You would like to Know

ICICI Lombard

Overall Rating: [5/5]Total Votes [ 6 ]
Rate this page: 1 2 3 4 5

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 11^th Asia Insurance Industry Awards
2007	NDTV Profit Business Leadership Award 2007
2007	Brand Leadership Award 2007 at 16^th 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 3^rd 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 4^th 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 2^nd 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

>> More About Insurance