Liberty General Insurance has joined hands with Profectus Capital to introduce tailored insurance solutions for micro, small, and medium enterprises (MSMEs) in India. This collaboration aims to integrate financial protection into the MSME ecosystem, enabling these businesses to mitigate risks, safeguard operations, and achieve long-term stability and growth.
Empowering MSMEs Through Financial Protection
The partnership focuses on providing comprehensive insurance solutions that address the unique challenges faced by MSMEs, including operational risks and employee welfare. By embedding insurance into Profectus Capital’s financial services, the initiative seeks to build resilience within the MSME sector, a critical driver of India’s economic growth.
Jayesh Khatri, President and Head of Retail Distribution and Marketing at Liberty General Insurance, emphasized: “By addressing their risk management needs, we are enabling these enterprises to focus on their aspirations. At Liberty, we are committed to fostering financial stability and continuity for businesses across the country.”
Similarly, K.V. Srinivasan, CEO and Whole-Time Director of Profectus Capital, noted: “This partnership helps us not only address the financing needs of MSMEs but also provide them with solutions to manage their operating risks and grow their businesses sustainably.”
Broader Outreach and Economic Impact
This collaboration forms part of Liberty General Insurance’s larger effort to create a stable business environment for MSMEs while contributing to India’s economic resilience. The initiative also aligns with the Insurance Regulatory and Development Authority of India’s (IRDAI) goal of universal insurance coverage by 2047, ensuring financial inclusion for enterprises and individuals alike.
Expanding Insurance Awareness Across India
To complement its MSME-focused efforts, Liberty General Insurance has launched awareness campaigns in rural Punjab and urban Delhi to promote the adoption of insurance products.
Punjab: “Bima Prachaar Aur Prasaar” Campaign
- In partnership with Maruti Suzuki Insurance Broking, the campaign aims to educate rural communities about the benefits of insurance.
- Activities span 400 Gram Panchayats, helping demystify insurance concepts and promote its importance in managing unforeseen risks.
Delhi: “Suraksha ka Vaada Bima ke Saath” Program
- Continuing from its 2023 launch, this initiative conducted door-to-door outreach in neighborhoods like Karala Village, Budh Vihar, and Jahangirpuri, engaging over 1,600 households in October 2024.
- To further raise awareness, interactive street plays were organized in areas such as Sarojini Nagar and Lakshmi Nagar, addressing common misconceptions about insurance.
- Educational booklets titled “Wise Ways of Insurance” were distributed, simplifying insurance concepts for residents.
Why This Matters
These initiatives reflect Liberty General Insurance’s commitment to increasing insurance penetration in India. By addressing MSME needs and raising awareness at the grassroots level, the company is fostering a more informed and financially secure population while supporting economic growth.
Conclusion
Liberty General Insurance’s partnership with Profectus Capital is a significant step towards empowering MSMEs, offering both financial and risk management solutions. Coupled with its awareness campaigns in Punjab and Delhi, the company demonstrates a holistic approach to insurance penetration and economic inclusion. These efforts not only benefit businesses but also contribute to a resilient and inclusive financial ecosystem, aligning with India’s vision of universal insurance coverage by 2047.
