ICICI Lombard Focusing On Expansion Of Business Plans

The supportive steps of Government of India are claimed as the major sources of Growth Rate of Indian Insurance Sector. The steps of IRDA & RBI are quoted as the major examples in this field.

New Delhi, India (prHWY.com) February 21, 2013 - India, Lucknow (February 20, 2013) - According to the Survey Reports of Ministry Of Statistics & Programme Implementation reveal the fine growth the Indian Insurance Industry in past decade. The major Growth Rate of 15% as observed in the case of the Private Insurance Companies during the period of 2001-05. These fantastic figures are claimed to be the outcomes of back support of the Government of India. The Private Companies like Icici lombard are gaining the major benefits of these steps.

The reports of the Official Sources describe that the Insurance Regulation & Development Authority (IRDA), a government body for the Insurance Sector, has appointed Insurance Information Bureau (IIB) as the body responsible for the Collection & Manipulation of the data from the Insurance Sector & present it in the form which is readily accepted not only by the Government Bodies & Private Insurance companies but also by the common man. The sources reveal that this action of IRA has led IIB to launch a new informatory website which is claimed to provide all the information related to the insurance sector to common man. In addition, IIB claims that the website has the facility to track the Claim File Status by the policyholders. This step has been a inspiration for the Private Insurance Companies like Icici Lombard.

The innovative products & new distribution channels are the main points of focus for the ICICI officials. The alteration ion the Micro Economic variables by the Reserve Bank of India (RBI) have generated a lot of liquidity in the market which has, indirectly, provided wide market of potential customers to Private Insurance Companies. "The traditional methods are not effective in producing expected results beyond a certain points.", Amitabh Jain, Motor Underwriting Head, ICICI Lombard General Insurance, said, "We need to find the new distribution channels & innovative products to grab the market.".

Among the new products of ICICI Lombard, one is a new mobile app which seems to be inspired from the informatory website of IIB. This mobile application, named 'insure', is claimed to offer the sophisticated way to track the claim file status on the move. Also, it would help to make the claim process easier & faster. "Customer can send the photograph of the accident site to make the process faster.", said Amitabh Jain.

According to the International Press Releases, the growth of Indian Insurance Industry has been praised by many reputed International Organizations. The International Bank for Reconstruction & Development (IBRD) has commented positively on the Growth Rate shown by the private insurance companies. This is a fine indication of the bright future of Insurance Business in India.

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Categories: Finance

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