ICICI Lombard announces

ICICI Lombard announces Bancassurance tie-up with YES BANK

ICICI Lombard General Insurance, India's leading private sector non-life insurance company, has entered into a Bancassurance tie-up with YES BANK. The partnership will provide the Bank’s diverse customer base access to the insurer’s portfolio and make insurance more accessible to its customers across India.

Through this tie-up, ICICI Lombard aims to offer innovative insurance solutions to YES BANK’s customers across 28 states and 8 Union Territories. With both organizations believing in offering the best to the customers through innovation, this partnership would offer customers the best of both worlds.

On the partnership Sanjeev Mantri, Executive Director, ICICI Lombard said, “At ICICI Lombard, it is our continuous endeavor to reach out to consumers and businesses to provide them effective risk management solutions. We are delighted to partner with YES BANK and serve their esteemed customers across the country. Given the progressive and technology-oriented approach of both partners, this collaboration is an ideal synergy between the two brands and value adding to YES BANK customers”

Rajan Pental, Global Head – Retail Banking, YES BANK, said, “YES BANK is pleased to enter into a Bancassurance tie-up with ICICI Lombard – we believe that our customers will derive greater value from comprehensive insurance solutions offered. We are confident that the Bank’s technology and branch network strength, combined with the innovative product offerings and market reputation of ICICI Lombard will support our customers fulfill their non-life insurance needs. The tie-up is an important milestone and we remain committed to creating a differentiated customer experience.” 

ICICI Lombard launches

ICICI Lombard launches #RestartRight campaign

Highlights new solutions in its health insurance policies aligned to the ‘New Normal’

COVID-19 has impacted lives and businesses across the globe. The human society stands at the crossroads of a ‘New Normal’, something that will alter our future completely. Social distancing and curtailed movement have become the norm. Further, in this changing scenario, health protection through a comprehensive health insurance plan gains paramount importance.

Staying ahead of the curve, ICICI Lombard General Insurance, India’s leading private sector non-life insurance company, has revamped its health insurance portfolio and introduced new age solutions. Further, to create awareness of the same among consumers, it has launched a unique #RestartRight campaign in mass media, focusing on digital channels and targeting new age platforms like OTT (Over The Top) video streaming.

Click here to watch video: https://www.youtube.com/watch?v=rIs-WMn0flk&authuser=0

The campaign launched by ICICI Lombard is two-fold. The first phase of the campaign involves a brand led communication which exemplifies the current situation where consumers are hesitant given the pandemic but are trying their best to work through the constraints. Depicting various ‘slice of life’ situations, it shows a lady inviting her friend home after a long time, but first makes sure she sanitizes her hands before entering. In another instance, a mother returning home from work stops her daughter from coming close to her, but then hugs her after she has taken a shower. In this way, the communication persuades people to ‘Restart’ life, but in the ‘Right’ way. At the same time, it communicates its own adoption to the ‘new normal’ and upgrading of its health insurance solutions that align to the new normal.

The main communication will be followed by specific benefit driven creatives which bring out the individual offerings that form part of the brand’s health insurance ‘new age’ solutions. These include benefits such as tele-consulting a doctor 24x7, online medicines order & delivery and insurance for treatment availed at home. The benefit driven videos again showcase constraints faced by consumers due to the lockdown and how the revamped offerings remove the said hurdle. For instance, if a consumer is hesitating to visit a doctor, ICICI Lombard’s tele-consult facility enables her to seek expert medical advice on the phone itself including obtaining an e-prescription that can be ordered online. 

On the announcement of the campaign, Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance stated, “Amid the lockdown relaxations, consumers are wanting to restart life but hesitating to do so, amid the heightened health concern. 

At ICICI Lombard, we understand this ‘new normal’ situation and have accordingly reoriented ourselves by introducing relevant solutions for our customers. Our new campaign that showcases new age benefits reassures customers that by following safety protocols and equipping themselves with our health insurance solutions, they can go ahead and #RestartRight.”

Speaking on the launch, Talha Bin Mohsin and Mahesh Parab, Executive Creative Director, Ogilvy Mumbai said, “The new normal has brought with it new uncertainties that have left us with a lot of unanswered questions. 

We all are trying to make sense of the new range of do’s and don’ts. But even in these testing times we wanted to tell people that ICICI Lombard has suitably adapted its services to help its customers adapt to the new normal, seamlessly. While the world awaits a restart, our new health insurance solutions are here to make it right”.

ICICI Lombard has always been a pioneer in identifying emerging trends and providing effective solutions to customers, in line with its brand ethos of “Nibhaaye Vaade” (Keeping promises).

