ICICI Lombard

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ICICI Lombard GIC Ltd
Type Public Listed Company
Industry Insurance
Founded 2001[1]
Headquarters Mumbai, India
Key people Bhargav Dasgupta, MD[2]
Products General insurance
Net income Increase INR1.44 billion (US$23 million)
Employees 4,634 (as March 2010)
Parent ICICI Bank, Fairfax Financial
Website ICICI Lombard

ICICI Lombard GIC Ltd. is a joint venture between ICICI Bank Limited, India's second largest bank with total assets of over USD 99 billion at March 31, 2014 and Fairfax Financial Holdings Limited, a Canada based USD 37 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management. ICICI Lombard GIC Ltd. is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs 71.34 billion for the year ended March 31, 2014. The firm offers policy issuance and renewal through its website. It markets assurance products including Car Insurance, Health Insurance, International Travel Insurance, Overseas Student Travel Insurance, Two Wheeler Insurance, and Home Insurance.

History[edit]

Established in 2001, ICICI Lombard General Insurance Company is a joint venture between ICICI Bank- India’s largest private bank and Fairfax financial Holdings Limited- financial Services Company based in Toronto. ICICI bank has 74% stake in the venture while Fairfax has the rest in the venture. ICICI Lombard General Insurance is the largest private sector general insurance company in India and has been accredited with iAAA rating by ICRA for four years (2006, 2007, 2008, and 2010).

Operations[edit]

ICICI Lombard has 221 branches spread across the nation.

Product and Services[edit]

Personal Insurance[edit]

Health Insurance[edit]

ICICI Lombard Health insurance plans are designed to provide cover against unforeseen medical emergencies. Both benefit and indemnity plans are available to cater wide range of needs of customers.[3] Plans :

1. Complete Health insurance
2. Health Care Plus
3. Personal Protect Policy

Overseas Student Medical Insurance[edit]

Overseas student medical insurance is designed to cater needs of students travelling abroad for higher studies. Most of the foreign universities have compulsory requirement of medical insurance for students enrolling for various programs. Insurance plans offered by schools abroad are typically very expensive. You can purchase a plan from India, where you can pay the premium in rupees and get all coverages in dollars.[4]

International travel insurance[edit]

International Travel insurance plan covers against Medical and Non medical emergencies while travelling abroad. Travel insurance plan plays a pivotal role for success of your trip and can make your journey secure and stress free. The various available plans of ICICI Lombard, covers travelers from the age of 3 Months to 85 Years, without any medical checkup for policy issuance. The policy covers not only your safety but also provide Value Added Services for your family members back home.[5] Plans:

1. Single Round Trip
2. Senior Citizen
3. Gold Multitrip – for Frequent Traveler’s – Best suited for professional on official trip abroad

Home Insurance[edit]

ICICI Lombard’s Home insurance is designed to secure your home of from threats like burglary, damages caused by natural and manmade disasters. Home insurance plan provides security of both structures and content against any unforeseen calamities.[6]

Car Insurance[edit]

Car insurance covers loss or damage to the vehicle against natural calamities; fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, etc. All vehicles are insured at a fixed value called the Insured's Declared Value (IDV). Claim servicing is available at 3100+ network garages across India. It also provide optional coverage of road side assistance on anytime, anywhere basis.[7]

Two Wheeler Insurance[edit]

Two wheeler insurance covers loss or damage to the vehicle against natural calamities & man-made calamities with comprehensive coverage. It includes claim servicing at 1330+ network garages across India for motor bikes. Co-passengers can avail optional personal accident cover.[8]

Corporate Insurance[edit]

Fire[edit]

Fire policy covers the physical assets of insured against Fire set of perils, Earthquake and Terrorism. In Fire policy set of perils include Fire, Lightning, Explosion/ Implosion, Aircraft Damage, Riot/Stike/Malicious.

Burglary[edit]

Burglary policy broadly covers loss or damage by burglary/house breaking theft following actual, forcible and violent entry of and/ or exit from the premises, including hold up risk and damage caused to premises.

Marine Cargo[edit]

Marine Cargo policy covers loss or damage to goods in transit by air, sea, road, rail etc. It can be Single Transit or Open policy multi-transit. Some of the perils covered are: Fire, sinking/capsizing of vessel, overturning, collision, loss during loading / unloading, sea water entering ship, earthqauke, volcanic eruption, lightning etc. depending on type of cover chosen.

Workmen Compensation[edit]

WC policy covers the employer's liability against Accidental Death, Permanent Total Disablement, Permanent Partial Disablement, Temporary Total Disablement of its employees during the course of employment.

Group Health Insurance[edit]

GHI policy covers Hospitalization expenses, 30 days pre- & 60 days post-hospitalization expenses.

Group Personal Accident[edit]

GPA policy covers Accidental Death, Permanent Total Disablement, Permanent Partial Disablement, Temporary Total Disablement. It is a worldwide cover and Terrorism is also covered.

