ICICI Lombard

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

ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank Limited, India's second largest bank with total assets of over USD 99 billion at 31 March 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.[2] 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 31 March 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. ICICI Lombard has 221 branches spread across the nation.

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).

Product and Services[edit]

  • ICIC Lombard Health Insurance
  • ICICI Lombard Overseas Student Medical Insurance
  • International Travel insurance
  • ICICI Lombard Home Insurance
  • ICICI Lombard Car Insurance

Awards[edit]

ICICI Lombard received the highest rating in terms of overall customer satisfaction[citation needed] as well as ‘The Most Recommended Company’ in a 2013 survey[citation needed] 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 FY 2012-13 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.

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

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.[18]

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 FY-2014, 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 socio-economic 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. ^ "Board of Directors & Key Persons - ICICI Lombard". Retrieved 27 November 2014. 
  2. ^ "About ICICI Lombard". Retrieved 26 November 2014. 
  3. ^ (http://fintelekt.com/awards)
  4. ^ (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)
  5. ^ (https://mdindiaonline.com/pdf/pdfToOpen.pdf)
  6. ^ (http://www.goldenpeacockawards.com/past-winners/corporate-social-responsibility-gpacsr.html)
  7. ^ (http://www.dnaindia.com/press-releases/press-release-icici-lombard-awarded-prestigious-porter-prize-1751416)
  8. ^ (http://www.astd.org/About/ASTD-Awards/Best-Awards)
  9. ^ (http://asiablog.celent.com/2012/11/15/winners-of-2nd-asia-insurance-technology-awards/)
  10. ^ (http://www.frost.com/prod/servlet/press-release.pag?docid=248856307)
  11. ^ (http://www.eventfaqs.com/news/ef-01216/CMO-Asia-Awards-pays-tribute-t-1311655017653.html)
  12. ^ (http://ehealth.eletsonline.com/2012/05/%E2%80%9Cit-is-leading-to-wider-outreach-of-our-services%E2%80%9D/)
  13. ^ (http://www.astd.org/Publications/Blogs/ASTD-Blog/2011/10/ASTD-Announces-32-Winners-in-Ninth-Annual-BEST-Awards)
  14. ^ (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)
  15. ^ (http://www.consumerawards.moneycontrol.com/categories.php)
  16. ^ (http://www.worldbrandcongress.com/wbc_2010/awards.html)
  17. ^ (http://archive.indianexpress.com/news/insurance-award-for-icici-lombard/241609/)
  18. ^ (http://www.afaqs.com/news/story/38497_ICICI-Lombard-drives-home-safe-on-digital)

External links[edit]