ICICI Lombard partners with Flipkart to offer

 ICICI Lombard partners with Flipkart to offer Hospicash benefit to its consumers

With daily cash benefits starting from Rs. 500, Hospicash benefit under Group SafeGuard insurance will provide cover to Flipkart consumers

Flipkart, India’s homegrown e-commerce marketplace, has partnered with ICICI Lombard to offer Group SafeGuard insurance, a group insurance policy to its consumers. Compared to the standard indemnity health insurance policies, Group SafeGuard is a benefit offering that allows consumers to avail a payout for each day of hospitalization. The fixed daily amount enables consumers to pay for incidental medical or emergency expenses. The insurance is affordably priced, paperless, and flexible; covering both accidental hospitalizations or planned surgeries/treatment.

Indians incur significant expenses during hospitalization. According to a report^[1] by the Union Ministry of Statistics and Programme Implementation, the direct average out-of-pocket expenditure for hospitalization in India ranges between Rs 4,452 to Rs 31,845 for a person, whereas the average loss of income due to hospitalization is estimated to be around Rs 8,164 per day. The Hospicash benefit offered by ICICI Lombard provides consumers an extra allowance to cover any out of pocket expenses - be it emergency medical expenses, travel,  post-discharge costs or compensation for loss of income during hospitalization.

Ranjith Boyanapalli, Head – Fintech and Payments Group, Flipkart, said, “We are consistently striving to offer value-driven solutions to our consumers. As consumers increasingly understand the importance of health insurance, we want to ensure that Flipkart is their one-stop solution to provide them services for a holistic health protection plan. With hospicash benefit, consumers can now safeguard themselves against overhead charges which can often result in an unnecessary drain of savings. We aim to keep offering industry-best insurance options on our platform to make our consumers’ journey simplified, and keep them better informed.”

Sanjeev Mantri, Executive Director, ICICI Lombard said, “At ICICI Lombard, our endeavour is to offer innovative and contactless insurance solutions to consumers. We are excited to partner with Flipkart, one of India’s leading e-commerce portals to reach online savvy consumers and meet their needs towards securing themselves and their loved ones during exigencies. Our Hospicash benefit under the Group Safeguard insurance is an affordable and convenient offering that can help consumers meet their daily incidental expenses during hospitalization. This is in line with our brand ethos of Nibhaye Vaade to go the extra mile to handhold customers during their hour of need.”

 Feature

	Provisions
Daily Cash Benefit	Rs. 500 to Rs. 2,000 per day
Inclusions	Accident and illness related hospitalization
Sum insured	Rs 500, Rs 1000, Rs 1500, Rs 2000 per day (lump sum benefit on hospitalization - cover for up to 90 days of hospitalization)
Hospital network	More than 6,500
Health Claim Ratio	99.87%*
Waiting Period	30 Days
Minimum hospitalization	hours

*as on date. Provided by ICICI Lombard

Guided by a strong understanding of the needs and preferences of Indian consumers, Flipkart has, over the past year, branched out into insurance services for life, health, motor and cyber, through partnerships with some of the country’s leading insurance service providers. Flipkart aims to provide millions of customers with access to customized and simplified insurance plans based on their diverse needs.  

ICICI Lombard has been at the forefront of introducing innovative and technology-enabled non-life insurance solutions. Further, it has been deploying the latest technologies such as Artificial Intelligence and Robotics for seamless customer service, policy purchase/ renewal, claim settlement etc. thereby empowering customers and making it possible for them to enjoy one of the best-in-class insurance solutions conveniently from anywhere and at any time.

DCB Bank launches DCB Health Plus Fixed Deposit with free

 DCB Bank launches DCB Health Plus Fixed Deposit with free medical services, healthcare benefits

·   Depositors can earn 6.90% interest per annum on 700 days fixed deposit

 ·   No medical tests or hospitalisation required to avail of health benefits

DCB Bank, a new-generation private sector bank, has announced a unique multi-benefit fixed deposit product – DCB Health Plus FD that offers attractive returns 6.90% interest per annum on a 700-day fixed deposit along with free medical services and healthcare benefits.

