ICICI Lombard, the largest private non-life insurance company in the country, launched its latest line-up of new insurance solutions. The new offerings, announced at a Press Conference in Mumbai on Friday, including insurance products, riders/add-ons, and upgrades across Health, Motor, MSME, Travel and Corporate segments, will transform the way consumers experience insurance, providing them with a seamless journey and tech-enabled solutions.
The insurance industry is now seeing new types of risks emerging, be it pandemic, climate change or privacy and data protection. This calls for comprehensive coverage steered by the changing customer behaviour and some of it driven by the availability of new technological solutions. This was the core thought behind the new offerings. It is worth noting that this development aligns ICICI Lombard with the latest objectives of the IRDAI (Insurance Regulatory and Development Authority), thus, making it one of the first companies to adopt the new regulations.
Speaking about the consolidation of ICICI Lombard’s product portfolio, Sanjeev Mantri, Executive Director, ICICI Lombard, said, “We, at ICICI Lombard, have always been at the forefront of providing millions of customers with simple and cutting-edge risk solutions that are tailored to their specific needs. The slew of offerings that we announced is backed by innovation and designed to meet the futuristic needs of the customers. With technology as a backbone of our offerings and the core of our customer life cycle, these additions and upgrades to our product portfolio will be a significant step in establishing ICICI Lombard as a comprehensive insurance solutions provider across the lengths and breadths of the nation.”
ICICI Lombard offers a variety of tech-enabled solutions, one example being its IL TakeCare App, which allows users to purchase policies, handle claims, as well as renew them on the same platform, all of this while maintaining a seamless client experience. In addition to this, ICICI Lombard also has RIA (Responsive Intelligent Assistant), an NLP-enabled chatbot that will help upgrade the end-user experience. Customer support and assistance have always been a priority for the leading general insurance company: various digital initiatives such as Instaspect (a self-inspection feature in car insurance) and Whatsapp aide (for quick resolution of customer concerns) are a testimony to this fact.
Appended are the segment-wise details about the new offerings:
Golden Shield provides financial security for senior citizens against uncertain health-related risks. The plan provides customizable policies that cover exhaustive hospitalization expenses that are more relevant to the golden ager. The coverage includes expenses pertaining to room rent, ICU charges, medical practitioner fees, anaesthesia, blood, oxygen, operation theatre charges, medicines, surgical appliances, and more. It also includes medical expenses for day-care procedures/treatments requiring less than 24 hours of hospitalization, and for modern treatments including uterine artery embolization, stem cell therapy, balloon sinuplasty, oral chemotherapy, robotic surgeries, deep brain stimulations and more.
Health AdvantEdge, a flagship offering, includes international cover, enhancement of pre- and post-hospitalization, unlimited teleconsultation, air ambulance, and emergency assistance services.
Complete Health Insurance & Health Booster: These products are included under health indemnity offerings. The refiled and newest avatar of these products includes many enhanced benefits along with zone-based pricing and higher sum-assured in both the products. These, along with ICICI Lombard’s existing offerings like CritiShield and Family Shield, shall help the company offer a very comprehensive spread of retail-health-products suiting varied segments of their customers.
BeFit: Introduced at the end of FY22, BeFit is an add-on offering/rider to indemnity health products, which enables 360-degree support for all health-related risks. What was initially launched in 20 locations has now broadened its reach to 50 locations.
Motor Floater Insurance: Customers can enjoy the convenience of a single policy, a single renewal date, and a single premium for all their motor policies with a Motor Floater Policy. Customers opting for this product are provided with a lower premium for their multiple vehicles insured under this offering. Overall, it saves customers’ efforts of maintaining multiple motor insurance policies for each vehicle owned by them.
Telematics add-on: This add-on service converts the base motor product into an ‘Asset cum Usage’ based product wherein the premium charged for the insurance of the base motor vehicle would depend partially on the usage. Customers can opt for the below plans under this add-on:
o Pay-As-You-Use (PAYU) Plan: Customers are provided with the flexibility to choose from different ‘kilometre plans’ depending on usage. Hence, the premium for the policy is limited only to the extent the vehicle is used or estimated to be used by the customer.
o Pay-How-You-Use (PHYU) Plan: Under this plan, the premium charged changes as per the driving behaviour score. A customer with good driving behaviour can avail of attractive discounts over the base premium of the policy.
Emergency Medical Expense (EME)/EMI add-ons: The EME add-on covers the occupants of the vehicle against medical expenses and daily hospital cash benefits in the event of an accident. If the vehicle is involved in an accident and the cost of repairs exceeds the threshold level, one instalment is due under the EMI add-on service.
Under the Use & File guidelines, ICICI Lombard will be filing new insurance products dedicated to the MSMEs in the 0-5 crore and 5-50 crore segments. These upgraded offerings will replace the existing standardized products and will be flexible to increase or decrease the coverage based on requirements.
House Shield Package: Currently in the process to be filed, this offering for housing societies and apartment complexes will provide security against risks including fire, natural catastrophes, breakdown of electrical/electronic equipment, burglary, money in transit, and more.
Business Shield Advantage: With the success of the Business Shield Product, ICICI Lombard is launching the new package product – Business Shield Advantage – with property coverage on all risk basis and coverage of miscellaneous sections including money, public liability, etc. This product will easily cater to all the needs of corporate customers in the form of a single policy.
Club Royale Home Insurance Policy: Exclusively curated for the elite base, this product is tailor-made for the premium group, owners, directors and senior management customers to ensure complete protection pertaining to not just their residential units, but also their family, pet and appointed staff. This Product can be sold to homeowners with the feasibility of insuring multiple locations in a single policy. This is a comprehensive product with a wide array of add-ons that can be customized as per requirement. The objective is to get you back where you belong in case of any unforeseeable event.
Voyager Group Travel Insurance: The new covers under this product, caters to the evolving needs of customers. In-demand covers included in this product, such as self-driven holiday, cruise etc., and reflects the changing lifestyle and preferences of travellers. Re-launched as a single solution for group and corporate coverage, this product covers both domestic and overseas travel. The new offering also includes extensions to the base cover in the medical segment (wellness and PA cover) as well as non-medical segment (baggage loss, trip cancellations, student cover, car rental cover, specialised adventure sports cover, sea to land evacuation for cruise trips etc.).
ICICI Lombard as a company is driven by innovations and these aforementioned products are a strong justification for the same.