Neobank Chqbook collaborates with ICICI Lombard General Insurance to offer financial protection to India's shop owners and merchants against climate risks

Gurugram (Haryana) [India], March 21 (ANI/NewsVoir): Chqbook, India's first neobank for small business owners, has launched a specially designed "Shop Insurance Cover" for its Digital Current Account customers. This insurance solution has been designed and launched in association with ICICI Lombard one of India's leading general insurance companies. Under this insurance, losses incurred by shop owners due to floods, earthquakes, lightening, storms, cyclones, fire and other climate risks will be covered, including any loss due to burglary of contents in the shop.
Chqbook offers a digital current account for small business owners like kiranas, chemists and others, who can open an account instantly on the Chqbook app in a language they are comfortable with. The current account, which is available in 8 languages, has received strong traction within months of its launch. Chqbook plans to on-board more than 500,000 shop owners and merchants in the next 12 months.
India is already facing devastating impacts from climate change and stands to lose 5.21 per cent of its GDP by 2050 as per G20 climate risk atlas report. Small businesses in India account for 30 per cent of the GDP and often lack access to financial services, including insurance. The lack of access and low awareness leaves them vulnerable to climatic risks and other man-made risks, forcing them to either take loans or use their savings to cover the losses- potentially pushing them into poverty.
Looking at this massive under-penetration and the need to safeguard this community from unforeseen losses through inclement climatic activities, 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 per cent of shop owners feel they are not at risk. This has led to financial struggles for many, with 80 per cent forced to use their savings, sell their valuables or take out loans to recover losses. 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."
Speaking about the partnership 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. 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."
India's rising Internet usage and smartphone penetration with 725 million active users is revolutionizing access to financial services. Aligned with the vision of a Digital India, Chqbook aims to empower small business owners with digital access to financial services on the Chqbook app. With more than 1.8 million App downloads and 250,000 active users across India, Chqbook aims to help make small businesses big.
Chqbook - a Gurugram and Bengaluru-based fintech start-up offers solutions for small business owners like kiranas, merchants, chemists, and others running proprietorship businesses. Founded by Vipul Sharma, Rajat Kumar, and Mohit Goel, Chqbook offers small business owners a digital current account, instant business loans and insurance, to make their small business big. The mobile app places the power of managing day-to-day financial transactions in the hands of small business owners, as well as providing them access to a diverse range of financial products on-demand and on-the-go, helping them save valuable time, effort, and money as they grow their businesses.
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