ICICI Lombard, Fino Payments Bank aim deeper insurance penetration

ICICI Lombard and Fino Payments Bank on Monday announced plans to take insurance deeper into the hinterlands of the country by leveraging technology-enabled platforms to harness customer reach.

Continuing with their health insurance focus, both companies are launching a dengue and malaria policy that covers treatments pertaining to these diseases up to Rs 10,000 at a premium as low as Rs 49. Targeting other significant segments, they are introducing comprehensive insurance for motorcycles and scooters.

"We have worked extensively with Fino Payments Bank since 2017, securing their customers based in 550 districts across the country," said Sanjeev Mantri, Executive Director of ICICI Lombard.

 

"Given our risk management capabilities and innovative products coupled with Fina's technology-led distribution, we have been able to extend our products to over 10 lakh customers in tier 3 and 4 cities," he said adding both companies derive their strength from robust in-house technology, versatility of operations and scale of distribution channel to provide customised new-age solutions.

Terming innovation as the key to make insurance simple and affordable, Rishi Gupta, Managing Director and CEO of Fino Payments Bank, said there is huge potential for sachet insurance products among low-income households and rural masses which take care of specific needs.

"Our extensive distribution network will create awareness and enable insurance adoption in the hinterlands of the country. We believe this is a win-win proposition for all the stakeholders," he said in a statement.

As a payments bank, Fino offers third party products such as insurance through partnerships. While it has partnered with ICICI Lombard for health and general insurance, for life insurance ICICI Prudential and Exide Life are the partners.

Bharat Petroleum Corporation Ltd, a strategic investor in Fino, is the distribution partner providing access to its wide network of petrol pump outlets across the country.

ICICI Lombard General Insurance Company Ltd is the fourth largest non-life insurer in India based on gross direct premium income in fiscal 2019. Fino Payments Bank provides technology-enabled banking services in unbanked and under-banked areas. It has over 1.25 lakh banking points spread across 550 districts.