ICICI Lombard Car Insurance is one of the products offered by ICICI Lombard General Insurance Ltd, one of the biggest private players in the insurance sector in India. The company is a joint venture between the country’s second largest bank ICICI Bank Limited and Canadian financial services company Fairfax Financial Holdings Limited.
|Third-party Cover||Up to Rs.7.5 lakhs|
|Cashless Network Garages||3,400+|
|Incurred Claims Ratio 2017-18||77.44%|
|Net Earned Premium 2017-18||Rs.4,142.19 crore|
To avail a car insurance policy from ICICI Lombard, customers have to follow the steps mentioned below:
Why ICICI Lombard Car Insurance
|Effortless policy purchase|
|Hassle-free claim settlement process|
|Wide range of add-on covers|
|Zero depreciation cover|
|Policy switch option|
|Daily commute allowance|
ICICI Lombard offers an extensive and wide range of add-on cover options to customers. Let's explore them.
|Theft or loss of keys||Valid only in India|
|Loss of personal belongings||Accident due to intoxication|
|Tyre damage||Damage due to own negligence|
|NCB||Mechanical or electrical breakdown|
|Engine repair & replacement||Loss due to nuclear risks|
|Roadside assistance||War related risks|
|Loss or damage due to man-made calamities|
|Loss or damage due to natural calamities|
|Own damage cover due to natural & manmade calamities|
|Personal accident cover|
|Age of vehicle||% of depreciation|
|Not exceeding 6 months||5%|
|Exceeding 6 months but not exceeding 1 year||15%|
|Exceeding 1 year but not exceeding 2 years||20%|
|Exceeding 2 year but not exceeding 3 years||30%|
|Exceeding 3 years but not exceeding 4 years||40%|
|Exceeding 4 years but not exceeding 5 years||50%|
ICICI Lombard customers can avail cashless services from the wide network of over 3400+ cashless garages spread across the country. To locate the nearest garage, log on to their website. Remember, policyholders have the exclusive benefit of availing services even at other garages and then get the expenses incurred replaced.
In the case of an accident, breakdown, theft or any other unfortunate event, customers will be provided immediate assistance during the entire claim process. Policyholders need to first make a call on the company’s toll-free number to initiate a claim. Cashless repair services can be availed or reimbursement can be claimed for the expenses incurred. Customers can avail the facility of free-pick up, towing and wash at the empanelled list of network garages.
Let’s explore the cashless claim process:
Let’s explore the reimbursement claim process:
Listed below are the documents that policyholders have to submit for third-party and comprehensive car insurance claims, if the vehicle has been stolen or damaged due to an accident:
Customers can purchase an ICICI Lombard Car Insurance policy at any of the ICICI Lombard branches, or online on the website of the insurer.
A third-party car insurance policy is definitely cheaper, but its coverage is limited as well. A third-party insurance policy offers coverage for damages caused only to the vehicle of the third-party and with such a policy, following an accident, the policyholder will have to cover all expenses to repair his/her own vehicle. That said, a comprehensive car insurance policy offers complete coverage, for the policyholder and the third-party involved in the accident. In addition, it comes with an own damage cover following a natural calamity, if the car catches fire, or if the car is stolen.
The zero-depreciation cover is an add-on cover which policyholders can purchase over and above the premium of the base policy and basically negates the depreciation factor of the vehicle. With the zero-depreciation cover, the policyholder will receive the entire claim amount irrespective of the current market value of the car. However, insurers offer the zero-depreciation cover for cars up to 2-3 years old.
No, the road-side assistance is an add-on cover that policyholders have to buy in addition to the premium of the base policy and is not inclusive in the comprehensive car insurance policy. During the tenure of the policy, one can make use of the road-side assistance for a maximum of 4 times.
Following the mandate by the Supreme Court of India, all insurers have to now sell the long-term third-party insurance policy as a standalone policy. The mandate was rolled out by the Supreme Court to reduce the number of uninsured vehicles on the roads of India and to save policyholders going through the hassle of making yearly renewals.
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The car insurance industry has witnessed tremendous benefits in recent years from the innovations made in artificial intelligence (AI) technology. One of India’s top general insurance companies ICICI Lombard has partnered with Microsoft to perform vehicle inspection with the help of an AI-enabled mobile application.
The new app called ‘Insure’ provides a range of functions for customers like buying a new cover, renewing existing policies, and making repair claims. Customers can simply upload the image of their damages to the app to file for a claim. By skipping the physical verification step, the claim process is made a lot quicker than the traditional method.
India is one of the largest markets in the world when it comes to car insurance. The traditional method of direct inspection did not prove enough to cater to this large population for making damage assessments and providing compensation. The AI technology has made the auto insurance process simple and quick.
30 May 2019
General insurance company ICICI Lombard has launched a new platform for its artificial intelligence (AI) based claims investigation system. Last week, the company shifted to a new real-time, mobile-based platform to process all the claims made by the company’s policyholders. This system focuses on bringing down the time taken for cashless claims to just 60 to 90 seconds. This may also bring down the investigation time to a day or even just a few hours.
Without the use of AI, the turnaround time for claim processing is significantly higher. The process here involves a customer filing an intimation to the company about a claim. Once the claim is entered in the system, an investigator is assigned for the claim. If there are any faults in the claims, it could take many days for the investigator to complete the investigation. The claim request remains open all this time without any resolution to customers.
With the new platform, investigators could visit the customer or hospital directly and update the status of the claim in real-time. Once the findings are uploaded, the system processes the claim request and takes action accordingly. Overall, this system focuses on increasing speed and accuracy in claims processing.
18 September 2018
The shares of the ICICI Lombard General Insurance Company, on the BSE intra-day trade, went up by 4% to Rs.909 per share. Though the market is weak, the company managed to extend its 10% rally in the last 5 trading days. Since the time it was listed, the company has been trading at the highest level. In 11 trading days, the private general insurance company outperformed the market and surged by 21%. On the contrary, it declined by 0.64% in the S&P BSE Sensex. While the issue price was Rs.611 per share, it has now increased by 38%. The Insurance Regulatory and Development Authority of India (IRDAI) recently mandated long-term motor insurance policies i.e. 3-year term policies for cars and 5-year term policies for two-wheelers. This would increase the annualized premiums by 10%-12%. Also, since the company has a policy wherein the policyholder has to pay the premium in order to avail the coverage, ICICI Lombard’s float will move up by 4 to 5 times the current value. According to the company’s annual report, ICICI Lombard holds 11.6% market share in the Motor Own Damage segment. The premium for Motor Own Damage contributed to 17.5% of the industry GDPI in the year 2018 whereas Motor Insurance contributed to 39.4% of the total general insurance premium in the same year.
11 September 2018
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