ICICI Lombard General Insurance

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This 74:26 JV between ICICI Bank and Canada-based $26 billion Fairfax Financial Holdings is creating ripples in the general insurance sector. Sandeep Bakhshi, MD & CEO, ICICI Lombard General Insurance (ILGI), said, “We will be focusing on health in a major way. We will be launching new health products, increasing distribution and enrolling more hospitals. The health insurance portfolio will be witnessing a substantial increase.” ILGI is laying its bet on using Internet and telephone connections to get in touch with new retail customers. Customers buying retail policies in areas such as motor, home, travel and health (both critical illness and personal accident) will be offered the products through these mediums. “Currently, e-channel brings in less than 1% of our premium income, but we believe that this number can easily grow to over 20% over the next four to five years,” said Kartik Jain, head of marketing and e-channel, ILGI. This ISO 9001:2000 certified company is surely planning for a comprehensive product line – more to pep up its confidence, it won the ‘General Insurance Company of the Year’ award at the 11th Asia Insurance Industry Awards 2007. But will internet connections really pick the way it has done in China? And by when? More importantly, will Indians buy insurance products online, considering that most experts feel that this business is a purely on developing personal, long-term relationships?

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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