ICICI Lombard General Insurance Company

ICICI Lombard General Insurance Company is one of the largest private sector general insurance firms in India. The company is a joint venture of ICICI Bank Limited and Canada based Fairfax Financial Holdings Limited, where the former holds 64% and the latter has 36% stake in the joint venture. The general insurance company has been continuously being praised at different award ceremonies for its customer-centric processes and innovative insurance products.

The company has managed to create a great value for itself in the market by providing effective and affordable general insurance products like car insurance, two-wheeler insurance, health insurance, travel insurance, marine insurance, business insurance, crop insurance, and NRI insurance. With its holistic portfolio of insurance products, the company aims to offer extensive coverage and quality solutions. It gives general insurance solutions to insure you and your family against unexpected incidents with solutions for business, personal and project liabilities across rural and urban regions.

ICICI Lombard General Insurance Company Statistics

ICICI Lombard General Insurance has 273 branches and 840 virtual offices spread across the country. The company settled a total of 1.86 million insurance claims in the financial year 2019-20 that means on an average it settles around 3.5 claims every minute. With the help of its robust network of branches, offices and employees, the firm has managed to establish a strong market leadership by offering quick and efficient processes of claim. Some remarkable statistical figures attained by the company are as follow:

ICICI Lombard General Insurance Company Financials

ICICI Lombard General Insurance’s Gross Written Premium (GWP) was registered with Rs. 135.92 billion in the financial year 2019-20. ICICI Lombard led the general insurance private players, comprising standalone health insurers, in the general insurance industry with an impressive market share of 12.6% and acquired an overall insurance sector market share of around 7.0%. The general insurance company’s profit before tax increased from Rs. 15.98 billion in the financial year 2018-19 to Rs. 16.97 billion in the financial year 2019-20. However, the profit after tax of the company increased from Rs. 10.49 billion in the financial year 2018-19 to Rs. 11.94 billion in the financial year 2019-20.

Why Should You Choose ICICI Lombard General Insurance?

ICICI Lombard General Insurance is equipped with a range of benefits which are imparted with its insurance plans to the policyholders. Here are a few points which signifies the advantages to buying an insurance plan from ICICI Lombard General Insurance:

1. Active Customer Service – The in-house customer support operations of the general insurance company is developed to serve the policyholders in the best possible manner. With the introduction of mobility solutions, the company has made an attempt to empower policyholders and customers to buy, renew and initiate claim processes.
2. Pioneer of Insurance Industry – The general insurance company is a pioneer of the insurance sector. It was among the first firms which endeavored to develop an online sales channel in the year 2005. It is also the first general insurance company to get the ISO certification. These elements show the contribution and value of the firm in the industry.
3. Excellent Product Innovation – In a bid to cater diverse needs of different customers, the company has constantly been launching innovative insurance products for different categories. Some especially designed products of the company are Long Term Two Wheeler Insurance, which is a 3 year long-term two-wheeler insurance policy, Complete Health Insurance, which is a comprehensive insurance plan that provides OPD benefits, maternity cover and various wellness benefits, and a Bus Insurance, which gives comprehensive cover for inter-state bus travellers.
4. State of the Art Technology – The company has a self-service customer app known as Insure, which it launched to make processes like policy purchase, policy renewal, claim intimation and tracking, GPS-enabled notification services, etc., easier for the customers. The technological processes are offered to locate the nearest garages or hospitals, to reduce the survey response time by making motor surveyors equipped with tablet devices, and to offer OPD solutions for real-time approval on consultation, diagnostics and pharmacy.
5. Hassle-Free Claim Process - To ensure a hassle-free claim settlement experience, the company has developed and launched advanced claim settlement processes to online intimation of the claim, online tracking of claim, online document uploading and so on. With such an advanced claim system, the company has settled 1.86 million claims in the financial year 2019-20.

