ICICI Lombard
ICICI Lombard- Overview
ICICI Lombard GIC Ltd is a combined venture of ICICI Bank Limited and Fairfax Financial Holdings Limited from Canada. ICICI Bank is the second biggest bank in India and has consolidated aggregate assets worth US$ 91 billion till March 31, 2012. Fairfax Financial Holdings is worth 30 billion US dollars and operates in various areas of financial services such as the following:- General insurance
- Insurance claims management
- Reinsurance
- Investment management
Following are some of the awards and recognitions won by the organization:
Year | Award |
2006 | Most Customer Responsive Company in the Insurance Category at Economic Times Avaya Global Connect Customer Representatives Award 2006 |
2006 | Gold Shield for Excellence in Financial Reporting by Institute of Chartered Accountants of India |
2006 | Best Housing Insurance in the Smart Living Awards by 360 Degrees |
2007 | General Insurance Company of the Year at the 11th Asia Insurance Industry Awards |
2007 | NDTV Profit Business Leadership Award 2007 |
2007 | Brand Leadership Award 2007 at 16th Asia Brand Congress |
2010 | Golden Peacock Innovation Award 2010 for Rashtriya Bima Swasthya Yojana |
2010 | NASSCOM-CNBC TV 18 IT User Award 2010 for Best Technology Implementation in the Insurance Sector |
2010 | CNBC Awaaz Consumer Award 2010 for Most Preferred Brand in General Insurance category |
2010 | Customer and Brand Loyalty Award at Insurance Sector -Non Life category in 3rd Loyalty Awards, 2010 |
2010 | Master Brands Award 2010 by CMO Council |
2010 | Best Marketing Campaign of the Year (2010) by World Brand Congress for the Save Money Motor Insurance Campaign |
2010 | World Business Leader Award at The Bizz 2010 Awards |
2011 | Skoch Financial Inclusion Award 2011 in micro finance |
2011 | ASTD Best 2011 Award |
2011 | The Customer and Brand Loyalty Award at the 4th Loyalty Summit, 2011 |
2012 | Golden Peacock Award 2012 for Corporate Social Responsibility |
In addition to the above mentioned awards it has won the following:
- JD Power Asia Pacific highest rating in customer satisfaction for ICICI Lombard Auto Insurance
- Honored at 2nd CMO Asia Awards
- iAAA rating from ICRA
ICICI Lombard Management
The board of directors at ICICI Lombard comprises the following:Name | Designation |
Chanda Kochhar | Chairperson |
Chandran Ratnaswami | Director |
R Athappan | Director |
MK Sharma | Director |
Dileep Choksi | Director |
HN Sinor | Director |
Zarin Daruwala | Director |
Bhargav Dasgupta | Managing Director and CEO |
NS Kannan | Director |
Alok Kumar Agarwal | Executive Director |
S Mukherji | Director |
Neelesh Garg | Executive Director |
ICICI Lombard Financial Details
The following table highlights some important financial details of the insurer in 2011-12:
Domain | Figures in INR thousands |
Income from gross interest/dividend and rent | 872,639 |
Profit on sale or redemption of investments | 179,494 |
Interest income on tax refund | 32,381 |
Profit on sale/discard of fixed assets | 15,467 |
Provision for doubtful debts | 279,591 |
Employees remuneration and additional costs | 10,098 |
Managerial remuneration | 9,206 |
Directors fees | 660 |
Bad debts written off | 735 |
Loss on sale/discard of fixed assets | 32,408 |
Balance of profit/(loss) brought forward from last year | 176,539 |
ICICI Lombard Products and Services
The products and services of ICICI Lombard may be described as below:Motor Insurance
- Car Insurance
- Two Wheeler Insurance
Health Insurance
- Complete Health Insurance
- Personal Protect
- Health Advantage Plus
- Health Care Plus
- Critical Care
Travel Insurance
- Single Round Trip
- Senior Citizen
- Annual Multi Trip
Student Medical Insurance
- Overseas Student Travel Insurance
Home Insurance
NRI Services
- Individual Overseas Travel Insurance
- Motor Insurance
- ICICI Lombard Complete Health Insurance
- Personal Protect
- Critical Care Insurance
- Home Insurance
Business Insurance
- Fire Insurance - Fire and Special Perils Policy (Material Damage), Industrial All Risk, and Consequential Loss (Fire) Insurance Policy
- Office Package Policy
- Marine Insurance - All Risks Insurance Policy
- Educational Institution Package Policy
- Industrial Insurance - Boiler and Pressure Plant Insurance Policy, Machinery Loss of Profits Insurance Policy, Electronic Equipment Insurance Policy, Contractors' All Risk Policy, Machinery Breakdown Insurance Policy, Contractors' Plant & Machinery, and Erection All Risks
- Hotel Corporate Cover
- Corporate Insurance - Corporate Cover, Group Mediclaim Insurance Policy, Corporate Overseas Travel, and Group Personal Accident Insurance Policy
- Group Health Insurance
- Liability Insurance - Public Liability Insurance (Industrial Risks) Policy, Workmens' Compensation Policy, Public Liability Insurance (Non-Industrial Risks) Policy, Director & Officers Liability Insurance, Product Liability, Professional Indemnity (Doctors & Medical Practitioners), and Public Liability Act Only
- Group Personal Accident Policy
- Shop Insurance
- Workmens Compensation Policy
- Wedding Insurance
- Petrol Station Package Policy
- Other Policies - Money Insurance Policy, All Risks Insurance Policy, Tea Crop Policy, Credit Insurance, Burglary Insurance Policy, and Fidelity Guarantee Insurance Policy
- Malls and Multiplex Policy
Rural Insurance
- Health Insurance
- Weather Insurance
- Home Insurance
- Shop Insurance
- Tractor Insurance
ICICI Lombard News
ICICI Lombard has recently launched a health plan named Complete Health Insurance with the aim of competing with the newer companies in the Indian insurance scenario. The policy promises a base sum insured amounting to INR 10 lakhs, which is higher than before. It also offers the following benefits:- Outpatient department (OPD) cover
- Maternity benefit
- New born baby cover
- Personal accident cover
- Reimbursement of preventive care costs
- Reimbursement of wellness expenses
- Critical illness-donor expenses cover
- Hospital daily cash allowance - convalescence benefit
In the second cover the insured receives a previously fixed amount for each day of hospitalization and also when he or she is recovering. However, these benefits are only available in specified cover pairs.
In addition to this, the policy provides coverage for nursing costs incurred at home till a maximum limit of INR 3000 on a daily basis. It also provides an upper limit of INR 20,000 for the air travel of an immediate family member in economy class. This is provided if the insured is in the hospital for more than 5 days.
If the insured choose sub-limits they will receive discounts on their premiums. They can also renew the policy every year or on a bi-annual basis. The program provides income tax benefits as per Section 80D but only for years when the premium payment is done.
ICICI Lombard Office Network and Contact Details
The head offices of ICICI Lombard are at Mumbai and it enjoys a pan Indian presence. Its contact details may be enumerated as below:Customer Support:
ICICI Lombard General Insurance Co. Ltd.
401-402, Interface Bldg; No.11,
Link Road, Malad (West),
Mumbai - 400064
Toll free telephone number: 1800 2666
E-mail address: customersup[email protected]
Last Updated on 18 September 2012
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