A recent study conducted by ICICI Lombard and Google India has revealed that the online medium is playing a critical role in the purchase of non-life insurance products. To leverage this opportunity, ICICI Lombard has decided to focus on its online platform to increase business.
ICICI Lombard is aiming to increase its business coming from the online platform to 10% by 2020. Currently, it amounts to less than 5%. For this, ICICI Lombard is focusing on health and motor insurance segments, which currently accounts for 22% and 45% of the overall premium, respectively. To gain more yield from its segments, the premium under health insurance might increase by up to 10% in the current fiscal. Moreover, ICICI Lombard is also planning to introduce a key home insurance product online.
Along with the online platform, ICICI Lombard is also working out modalities for participation in the proposed nuclear insurance pool, which will deal with financial risks arising out of an accident at an atomic power plant. "We have already committed to participate in the nuclear insurance pool. Currently, we are busy working out how much to contribute for the pool"; said Sanjay Datta, Head Underwriting and Claims, ICICI Lombard.