for covering the SME’s properties. These SMEs are guided by the techno-marketing team upon appropriate insurance covers available for covering the risks sphering around their businesses. This has culminated in a good turnaround of business coupled with growth of premium too. Many of the SME segment entrepreneurs have taken our special life policy financial institutions for setting up SMEs.
What has been the response of SMEs to your initiatives in the past years? What’s in store in 2015?
Like most places in this region, there is always reluctance on the part of businesses to invest in insurance. Having said that, we are now seeing a good growth in the number of businesses buying Insurance. The response of SME’s can be seen in the surge of insurance policies opted by these businesses; growth of premium in various classes; new enquiries of business through reference from existing clients.
Why is it imperative for SMEs in Oman to join insurance schemes?
The SME sector is vulnerable. The capital is not very high and more often than not, SME businesses are set up by freshers, who have good ideas and potential. It is imperative that they take adequate measures to ensure stability and continuity of the business, should something unfortunate happen. There is no better option than insurance to take care of such unforeseen eventualities that can disrupt the business.
What are the different products and services offered by Falcon Insurance Company for SMEs?
Falcon Insurance is in a position to offer the whole range of products for the SME sector. Being a Composite Insurance Company, we can offer Life and General Products.
Assets: Can be secured by different products like Fire Insurance, Money, Machinery and Equipments Insurance and so on.
Works: Can be covered by Contractors All Risk, Project Insurances.
Liabilities: Third Party Liability, Professional Indemnity etc.
Employees: Can be Protected by Workmen’s Compensation, Medical Reimbursement. Group Life Insurance covers natural death also, in addition to accidental death and disablement.
Loss of Profits: Established and running organisations can protect their loss of earnings under the Property Insurances.
Materials: Imports and exports can be covered for losses in transit by Marine Cargo Insurance. Similarly, waterborne assets can be covered by Marine Hull Insurance.
What new plans are in the offing by Falcon Insurance for the growth of insurance sector?
We are conscious of the fact that the SMEs, especially in the start-up stage may not have enough expertise to deal with various Insurances. We are setting up a separate cell for dealing with SME Sector. Also, we will devise package products, which will cover all or most of their insurance requirements under One Policy. This will ease administration and reduce worry about different renewals. Such packaged products would also be cost effective.