Contractors All Risk / Erection All Risk[edit]

CAR/EAR are project policies, that insure a project primarily against Fire, Earthquake, Flood, Collapse, Theft or Burglary, right from the point materials have arrived at the project site to completion and handover. CAR policies are generally given. For Civil projects, while EAR policies are generally given for Engineering projects.

Contractor’s Plant & Machinery[edit]

CPM policy designed to cover construction equipment like bulldozers, cranes, excavators, compressors etc. This broadly covers loss or damage to the contractor's property due to any cause that is accidental and external in nature. Cover operates when the insured property is at work or at rest or being dismantled for the purpose of cleaning/ overhauling or during subsequent re-erection.

Public Liability[edit]

Public Liability covers legal liability of insured towards damage of third party with respect to accidental death, bodily injury, loss or damage to property and legal costs of litigation.

Awards[edit]

ICICI Lombard received the highest rating in terms of overall customer satisfaction as well as ‘The Most Recommended Company’ in a 2013 survey to assess Customer satisfaction and Quality of Health insurance in India, commissioned by Dept. of Consumer Affairs, Ministry of Consumer Affairs.

The company has also been conferred the "ASTD BEST Award 2012" for Learning and Development, "Porter Prize 2012" for creating Shared Value, "Golden Peacock Award 2012" for Corporate Social Responsibility and "Golden Peacock Innovation Award-2010" for Rashtriya Swasthya Bima Yojana. It also received the "Product of the Year" award in the General Insurance category for FY2012-13 and was voted the No 1 Health Insurance Product in a survey of 18,000 people over 23 cities in India, a study done by Nielsen. The company has been conferred with 'Celent Asia Insurance Technology Award 2012' under the category Best Mobile Applications.


1. Claims Leader - General Insurance – Fintelekt - June 2014 [9]
2. Most preferred Company for Health Insurance - Consumer Voice- 2013 [10]
3. E-business Leader’ General Insurance Category- Indian Insurance Award- 2013 [11]
4. Golden Peacock Award for CSR 2013 [12]
5. Porter Prize 2012 [13]
6. ASTD BEST Award 2012 [14]
7. Celent Asia Insurance Technology Award 2012 [15]
8. Frost & Sullivan’s India Voice of Consumer Awards 2011 [16]
9. 2nd CMO Asia Awards-Best Marketing Campaign 2012 [17]
10. The Customer and Brand Loyalty Award- 5th Loyalty Summit 2012 [18]
11. Golden Peacock Innovation Award for Rashtriya Swasthya Bima Yojana 2011 [19]
12. ASTD Best Award 2011 [20]
13. The Customer and Brand Loyalty Award 2011[21]
14. NASSCOM-CNBC TV18 IT User Award 2010 [22]
15. CNBC Awaaz Consumer Award 2010 [23]
16. The BIZZ World Business Leader Award, 2010 [24]
17. 3rd Loyalty Summit Award Insurance Sector-Non-Life Carlson Marketing 2010
18. World Brand Congress- Best Marketing Campaign, 2010 [25]
19. J.D. Power Asia Pacific India Auto Insurance Customer Satisfaction Index (AIS) Study, 2009 [26]
20. Customer and Brand Loyalty Award Insurance Sector Non-Life 2nd Loyalty Awards, 2009 [27]
21. Golden Peacock Eco Innovation Award, 2009 [28]
22. The General Insurance Company of the Year 2007 Across Asia- Asia Insurance Industry Awards, 2007 [29]

Specific services[edit]

Telecalling

ICICI Lombard was amongst the first general insurance companies in India to engage in telemarketing[citation needed] . However in recent times, public outburst against pushy and intrusive telecalling in general has led to a reduction in cold calling. Also, the introduction of 'do-not-call' (opt-out) lists is similar to the US 'Do Not Call Registry'. The firm has a Do Not Call option.

Online policies

The firm was amongst the first companies to sell assurance online in India. ICICI Lombard has web-based systems to meet pre and post-policy transactional needs. It was the first company in India to provide Car Insurance policies online[citation needed]

ICICI Lombard Road Safety Campaign[edit]

As a part of the initiative, the company has introduced the 'Belt Up India' mobile app on its Facebook page where users can come together and pledge to wear a seatbelt to make Indian roads safer. With every click a #beltupindia pledge is taken, which results in expanding the virtual safety belt across India. The company had set a target of 10,000 clicks and has crossed this milestone. Besides, ICICI Lombard has also shot several home videos wherein kids request their parents to follow all the traffic rules and regulations and come home safely. The videos beautifully capture the emotion of each child who eagerly awaits the parents' arrival each day.[30]

Corporate Social Responsibility[edit]

The Company has taken several initiatives in the areas of preventive healthcare, road safety and disaster support being a responsible Corporate citizen.

