ICICI LOMBARD General Insurance Company Limited
ICICI Lombard General Insurance Company Limited stands out as one of the leading private-sector general insurance companies in India. The utmost priority at ICICI Lombard is customer satisfaction. It was established in 2001 as a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited. It firmly believes in surpassing expectations and consistently bringing joy to its customers. Whether it is an unfortunate event caused by nature's unpredictability or losses incurred due to accidents or health challenges, it remains dedicated to standing by its customers and providing unwavering support.
The core of its approach lies in being the ideal partner for customers, delivering on its promises every step of the way. ICICI Lombard is committed to ensuring swift and seamless claims processing, offering unparalleled assistance whenever needed. Being a responsible corporate entity, it reaffirms its dedication to both its customers and the wider community.
In the financial year 2022-23, ICICI Lombard has issued an impressive count of 32,718,692 policies. And, during the same period, they have received 36,74,167 claims - highlighting their commitment to promptly assist and support you - in times of need.
Awards & Recognitions
Some of the awards and accolades received by ICICI Lombard General Insurance Company Limited include -
ICICI Lombard General Insurance Company Limited achieved two Gold awards at the prestigious 'ACEF Asian Leadership" Awards. One was for its impactful 'Combatting COVID-19' initiative, and the other for the remarkable 'Ride to Safety' campaign, urging people to '#STOPTHEHELMETEXCUSE.'
It also secured two awards at the renowned "Mid-Day Business Innovation Awards" for the ‘#STOPTHEHELMETEXCUSE - Ride to Safety' campaign and the innovative 'Cal Scan' feature in the IL TakeCare app.
ICICI Lombard was honoured as a General Insurance Superbrand - a testament to its excellence recognized by consumers.
The company's outstanding performance was acknowledged further when it received a leadership category rating from Institution Investor Advisory Services (IiAS) for its corporate governance practices on December 31,2021. The score was derived from an evaluation of the S&P BSE 100 companies by the Indian Corporate Governance Scorecard framework, jointly developed by IFC, BSE and IiAS.
ICICI Lombard also earned the "Certificate of Merit" at the SAFA Best Presented Annual Report Awards for their insurance sector category, demonstrating a commitment to transparent and effective corporate governance.
The company was also selected as the "ET Best BFSI Brand of the Year" in the insurance sector category. This award recognizes ICICI Lombard's excellence in driving innovation, enhancing its business models, and investing in customer experience.
Claim Settlement Ratio
The Claim Settlement Ratio (CSR) is a vital indicator of an insurance company's reliability when it comes to settling claims. It represents the proportion of claims resolved to the total number of claims received by the company in a specific financial year. In FY 2021-22, ICICI Lombard General Insurance Company Limited achieved a claim settlement ratio of 80.4%.
One way to assess an insurance company's ability to settle claims is by examining its claim settlement ratio. It is important to review the insurer's CSR track record over the past few years, as a company that consistently maintains a high claim settlement ratio is considered the most dependable.
The solvency ratio is a significant financial measure that evaluates the financial strength and stability of an insurance company. It indicates the company's capacity to fulfil claim payments and honour its obligations. As per the regulations set by the Insurance Regulatory and Development Authority of India (IRDAI), insurers must maintain a minimum solvency ratio of 150%.
ICICI Lombard General Insurance Company Limited has demonstrated remarkable financial robustness, as their solvency ratio for the period ending on 31st March 2023, stands at an impressive 251%. This ratio showcases the company's sound financial position and its ability to handle potential claim settlements and other financial obligations effectively.
Network hospitals are those hospitals that have an agreement with the insurance company to provide cashless medical facilities - ensuring that you can receive treatment without having to pay upfront. The list of network hospitals is provided by either the insurer or the third-party administrator (TPA) associated with the insurer. This collaboration between insurance companies and hospitals allows for a hassle-free cashless claims process. This means that instead of worrying about arranging funds for treatment, you can focus on your health.
When you visit a network hospital, if your insurer agrees to the cashless settlement, the hospital bill is directly settled by the insurer or TPA. You are only responsible for paying for expenses that are not covered by your policy, such as consumables, administrative fees, registration fees, etc.
ICICI Lombard General Insurance Company Limited boasts a proud network of over 7,500+ hospitals, ensuring that you have access to a wide range of healthcare facilities. And, find the hospitals listed with the insurer based on your location - by visiting https://www.icicilombard.com/cashless-hospitals. You can also use this link to find the network hospitals in your vicinity as well as whether your preferred hospital is listed with your insurer.
Network garages have a tie-up with your insurance company to provide you cashless services. When you take your vehicle to a network garage for repair, the insurer will take care of the expenses and you don’t have to pay anything from your end. You have to foot the deductible amount and any other consumable charges that apply.
ICICI Lombard has an extensive network of over 12,000+ garages for vehicle-related services. To locate the network garages within your vicinity, simply visit https://www.icicilombard.com/cashless-garages. By accessing this link, you can discover the availability of network garages in your area, providing you with a seamless and hassle-free experience for vehicle repairs.
Connect with ICICI Lombard's customer support effortlessly by calling the toll-free number1800-2666 . ensuring a hassle-free experience.
For any assistance or inquiries, reach out to ICICI Lombard's customer support team by sending an email to email@example.com they will be ready to assist you.
In case of any doubts, queries, or issues, here are the alternate contact options to reach out to HDFC ERGO General Insurance Company Limited -