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Interview of Mr. Sandeep Bakhshi,
MD & CEO of ICICI Lombard General Insurance Company
Ltd.
(Date: 16th December 2005)
There seems to be fierce competition between the
fourteen players each vying to acquire number one position,
despite this tough competition, how did the company manage
to acquire number one position?
ICICI Lombard has constantly focused on its customers and
has aligned products and services to meet their requirements.
Strong distribution reach supported by a scalable technology
backbone has helped us deliver solutions to our customers
at their convenience.
What strategies are being looked into to maintain
this rank?
We will continue to invest in the key areas required for
success in our industry including product innovation, customer
service, distribution, technology, human resources and brand.
Can you elaborate on the online training solutions?
And how does it help the customers?
Our online transaction platform allows end customers to
buy our retail insurance policies (Motor Insurance, Health
Insurance, Travel Insurance and Home Insurance) over the
Internet. The key benefits of buying online are:
i. Available 24x7 from any location with web access giving
instant online policy issuance for all products (except
Health Insurance which required underwriting).
ii. Multiple online payment options including Credit Cards
and Internet banking. There is also a facility of 0% EMI
on premium payment through ICICI Bank Credit Cards.
iii. Complete transparency on premium quotes and ability
to check policy wording before purchase
iv. Value added functionality such as My Portfolio, renewal
reminders, online tracking of health claims and online chat.
How do you perceive the performance of the new
policy, ‘10 K tax saver plan health plan’? How is it different
from other health plans?
10K Tax Saver Health Insurance is a unique product that
allows the customer to get maximum tax benefit under Section
80D of the Income Tax Act, effectively paying just Rs.6,636
for a policy worth Rs.10,000 after taking into account the
income tax benefit at the highest tax slab. The premium
is fixed at Rs.10,000, including Service Tax.
The company has plans of having separate health
unit within the organization and an independent health vertical?
Your comments on it?
ICICI Lombard already has a dedicated team focusing on
health insurance including an in-house panel of doctors
for underwriting and product development.
Are there any new plans waiting to be launched?
We are constantly evaluating new products and markets in
our quest to deliver maximum shareholder value. Retail and
Rural are the focus areas for future growth.
What strategies are being considered to increase
the company’s penetration?
Our endeavour is to drive both width and depth of penetration
for general insurance across customer segments. We have
adopted a multi-channel route to market allowing us to reach
out to a wider customer base in a cost effective manner.
We have also focused on product innovation to create new
product-markets. A case in point is Weather Insurance, which
was pioneered in the country by ICICI Lombard with inputs
from the World Bank and has been bought by corporates as
well as farmers.
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