 The ‘Health Plus’ services offered in a graded scale and matched with the Fixed Deposit amount, are provided by ICICI Lombard General Insurance Company.

Health Plus benefits include:

Teleconsultation and face-to-face appointments with empaneled general physicians, specialists and emergency services.

Moreover, the customer can avail special pricing for prescribed pharmacy expenses. During challenging times such as the pandemic, contactless (over the phone or video) teleconsultation proves to be a boon as many individuals are skeptical to visit out-patient department (OPD) at hospitals due to health and safety concerns.

Now-a-days, not many policies extend a wide range of health benefits for senior citizens. ‘Health Plus’ services prove to be a smart choice. No medical tests or  hospitalisation are required to avail of the benefits, which are available for resident Indians between the ages of 18 and 70 years (or not yet completed 71 years).

DCB Health Plus Fixed Deposit customer can utlise these services by simply downloading the ICICI Lombard ILTakeCare app from Apple Store or Google Playstore. These benefits are available for a year and, if left unused, it does not carry forward to the next year. However, similar benefits would still be available to deposit holders in the following year as well, until the duration of DCB Health Plus FD.

 

DCB Bank Head of Retail and SME Banking, Mr. Praveen Kutty said, "DCB Fixed Deposits never go out of style! Customers have a need and DCB Bank creates Fixed Deposits that provide real value.  Teleconsultation and online interaction have surged during the lockdown. DCB Bank offers new-age solutions with the traditional FD. The new DCB Health Plus FD is smart and practical that will help deposit holders grow their wealth and preserve their health at the same time. Health Plus FD is testimony to DCB Bank's strategy to launch innovative products that adapt to changing times and fulfil a customer's need."

Features of DCB Health Plus FD

 

 

ICICI Lombard’s performance for half year ended September 30, 2020

 Highlights :

 ·         Gross Direct Premium Income (GDPI) of the Company stood at INR 64.91 billion in H1 FY2021 compared to INR 64.40 billion in H1 FY2020, a growth of 0.8%. Excluding crop segment, GDPI of the Company increased to INR 64.59 billion in H1 FY2021 compared to INR 63.86 billion in H1 FY2020, registering a growth of 1.1%. This was lower than the industry growth (excluding crop segment) of 2.8%. The industry growth has been muted due to Covid-19 pandemic.

 o   GDPI of the Company stood at INR 31.89 billion in Q2 FY2021 compared to INR 29.53 billion in Q2 FY2020, a growth of 8.0%. Excluding crop segment, GDPI of the Company increased to INR 31.86 billion in Q2 FY2021 compared to INR 28.98 billion in Q2 FY2020, registering a growth of 9.9%. This was higher than the industry growth (excluding crop segment) for Q2 FY2021 of 9.2%.

 

·         Combined ratio stood at 99.8% in H1 FY2021 compared to 101.5% in H1 FY2020 despite losses incurred from cyclone and floods. Excluding the impact of cyclone and flood losses of ₹ 0.77 billion, the combined ratio was 98.2% in H1 FY2021 as against 100.1% in H1 FY2020 excluding the impact of cyclone and flood losses of ₹ 0.61 billion.

 o   Combined ratio stood at 99.7% in Q2 FY2021 compared to 102.6% in Q2 FY2020. Excluding the impact of flood and cyclone losses of ₹ 0.46 billion, the combined ratio was 97.9% in Q2 FY2021 as against 100.7% in Q2 FY2020 excluding the impact of cyclone and flood losses of ₹ 0.45 billion.

·         Profit before tax (PBT) grew by 15.9% to INR 10.86 billion in H1 FY2021 from INR 9.36 billion in H1 FY2020 whereas PBT grew by 20.3% to INR 5.55 billion in Q2 FY2021 compared to INR 4.61 billion in Q2 FY2020.

o   Capital gains were lower at INR 1.84 billion in H1 FY2021 compared to INR 2.07 billion in H1 FY2020. Capital gains were at INR 1.24 billion in Q2 FY2021 compared to INR 0.69 billion in Q2 FY2020.

