Introducing a longer duration insurance cover for two wheelers, ICICI Lombard has managed to sell more than 5,00,000 policies. The new policy introduced by ICICI Lombard provides the owners with option of 2-3 years cover for their two wheeler instead of the conventional annual renewal.
A research involving over 900 customers was conducted by the company to understand acceptance of the product. The response found that 90% customers were satisfied while 94% said that they will recommend the product to others. 80% of the respondents believed that people have now been given a better policy option.
51% of the respondents showed interest in buying the three-year policy. A four-to-five year policy duration was requested by 1 out of 4 customers. 4 out of 5 customers wanted longer duration for health and car insurance as well.
MD & CEO, ICICI Lombard General Insurance Company, Mr. Bhargav Dasgupta believes that this policy will solve the issue of about 70% two wheelers in India not having insurance cover.