Awards and Achievements of ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance has been constantly acknowledged for its customer-centric approach and innovative insurance solutions at various award forums. The awards and achievements bagged by the firm are the testimony to the trust vested by the customers in the company. Some major recognitions of the company are:

• 2020 Best Insurers Recognition
• CLO Global LearningElite Award
• Best General Insurance Firm 2018
• India Insurance Summit & Awards 2020
• Best Corporate Social Responsibility Practices
• Business Today Money Today Financial Awards
• Dun & Bradstreet BFSI Summit & Awards 2020

ICICI Lombard General Insurance Product Portfolio

ICICI Lombard Car Insurance Policy

ICICI Lombard General Insurance offers car insurance plans with affordable premiums, quick claim settlement, easy renewals, and some more benefits. The company offers third party insurance cover, own-damage insurance plan and comprehensive insurance policy. Besides, the firm also offers different add-on covers to extend the car insurance coverage at a nominal additional premium. The firm also holds a set of authorised workshops which offer digital surveys for fast claim approval, pick-up and drop services, and quality assurance on repairs.

ICICI Lombard Two-Wheeler Insurance Policy

ICICI Lombard two wheeler insurance plan is designed to shield your two-wheeler vehicle against any damages occurred due to road accidents, theft or loss, man-made disaster, and natural calamities. A two-wheeler insurance plan also offers coverage for legal and financial liabilities which may arise towards a third party. The company offers third party insurance cover, own-damage insurance policy and comprehensive insurance plan at affordable rates. The general insurance company also provides a wide range of add-ons to choose from at reasonable rates.

ICICI Lombard Health Insurance Policy

ICICI Lombard health insurance plans cover different types of medical expenses incurred for the treatment of illnesses or injuries. The policies are designed to reimburse your healthcare bills or pay off the expenses directly to the hospital on your behalf. A comprehensive medical insurance plan provides coverage for the cost of hospitalisation, daycare procedures, domiciliary hospitalisation, ambulance charges, and many others. Different types of ICICI Lombard health insurance policies are Complete Health Insurance, Health Booster, and Aarogya Sanjeevani Policy.

ICICI Lombard Travel Insurance Policy

When it comes to travel insurance, the ICICI Lombard offers a wide variety of insurance benefits with its insurance plans. Under the travel insurance plan, the company provides coverage for total loss of checked-in baggage, trip delay, trip cancellation and interruption, overseas medical expenses and so on. The travel insurance plans offered by the company comprise Single Round Trip Plan and Gold Multi-Trip Plan, which are available at the most affordable rates that makes you enjoy your trip to the fullest.

ICICI Lombard Home Insurance Policy

ICICI Lombard Home insurance plan offers protection for only the building or the structure of your home, or only the content or belongings of your home, or both based on the insurance coverage opted by the policyholder. The home insurance policy compensates losses to the structure and/or content of your home, which might incur due to natural or man-made disasters. On choosing a 10 year structure cover, the company offers its policyholders a massive 50% discount.

ICICI Lombard Business Insurance Policy

A businessman should always think of effective risk management as it is the key to successful business. The comprehensive commercial insurance product line is designed with an objective to focus on multi-type and multi-size businesses. ICICI Lombard provides insurance products which match the personal and business requirements and offer you a perfect security cover. Under the business insurance segment, the general insurance company offers different types of covers like group health insurance, group personal accident insurance, liability insurance, marine insurance, fire insurance, workmen compensation and so on.

Besides, the ICICI Lombard General Insurance offers NRI Insurance will assist in securing family and assets in India while the policyholder is abroad. Also, Rural Insurance is offered to give protection towards the rural class for agricultural assets.

ICICI Lombard General Insurance Distribution Network

ICICI Lombard General Insurance holds a multi-channel distribution network with which it distributes its products through 95 corporate agents and 20,775 individual agents. In addition to this, the company also employs digital channels and platforms along with a strong direct sales channel to achieve sales. A multi-channel distribution network, along with relationships with banking channels allows it to leverage a large and diverse sales channel. Also, the expansion leveraging technology with 910 virtual offices with better product mix will be positive levers for margins of the company as well.