ICICI Lombard's 2-wheeler policy reaches milestone

ICICI Lombard General Insurance has sold more than 5,00,000 policies of long-term two wheeler insurance in the first year of launch. The company was among the first companies to have launched the product in India. The product allows two wheeler owners to purchase a policy with a longer duration cover of two or three years instead of the conventional annual renewal duration.

To understand the customer response in detail, the company conducted a research with over 900 customers who had purchased the product. The findings reveal that 90% of customers are satisfied with their purchase. Also, 94% would recommend the product to others. Separately, 80% customers believed that people who had hitherto not renewed their insurance would now do so given the long-term duration benefit.

 

The customer feedback revealed that 51% would want to buy three-year duration policy, when their existing policy tenure ended. Further, 1 out of 4 customers wanted a two-wheeler insurance with an even longer duration i.e. 4 or 5 years. The positive response is not limited to two wheeler insurance, 4 out of 5 customers would be interested in longer duration cover in other segments such as health and car insurance.

Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance Company, said: "I am sure that this innovative yet simple product backed by our distribution muscle and digital prowess will significantly address the issue of 60-70% two wheelers currently plying on roads without insurance."