ICICI Lombard

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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
In the 2011-12 fiscal the Gross Written Premium (GWP) of ICICI Lombard has been INR 5358 crores. As of that date, the company has sold more than 76 lakh plans and settled in excess of 44 lakh claims. Till March 31, 2012 its claim disposal ratio is 99 percent.

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
This policy does not have a maximum age for renewal - something that is pretty similar to the other new policies available in the Indian insurance market. The following add on covers are available in the program:
  • Critical illness-donor expenses cover
  • Hospital daily cash allowance - convalescence benefit
In the critical illness-donor expenses cover the insured is paid a stipulated lump sum for treating a critical ailment. In case of a transplant surgery the organ donor is compensated as well under this cover.

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: [email protected]

Last Updated on 18 September 2012

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