 ·         Consequently, Profit after tax (PAT) grew by 31.7% to INR 8.14 billion in H1 FY2021 as against INR 6.18 billion in H1 FY2020 whereas PAT grew by 35.0% to INR 4.16 billion in Q2 FY2021 from INR 3.08 billion in Q2 FY2020.

·         Return on Average Equity (ROAE) was 24.9% in H1 FY2021 compared to 22.3% in H1 FY2020 while ROAE was 24.7% in Q2 FY2021 compared to 22.0% in Q2 FY2020.

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.

ICICI Lombard introduces new benefits in

ICICI Lombard introduces new benefits in its health insurance policies

The new covers/ policy related relaxations are proactive measures to help customers amid Covid-19 pandemic

·         Waiting period for new customers of Complete Health Insurance has been reduced to 15 days from 30 days for Covid-19 inpatient claims

·         No Claim Bonus benefit to be maintained even in the event of COVID-19 hospitalization claim

·         Home healthcare benefit introduced to honour claims pertaining to treatment at home

ICICI Lombard General Insurance, India’s largest private sector non-life insurance company, has rolled out a host of offerings for its health indemnity customers, in light of the coronavirus pandemic. These introductions further embellish the company’s current health insurance offerings such as Complete Health Insurance.

The additional benefits and relaxations have been arrived at, keeping in mind the challenges faced by customers due to Covid-19 pandemic and the associated lockdown. The endeavor is to enhance customer experience and benefits in the current environment. This initiative is in line with ICICI Lombard’s philosophy of ‘Nibhaye Vaade’ and going the extra mile for its customers in times of need. 

New additions at glance

·         Waiting period on new policies has been reduced to 15 days (from 30 days earlier) for COVID-related inpatient claims

o   The reduced waiting period is being offered without any increase in premium.

o   It will apply to all health indemnity policies including Complete Health Insurance, Health Booster, Healthcare Plus, and Group Health Insurance plans.

o   This move will ensure convenience and greater peace of mind to the policyholder.

·         Home Healthcare benefit

o   As part of this offering, customers can get themselves treated at home instead of having to avail hospitalization to avail insurance claim.

o   This will significantly benefit those customers who wish to avail treatment for any ailment in the safe environment of their home, rather than a hospital, thereby ensuring social distancing.

·         Continuation of ‘No Claim Bonus’ even in the event of a Covid-19 related claim

o   The company will continue to offer ‘No Claim Bonus’ even in the case of a COVID-19 claim.

o   Additional Sum Insured (ASI) accrued in the policy will not be impacted, if the insured is hospitalized due to Covid-19 thus providing much-needed financial relief to customers.

o   The said benefit will be provided in ICICI Lombard’s Complete Health Insurance and health booster plans.

Commenting on the occasion, Sanjeev Mantri, Executive Director, ICICI Lombard GIC said, “At ICICI Lombard, we believe in hand holding our customers in their hour of need. As the Covid-19 pandemic continues to throw new challenges, we thought it important to embellish our health insurance proposition to ensure that we effectively meet the emerging needs of our customers. The additional benefits, offered at no extra cost, should enable our policyholders to derive maximum benefit from their health insurance cover.”

Since the outbreak of COVID-19, ICICI Lombard has taken several measures for the benefit of its customers. This includes launch of a dedicated ‘COVID-19 Protection Cover’. Further, the company has offered a host of digital solutions to its customers across web, mobile and apps. It has also simplified many of its processes pertaining to policy purchase, renewal, claims etc.

ICICI Lombard has always aimed to be ahead of the curve and offer industry-first initiatives to its customers, thus staying true to its ethos of “Nibhaaye Vaade” (Keeping Promises).

Note: Home Healthcare benefit will be available to customers till March 31, 2021