Caring Hands Campaign[edit]

Launched in 2011, the Caring Hands Campaign is an initiative of ICICI Lombard, driven by its employees and aimed at the upliftment of the society. The campaign focuses on preventive healthcare through free health check-up camps for the benefit of underprivileged school children across the country. In the last 3 years, this initiative has covered over 50,000 children from more than 200 schools. Across various locations, cross functional teams are formed by employees to handle the entire exercise. Apart from facilitating camaraderie, it provides an opportunity for employees to showcase their leadership skills as they take up the onus of executing the entire project. In FY2014, the Company’s employees sharpened their focus by conducting exclusive eye check up camps. “ICICI Lombard taken several initiatives in the areas of preventive healthcare, road safety and disaster support to meet our socialeconomic objectives.” More than 50% of the Company’s employees reached out to 21,242 students across 173 schools in 73 cities. The Company also provided corrective lenses to the students who were diagnosed with poor vision. The teams focused on children in the age-group of 5–7 years, which as validated by external research has a significant percentage of children suffering from poor vision. These children suffered due to not being diagnosed in time or from parental ignorance. The Company remains committed to expanding the scope of this progressive initiative, hoping to make a positive contribution in the life of the country’s future leaders.

References[edit]

  1. ^ "ICICI Lombard General Insurance | Agriculture and Industry Survey". Agricultureinformation.com. Retrieved 16 July 2010. 
  2. ^ "Health insurance to drive growth: ICICI Lombard-Economy-Sunday ET-Features-The Economic Times". Economictimes.indiatimes.com. 5 July 2009. Retrieved 16 July 2010. 
  3. ^ "ICICI Lombard Health Insurance". Retrieved 21 May 2014. 
  4. ^ "Student Medical Insurance". Retrieved 21 May 2014. 
  5. ^ "International Travel Insurance". Retrieved 21 May 2014. 
  6. ^ "ICICI Lombard Home insurance". Retrieved 21 May 2014. 
  7. ^ "Car Insurance". Retrieved 21 May 2014. 
  8. ^ "Two Wheeler Insurance". Retrieved 21 May 2014. 
  9. ^ (http://fintelekt.com/awards)
  10. ^ (http://www.prnewswire.co.in/news-releases/icici-lombard-scores-highest-in-customer-satisfaction---reveals-consumer-survey-commissioned-by-ministry-of-consumer-affairs-221588801.html)
  11. ^ (https://mdindiaonline.com/pdf/pdfToOpen.pdf)
  12. ^ (http://www.goldenpeacockawards.com/past-winners/corporate-social-responsibility-gpacsr.html)
  13. ^ (http://www.dnaindia.com/press-releases/press-release-icici-lombard-awarded-prestigious-porter-prize-1751416)
  14. ^ (http://www.astd.org/About/ASTD-Awards/Best-Awards)
  15. ^ (http://asiablog.celent.com/2012/11/15/winners-of-2nd-asia-insurance-technology-awards/)
  16. ^ (http://www.frost.com/prod/servlet/press-release.pag?docid=248856307)
  17. ^ (http://www.eventfaqs.com/eventfaqs/wcms/en/home/news/CMO-Asia-Awards-pays-tribute-t-1311655017653.html)
  18. ^ (http://www.business-standard.com/article/press-releases/icici-lombard-receives-the-customer-and-brand-loyalty-award-in-the-insurance-sector-general-category-110021100097_1.html)
  19. ^ (http://ehealth.eletsonline.com/2012/05/%E2%80%9Cit-is-leading-to-wider-outreach-of-our-services%E2%80%9D/)
  20. ^ (http://www.astd.org/Publications/Blogs/ASTD-Blog/2011/10/ASTD-Announces-32-Winners-in-Ninth-Annual-BEST-Awards)
  21. ^ (http://www.business-standard.com/article/press-releases/icici-lombard-receives-the-customer-and-brand-loyalty-award-in-the-insurance-sector-general-category-110021100097_1.html)
  22. ^ (http://www.nasscom.in/nasscom-cnbc-it-user-awards-acknowledge-forerunners-technology-deployment-india?fg=71038)
  23. ^ (http://www.consumerawards.moneycontrol.com/categories.php)
  24. ^ (http://timesofindia.indiatimes.com/business/india-business/Chanda-Kochhar-first-woman-to-get-ET-Biz-Leader-Award/articleshow/10236985.cms)
  25. ^ (http://www.worldbrandcongress.com/wbc_2010/awards.html)
  26. ^ (http://india.jdpower.com/en/news/2012081321/)
  27. ^ (http://insurance.gibl.in/list-of-insurance-companies/icici-lombard-profile/)
  28. ^ (http://www.goldenpeacockawards.com/pwGPEIA.htm)
  29. ^ (http://archive.indianexpress.com/news/insurance-award-for-icici-lombard/241609/)
  30. ^ (http://www.afaqs.com/news/story/38497_ICICI-Lombard-drives-home-safe-on-digital)

External links[edit]