- Received Customer and Brand Loyalty award in the ‘Insurance Sector – General’ at the Loyalty Summit 2010, for the second consecutive year
- Received the award for its unremitting outstanding customer service delivery in the insurance sector
- Customer centric initiatives taken by ICICI Lombard, such as in-house Health Claims processing, ‘Red Carpet’, free Health and Eye check up camps and training of drivers
ICICI Lombard General Insurance, the country’s largest private sector General Insurance company has been presented with the Customer and Brand Loyalty award in the ‘Insurance Sector – General’ at the Loyalty Summit 2010, for the second consecutive year. Loyalty Summit is a forum that focuses on the latest issues, developments and solutions that concern customers. These awards recognise the efforts of companies in each sector who understand the importance of customer loyalty and channel their efforts throughout the year in achieving the same. ICICI Lombard received the award for its unremitting and outstanding customer service delivery in the insurance sector.
The Loyalty Awards are an outcome of a combination of consumer research aided by nominations received from organisations across sectors. The other award categories included consumer durables, mutual funds, information technology, oil and gas etc. The consumer research was conducted by KPMG from a sample size of 50,000 consumers across six cities namely Mumbai, Delhi, Bangalore, Hyderabad, Chennai and Calcutta.
ICICI Lombard, a deeply customer-centric organization, has taken initiatives such as ‘Red Carpet’, free Health check up camps and training of drivers for its customers. ‘Red Carpet’ is a unique and exclusive claims service initiative in the motor insurance which gives ease in terms of documentation and reduction in claim processes . It also entails relaxation in spot survey in case of a claim by allowing shifting of the vehicle from the loss location in case the ICICI Lombard surveyor does not turn up within 6 hours and offer full claim without any deduction, subject to policy terms and conditions. ICICI Lombard would make advance payment for claims over Rs. one lakh, by paying 50% of assessed liability upfront, with dues settled immediately after final invoice is raised.
The other customer service initiatives include free Health and Eye check-up camps, Driver Trainings on ‘Am I a safe driver?’, exclusive access to national highway cashless network and scheduled visits to customers to collect and assess feedback. The numbers of cashless garages are also continuously increased, especially on the national highways. ICICI Lombard has also set up its own Health Claims processing set up to manage customer claims with better quality and faster response times.
“As the general insurance industry evolves in India we believe that superior service quality will be a key differentiator among insurers. We are humbled by this recognition and it encourages us to further enhance our service commitment to our customers.” said Mr. Kartik Jain, Head Marketing & Direct, ICICI Lombard General Insurance Company Ltd.
About ICICI Lombard General Insurance
ICICI Lombard is a 74:26 joint venture between ICICI Bank Limited, India’s second largest bank with USD 75 billion in assets and Fairfax Financial Holdings Limited, a Canada based USD 27 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.
ICICI Lombard is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs. 37,492 million for the year ended March 31, 2009. As on December 31, 2009, the company has 4,707 employees and 360 branches. In the financial year ended March 31, 2009, the company issued over 4 million policies and serviced over 33 lakh claims. The company has a claim disposal ratio of 97% (percentage of claims) settled against claims reported) as on March 31, 2009
The company has been assigned a domestic rating of ‘iAAA’ by ICRA (an associate of Moody’s Investors Service) for highest claim paying ability and a fundamentally strong position, for the fourth consecutive year. ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto insurance providers. The company has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather insurance and the Customer and Brand Loyalty award in the “Insurance Sector - Non-Life” at the 3rd Loyalty awards, 2010. It was awarded the ‘General Insurance Company of the Year’ at the 11th Asia Insurance Industry Awards. The company also won the NDTV Profit Business Leadership Award 2007 and was adjudged as the most Customer Responsive Company in the Insurance category at the Economic Times Avaya GlobalConnect Customer Responsiveness Award 2006. It has the Gold Shield for “Excellence in Financial Reporting” by the ICAI (Institute of Chartered Accountants of India) for the year ended March 31, 2006.
ICICI Lombard allows instant policy issuance and renewal through its website www.icicilombard.com for all retail insurance products including Car Insurance, Health Insurance, Travel Insurance, Two Wheeler Insurance and Home Insurance. There are multiple payment options available including internet banking, credit card, debit card and cash card.
For more details about the company, log on to the website www.icicilombard.com