ICICI Lombard introduces Cyber

ICICI Lombard introduces Cyber Insurance cover for individuals

In these unprecedented times owing to the COVID-19 crisis, remote working has become the new normal. Since the lockdown was announced, like everywhere else, S. Mohan’s company too announced remote working. Before everything shut down, Sameer wanted to buy a laptop, since his device was faulty. He kept browsing different websites to find a good deal for the new laptops. One day, he got a mail offering an unbelievable deal on his favorite brand.  However, buying the laptop needed his credit card information. Since the website offered home delivery within 48 hours (even in the lockdown) he made an impulsive purchase through his credit card. Next morning Mr. Mohan woke up to a message from his bank stating that he has surpassed his credit card limit which was around INR 3, 00,000. When he opened the mail again, the ‘page was not found’. It then dawned upon Mr. Mohan that he has fallen prey to online fraud. He had lost approx. INR 3, 75,000 in a single night. He could do nothing about it as he did not have any protection to see him through.

To help customers overcome such tragedies, ICICI Lombard General Insurance, India's leading private sector non-life insurance company, announced the launch of its Retail Cyber Liability Insurance policy. This policy offers complete protection to individuals and their families against any cyber frauds or digital risks that could result in a financial or reputational loss. The retail cyber insurance product is a form of insurance that protects individuals against losses that individually vary from online theft to unauthorized transactions.

India is one of the most prominent digital markets, with a vast potential for exponential growth. Data shows on a country level; we have over  560 mn internet subscribers and over 350 mn social media users. India is the second-largest App Market by Download and has over 180 Mn+ e-commerce users. When it comes to phone-based transactions, we have over INR 1 Trillion UPI transactions.  This lays the ground for a huge potential for cyberattacks. Undoubtedly, and this opportunity is followed by the menace of cyber risks and frauds which, too, have been growing considerably. Research shows that:

·         Cyber-attacks have soared 86% in the four weeks roughly between March and April & overall 37% in first quarter of 2020

·          Hackers based in China attempted over 40,300 cyber-attacks on India in 3rd week of week of June, mostly covid-19 based scams. The attacks aimed at causing issues such as denial of service, hijacking of Internet Protocol and phishing

·         Rs 1.24 trillion is the amount lost in India in the past 12 months due to cybercrime.

·         131.2 million is the number of cybercrime victims in India in 2019 & 63% of them were impacted financially

According to the Internet Crime Report for 2019, released by FBI's Internet Crime Complaint Centre (IC3), India ranks third among the top 20 countries that are victims of cybercrimes. Going by this data, we are at a high risk of exposure, and personal cyber insurance seems the only respite.

The company's product is designed to secure the digital world against losses in the event of a cyberattack. The coverage will include protection against:

·         Identity theft

·         Cyber-bullying

·         Cyber extortion

·         Malware intrusion

·         Financial loss due to unauthorized and fraudulent use of bank account, credit card and mobile wallets

·         Legal expenses arising out of any covered risk

ICICI Lombard has innovated by covering newer threats such as

·         Reputation injury - all the expenses incurred in restoring digital reputation with means of removal of the harmful publication from the internet can also be claimed.

·         Individual lost wages – if someone loses wages that would have been otherwise earned, for the time necessarily taken off from work to rectify facts arising out of any covered risk can also be claimed

The policy can be purchased at an affordable rate by all digitally active individuals. The premium ranges from INR 6.5 per day to INR 65 per day. The Sum Insured for the cover ranges from INR 50,000 to INR 10,000,000 as opted by the policyholder. The policy provides coverage to the entire family, including children for a duration of 1 year.  

Speaking on the launch, Sanjay Datta, Chief - Claims, Underwriting and Reinsurance said, "We are living in a digital world where data is being engendered, transmitted and deposited every nanosecond. Today, data is gold. And, to protect it, is paramount. While we live a digital life, the risks of cyberattacks have also grown exponentially. Our new product comes at an opportune moment when everybody is working remotely, using social media and net banking and is digitally active. The product is designed to protect individuals against the dangers that come with the connected life like cyber-bullying, identity theft and more. The policy asserts the company's pledge to provide innovative new-age risk solutions to our customers while protecting their reputation, prospective data breaches and losses in case any vital information is stolen or abused."

ICICI Lombard's commitment to providing the best for its consumers reflects through these offerings and more which ensure that the policyholders are stress-free while they work from home and even after. True to its ethos of "Nibhaaye Vaade" (Keeping Promises), ICICI Lombard always aims at being ahead of the curve to provide the customers with innovative and unique products against the new risks.

For more information on the policy and the full range of ICICI Lombard’s Insurance portfolio please visit the website www.icicilombard.com for further details on risk factors, exclusions, terms and conditions.