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Tag: ICICI Lombard

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ICICI Lombard Launches ‘Smart Saver Plus’ for Motor Insurance

Aug 9, 2024 by Mansi 0 Comments #ICICI Lombard, #Motor Insurance

New Delhi, 09th Aug, 2024: ICICI Lombard, a leading private general insurance company in India, today announced the launch of its industry-first innovative “Smart Saver Plus” add-on for motor insurance policies. This feature aims to address the concerns of policyholders regarding prolonged turnaround times (TAT) and the need for reliable repair quality, by providing swift servicing, quality assurance, and customer convenience, reinforcing ICICI Lombard’s commitment to delivering superior customer experiences. With this unique cover ICICI Lombard is moving from claims service to claims guarantee.

Motor insurance claims can often be a stressful and time-consuming process, with policyholders facing challenges such as extended repair times and uncertainty about the quality of workmanship. The ‘Smart Saver Plus’ add-on has been designed to tackle these issues head-on. By opting for this feature, customers can enjoy the assurance of repairs being completed at our preferred garages within a short span of 5 days, where the claim amount is up to Rs. 50,000. In the unlikely event that the repair takes longer, ICICI Lombard will provide alternate travel arrangements for up to 5 days, ensuring minimal disruption to the customer’s daily routine.

Furthermore, the ‘Smart Saver Plus’ add-on offers warranty on the quality of repair work carried out at ICICI Lombard’s preferred network garages for 24-month or 10,000-kilometer whichever is earlier for all claims irrespective of claim amount. This assurance provides customers with peace of mind, knowing that their vehicle is in capable hands and that any workmanship issues will be promptly addressed. To avail of these benefits, policyholders simply need to notify first and foremost to ICICI Lombard of any car damage claims, and the company, , will take care of the rest.

Mr. Gaurav Arora, Chief – Underwriting & Claims Property & Casualty at ICICI Lombard, commented, “At ICICI Lombard, our consistent focus is to deliver innovative and customized solutions. Our recent offering ‘Smart Saver Plus’ is a yet another example of this philosophy, recognizing the discomfort caused by having a vehicle in the garage for an extended period. By addressing these minute yet crucial aspects like swift repairs, quality assurance, and a seamless claims experience, we are endeavouring to provide a truly customer-centric insurance experience.”

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ICICI Lombard First Quarter Results: PAT grows by 50 percent

Jul 26, 2024 by Mansi 0 Comments #50 percent, #ICICI Lombard, #PAT, #Quarter Result
  • Gross Direct Premium Income (GDPI) of the Company stood at ₹ 76.88 billion in Q1 FY2025 compared to ₹ 63.87 billion in Q1 FY2024, a growth of 20.4%, which was higher than the industry growth of 13.3%. Excluding crop and mass health, GDPI growth of the Company was at 19.7%, which was higher than the industry growth of 14.8% in Q1 FY2025.
  • Combined ratio stood at 102.3% for Q1 FY2025 compared to 103.8% for Q1 FY2024.
  • Profit before tax (PBT) grew by 48.8% to ₹ 7.74 billion in Q1 FY2025 as against ₹ 5.20 billion in Q1 FY2024.

o   Capital gains were at ₹ 2.84 billion in Q1 FY2025 as against ₹ 1.23 billion in Q1 FY2024.

  • Consequently, Profit after tax (PAT) grew by 48.7% to ₹ 5.80 billion in Q1 FY2025 as against ₹ 3.90 billion in Q1 FY2024.
  • Return on Average Equity (ROAE) was 19.1% in Q1 FY2025 compared to 14.7% in Q1 FY2024.
  • Solvency ratio was 2.56x as at June 30, 2024 as against 2.62x as at March 31, 2024 which was higher than the minimum regulatory requirement of 1.50x.

