ICICI Lombard Expands its Reach with 7 Bancassurance Partnerships

MUMBAI:
ICICI Lombard General Insurance, India’s leading private general insurance company, has strengthened its strategic bancassurance partnership with seven financial institutions: Aye Finance, Bandhan Bank, Karnataka Bank, Muthoot Mini, Nivara Home Finance Pvt Ltd, NSDL Payment Bank and The Andhra Pradesh State Co-operative Bank.

These alliances highlight ICICI Lombard’s commitment to expand its distribution network and making insurance more accessible. By teaming up with these institutions, which collectively have over 4,000 branches, ICICI Lombard aims to bring more people under the insurance safety net.

ICICI Lombard now collaborates with over 200 + financial institutions spread across Universal Banks, Small Finance Banks, Payment Banks, Corporate Banks, NBFC, HFCS, MFI, Securities & Wealth Management Companies, significantly broadening its bancassurance network.

Further, the company’s approach focuses on customer segmentation, allowing for tailored product offerings that meet specific needs across various customer groups. This strategy is complemented by ICICI Lombard’s unique risk pricing model, which ensures competitive and fair pricing for different risk profiles.

“We are thrilled about the opportunities these partnerships bring,” said Anand Singhi, Chief of Retail and Government Business at ICICI Lombard., “By combining our expertise in product customization and risk assessment with our partners’ reach, we are making insurance more accessible and affordable for all. It’s about creating real impact in people’s lives across India.”

ICICI Lombard’s focus on innovation is evident in its digital initiatives. With 99.3% of policies issued electronically and over 10 million downloads of its mobile app, IL Take Care, the company is embracing a ‘phygital’ approach – blending physical and digital touchpoints to enhance customer experience. This customer-centric strategy has contributed to ICICI Lombard’s impressive growth, with bancassurance growing at 20.2% in FY2024 and the company achieving a market share of 8.6%.