ICICI Lombard General Insurance

On 27th February 2024 ICICI Bank purchased an additional 1.4% ownership in ICICI Lombard General Insurance Company through the open market for US$ 140 million (Rs. 1,164 Crore).

On December 5, 2023, ICICI Lombard unveiled its customer-centric product, MaxProtect. The product is designed keeping in mind the ever-evolving lifestyle of customers to offer high-value coverage at an affordable price and provide an inflation-adjusted solution to meet the healthcare needs of individuals and families.

In May 2023, ICICI Lombard announced a strategic partnership with actyv.ai, a Singapore-based enterprise SaaS platform with embedded B2B, BNPL (Buy Now Pay Later) and insurance.

In March 2023, ICICI Lombard General Insurance introduced an industry-first feature for health insurance policyholders called ‘Anywhere Cashless,’ which allows them to receive cashless facilities at any hospital, regardless of whether or not it is currently part of ICICI Lombard’s hospital network.

In March 2023, ICICI Lombard announced a special initiative to empower women motorists on the occasion of International Women’s Day 2023. The company launched a complimentary roadside assistance (RSA) program, which was available to women drivers till March 31, 2023. The complimentary RSA program aimed to help women drivers cope with car breakdowns, accidents, flat tyres, loss of fuel, electrical failure, and more. The insurance provider also announced complimentary health check-ups to 10,000 women on a first-come-first-serve basis.

ICICI Lombard has come up with a line-up of 14 new Insurance solutions across Health, Motor and Corporate segments. The offerings are propelled by the recently introduced “Use and File” framework from IRDA and new types of risks emerging in all sectors be it pandemic, climate change or data privacy.

ICICI Lombard and Airtel Payments bank have entered into a partnership for providing cyber insurance in February 2022.

In September 2021, ICICI Lombard General Insurance received approval from Insurance Regulatory and Development Authority of India for the proposed scheme of an arrangement to demerger Bharti AXA General Insurance Company’s general insurance business to ICICI Lombard General Insurance Company.

In August 2021, ICICI Lombard General Insurance introduced a comprehensive remotely piloted aircraft insurance policy to cater to drone operators.

In July 2021, ICICI Lombard collaborated with Dr. Reddy’s to introduce cashless digital health solutions in India at pilot scale.

In June 2021, the company announced that it is working towards using Microsoft’s speech-to-text tools as a stepping stone to build artificial intelligence (AI) capability in dealing with customers.

In March 2021, the company’s 'InstaSpect' feature for vehicle damage assessment reached the milestone of >10 lakh motor insurance claim approvals since its launch in 2018. The feature eliminates the need for vehicle damage assessment through a physical survey and includes a live stream feature that allows virtual assessment.

In February 2021, it received approval from the International Financial Services Centre Authority (IFSCA) to set up an IFSC insurance office (IIO) in Gujarat International Finance Tec-City (GIFT) near Gandhinagar.

In December 2020, ICICI Lombard introduced the ICICI Lombard Full Health Insurance product with new health plans and benefits. The Health Shield, Health Shield Plus, Health Elite and Health Elite Plus plans will provide the latest offerings and robust coverage to provide consumers with enhanced security.

In November 2020, ICICI Lombard General Insurance Company received approval from the Insurance Regulatory and Development Authority of India (IRDA) for acquisition of Bharti AXA General Insurance Company. The deal is expected to create the country’s third-largest non-life insurance company, with a combined annual premium of Rs. 16,447 crore (US$ 2.24 billion) and a market share of ~ 8.7%.

In September 2020, ICICI Lombard entered into a bancassurance partnership with Yes Bank to make insurance more accessible to customers across 28 states and 8 union territories.

ICICI Lombard launched domestic trip insurance with PhonePe

Announced tie-up with Standard Chartered Bank

Became a listed company, GDPI crossed Rs 100 billion (US$ 1.54 billion)

First general insurance company in India to issue subordinated debt

Investment book size crossed Rs 100 billion (US$ 1.56 billion)

Number of policies issued surpassed 10 million

Settled over 5 million claims

Crossed Gross Direct Premium Income (GDPI) of Rs 10 billion (US$ 220.61 million)

Became India’s largest private sector general insurer

Commenced non-life insurance operations