ICICI Lombard

ICICI Lombard

ICICI Lombard General Insurance Company Limited is a 74:26 joint venture between ICICI Bank Limited and Canada based Fairfax Financial Holdings Limited. ICICI Bank is India's second largest bank, while Fairfax Financial Holdings is a diversified financial corporate engaged in general insurance, reinsurance, insurance claims management and Investment management.

Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001.


Board Members

  • Mr K V Kamath, Chairman
  • Mr R Athappan, Director
  • Mr B V Bhargava, Director
  • Mr Dileep Choksi, Director
  • Mr James F Dowd, Director
  • Ms Lalita D Gupte, Director
  • Ms Kalpana Morparia, Director
  • Mr S Mukherji, Director
  • Mr Chandran Ratnaswami, Director
  • Mr H N Sinor, Director
  • Mr Sandeep Bakhshi, Managing Director & CEO

Committees Audit Committee

  • Mr. S Mukherji, Chairman
  • Mr. Dileep Choksi, Director
  • Mr. James F Dowd, Director
  • Mr. H.N. Sinor, Director

Investment Committee

  • Mr. Chandran Ratnaswami, Chairman
  • Ms. Kalpana Morparia, Director
  • Mr. Sandeep Bakhshi,, Managing Director & CEO
  • Mr. S Gopalakrishnan, Head – Investments
  • Mr. Rakesh Jain, Head-Finance & Accounts
  • Mr. Liyaquat Khan, Appointed Actuary

Board Governance Committee

  • Ms. Kalpana Morparia, Chairperson
  • Mr. Chandran Ratnaswami, Director
  • Mr. H. N. Sinor, Director

Retail Segment

ICICI Lombard's Retail Segment consists of personal insurance products - Health, Home, Motor and Travel insurances.

Health Insurance

ICICI Lombard offers the following kinds of health policies to suit different needs which can be bought online.

10 K Tax Saver Health Plan - This policy has a fixed premium and enables customers to save up to Rs. 3,366 under Section 80 D of the Indian Income Tax Act.

Family Floater Health Plan - A single policy that takes care of the hospitalization expenses of an entire family.

Critical Care Plan – Critical Care plan offers a lump-sum benefit on diagnosis of critical illness such as a heart attack, stroke, life-threatening cancer, paralysis or kidney failure. It comes with an additional cover against Personal Accident and Permanent Total Disablement (PTD).

Personal Accident Plan - This policy provides cover against accidental death, permanent partial disablement (PPD) and permanent total disablement (PTD) on account of an accident with a choice of continuous coverage for 3 or 5 years.

Home Insurance

ICICI Lombard Home Insurance comes in two sub sections; one covering the building and the other the contents. Unlike other policies, however, it also covers loss of cash, public liability, temporary resettlement, alternative accommodation and baggage insurance.

Motor Insurance

ICICI Lombard offers Car Insurance, a package policy for four-wheelers covering Third Party Liability (TPL), and Two Wheeler Insurance covering two wheeler vehicles.

Apart from these, ICICI Lombard also offers Overseas Travel insurance and Student Travel insurance.

NRI Services

ICICI Lombard has developed insurance policies for Non-resident Indians that can be bought, renewed and tracked online.

Parents' Health Insurance covers hospitalization and medical expenses incurred by parents of the policyholder in India. For parents' travelling outside India, ICICI Lombard offers a Parents' Overseas Travel Insurance policy.

An NRI can insure his children/ dependents travelling abroad to study, under the Student Medical Insurance plan. Likewise, the Home Insurance and Car Insurance schemes enables an NRI to secure his assets in India.


Channel is the term used for the various approaches a company uses to tap its customers. ICICI Lombard uses a multi channel approach to ensure the sales, service and other allied activities are carried out in the most effective manner.

The channels used by ICICI Lombard can be broadly stated as under:


The Retail channel consists of sales executves, sales officers, brokers and agents. They are the one who are in direct contact with the customers and bring the innovative insurance solutions to their doorsteps.


ICICI Lombard has developed a web-based system to meet all the pre and post-policy transaction . One can get quotes, buy, renew and track their policies online through the website [www.icicilombard.com]. With the do-it-yourself architecture, the online channel is fast, convenient, easy to understand and operate.


Bancassurance is the distribution of insurance products through a bank’s network. ICICI Lombard has a tie-up with various banks to reach its customers efficiently. With a dedicated team of product managers, sales managers and sales executives, the company has been using this channel to sell, cross-sell and upsell its products.

Buying Insurance Online

ICICI Lombard was among the first companies to make their insurance products available online in India. ICICI Lombard has web-based systems to meet all pre and post-policy transactional needs of its customers. One can compare plans, get quotes, buy, renew and keep a track of their insurance policies online. The company also uses this web integration process with its channel partners to streamline its sales process.

The Telecalling problem

ICICI Lombard was the first general insurance company in India to start telesales operations due to its inherent profitability. However in recent times, public outburst against pushy and intrusive telecalling by ICICI and other organisations in general has led to a reduction in cold calling and the introduction of 'do-not-call' (opt-out) lists similar to the US 'Do Not Call Registry'.

External links

There has been a lot of customer service issues.

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