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Edelweiss - Gallagher facilitates pandemic group insurance cover for India's informal sector workers

Posted On: 2020-04-30 17:52:02


Edelweiss-Gallagher, a composite insurance broker in India, has facilitated a Pandemic Group Insurance product for informal sector and frontline workers across industries in India. This initiative was launched recently with a comprehensive COVID-19 indemnity cover solution and is backed by India's top insurers.

This Group level insurance solution will provide an insurance cover to food delivery agents, informal sector workers employed by companies in factories as well as frontline workers of hospitals, healthcare providers and pharmaceutical manufacturers, who now find themselves especially vulnerable.

Edelweiss Gallagher has collaborated with four leading general insurance companies and assisted over 50 corporates to protect their workforce and restart their operations, by incentivizing workers to return from their villages and rejoin work. Overall, Edelweiss-Gallagher Insurance Brokers (EGIB) has spread awareness about this product among over 1.5 lakh SMEs & MSMEs across India.

Vinay Sohani, CEO at Edelweiss-Gallagher Insurance Brokers, explained: "During these uncertain times, insurers have a critical role in ensuring that business owners are able to safeguard the wellbeing of their people and their families. This collaboration with corporates and insurance companies will help fill a critical gap and benefit companies facing cash flow problems, low demand and disruption in operations. The online and paperless claims process is seamless and is supported by a dedicated health claims management team."

The Insurance policies can be customized for corporates to provide coverage from Rs 50,000 to Rs 50 lakh towards hospitalization cover, at private as well as government hospitals. The coverage will include ICU treatment, road ambulance and access to a secondary medical opinion. The product is exclusive to the Indian market and requires a positive test report for Coronavirus disease (COVID-19) conducted at an ICMR Authorized Test Centre in India.

Vyvienne Wade, CEO of International Operations at Gallagher said: "Insurance allows commerce to continue and businesses to provide essential services to local communities. A hospitalization cover at this time will give confidence to those who are challenged by travel restrictions and lockdown."

To allow operations of factories and essential services during the lockdown, Ministry of Home Affairs (MHA), in a circular dated 15 April 2020 released revised guidelines mandating health insurance cover for all workers. This has been followed by a circular from the Insurance Regulatory and Development Authority of India (IRDAI) advising insurers to provide group and individual insurance cover, with simple wordings and conditions.

Shares of Edelweiss Financial Services Ltd. was last trading in BSE at Rs.40.2 as compared to the previous close of Rs. 38.85. The total number of shares traded during the day was 220339 in over 933 trades.

The stock hit an intraday high of Rs. 40.75 and intraday low of 39.2. The net turnover during the day was Rs. 8901405.


Source: Equity Bulls

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