ICICI Lombard to increase business via online platform

By: Gizbot Bureau

Leading private sector non-life insurer ICICI Lombard is looking at increasing the share of business coming from online platform to 10 per cent by 2020 from less than 5 per cent at present.

ICICI Lombard to increase business via online platform

For this, the country's largest private non-life firm is focusing on health and motor insurance, which accounts for around 22 per cent and 45 per cent, respectively, of its overall premium at the moment.

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"Online sales are responsible for less than 5 per cent of our total business at present. We want to take it to 8-10 per cent by 2020. "For this, we are focusing on segments like health and motor insurance which are contributing around 22 per cent and 45 per cent of our total business at the moment," ICICI Lombard Head (Underwritings and Claims) Sanjay Datta told reporters here today.

ICICI Lombard to increase business via online platform

He was speaking on the sidelines of a function where a report on 'Digital influence on health and motor insurance purchase' was unveiled. The report is the outcome of a study jointly conducted by ICICI Lombard and tech giant Google.

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Later, talking to PTI, Datta said his company is planning to increase premium under health insurance segment by up to 10 per cent during the current fiscal.

"The price of premium under health insurance segment in the current fiscal may go up somewhere between 8 and 10 per cent. However, I think that the prices will remain stable across all other segments."

ICICI Lombard to increase business via online platform

The company's focus in FY16 will be more on retail. "The focus of my company during the current fiscal will be on both corporate and retail.

Still, retail will get priority over corporate," Datta said without disclosing anything further. The ICICI Group company is planning to bring its product in home insurance segment on online platform.

"We have got a product in home insurance segment and it's a big product. But it is not selling well (off-line) and hence we are planning to introduce it on our online platform," he said.

The firm is working out modalities for participation in the proposed nuclear insurance pool, which will deal with financial risks arising out of an accident at an atomic power plant.

"We have already committed to participate in the nuclear insurance pool. Currently, we are busy working out how much to contribute for the pool," Datta said.

Talking about the report, he said "the findings reveal that online medium is playing a critical role in the purchase of non-life insurance products."

Source: PTI

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