Operating Performance Review :       

Financial Indicators Q1 FY2024 Q1 FY2025 Growth % FY2024
GDPI 63.87 76.88 20.4% 247.76
PBT 5.20 7.74 48.8% 25.55
PAT 3.90 5.80 48.7% 19.19

Ratios :

Financial Indicators Q1 FY2024 Q1 FY2025 FY2024
ROAE (%) – Annualised 14.7% 19.1% 17.2%
Combined ratio (%)* 103.8% 102.3% 103.3%

  CoR revised for Q12024 & FY2024 basis IRDAI master circular dated May 17, 2024.

 Notes:

Combined Ratio = (Net Incurred Claims/ Net Earned Premium) + (Management Expenses – Commission on Reinsurance)/ Net Written Premium

Management Expenses = Commission Paid Direct + Commission Paid on Reinsurance inward + Operating expenses related to insurance business

Return on Average Equity (ROAE) = Profit After Tax / ((Opening Net Worth + Closing Net Worth)/2)

Net Worth = Share Capital + Reserves & Surplus

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ICICI Lombard Launches ‘Elevate’: Revolutionary Health Insurance Product

Jul 2, 2024 by Sujata 0 Comments #Health Insurance Product, #ICICI Lombard, #Mumbai

Mumbai, July 2, 2024: ICICI Lombard, a leading private general insurer in India, proudly announces the launch of its revolutionary health insurance product, ‘Elevate’. Powered with AI the first-of-its-kind health product is loaded with cutting-edge features and add-ons, offering personalised solutions to meet the needs of dynamic lifestyle, unforeseen medical emergencies and medical inflation. This significant launch underscores ICICI Lombard’s commitment to pioneering advancements in the insurance industry delivering exceptional value to its  customers.

Designed to cater to the rapidly evolving ecosystem, ‘Elevate’ offers a suite of personalised customer-centric plans that prioritise comprehensive coverage and flexibility. The key features of ‘Elevate’ include:

  •  Infinite Sum Insured: Addressing the concern of limited coverage and sum insured, this feature ensures that policyholders never run out of coverage.
  •  Infinite Claim Amount: This add-on offers comprehensive financial protection with infinite claim amount for one-time claim during the lifetime of policy without taking into purview the sum-insured amount.
  •  Power Booster Add-on: This add-on provides a 100% cumulative bonus annually, irrespective of claims, for an indefinite period.
  • Reset Benefit: This feature triggers unlimited resets of your coverage, ensuring continuous protection irrespective of claims.
  • Infinite Assurance: This jump-start add-on enables people with pre-existing disease conditions like asthma, diabetes, hypertension, hyperlipidemia, and obesity to start benefitting from the policy after 30 th day as against the industry norms of waiting period of 3 years.

Leveraging the power of AI, ‘Elevate’ interprets customer inputs to deliver optimal coverage recommendations, ensuring that each policy is uniquely suited to individuals’ requirements. The bespoke approach to health insurance provides extensive protection while catering to personal health and financial considerations, making it more adaptable and responsive to customers’ needs.

Staying true to its motto – power of infinite personalisation, ‘Elevate’ also comes power packed with 15 in-built covers and multiple personalization options, encompassing covers for; 20 critical illnesses, personal accident, maternity, new born cover, accommodation and travel benefits, preventive care, inflation protector, air ambulance and personalised home care and many more.

Mr. Anand Singhi, Chief of Retail and Government at ICICI Lombard, stated, “‘Elevate’ embodies our steadfast dedication to pioneering innovation and customer- centricity. As a ground-breaking industry first, powered by an AI-Engine ‘Elevate’ will redefine health insurance, ensuring a deeply personalised experience tailored to customers’ unique needs. With add-ons such as ‘Infinite Care’ and ‘Power Booster,’ we have set a new standard in the health insurance, empowering our customers with unparalleled peace of mind in an increasingly dynamic world.”

ICICI Lombard is committed to customer-centricity by integrating innovation into every facet of its operations, especially personalized insurance solutions enhanced by cutting-edge  technology.