ICICI Lombard Observing Major Uptrend

The private insurance providers are getting the positive back support from the Government on India. The example of fin progress of ICICI Lombard has been quoted as the major example. Also, the steps of IRDA & RBI are pointed as the fruitful steps.

New Delhi, India (prHWY.com) February 21, 2013 - India, Lucknow (February 20, 2013) - Indian Private Insurance Company, Icici lombard, has shown a major Growth Rate in recent years. The reports of many reputed daily newspapers indicate the back support of Government & flexible Indian Market Policy as the major source of remarkable growth of Indian Insurance Industry. However, the insurance companies are also getting support from the Private Front. The steps of government have allowed many Insurance Companies to launch new products in the market. In addition, it has enabled small Insurance Companies to grow up their business easily.

According to reports, Insurance Regulation & Development Authority (IRDA) has appointed Insurance Information Bureau (IIB) as the major body responsible for the collection & manipulation of all the data related to the Insurance Sector. There are orders for its presentation in the simple format which is readily accepted by Government Bodies & Private Companies. Also, the data is instructed to be available to common man, as per Right To Information (RTI) Act. As a result, IIB has launched a new informatory website which is claimed to provide all the data related to the policies. IIB also claims that the website can be used to track the Claim File Status by the policyholders.

ICICI Lombard has launched a new mobile service which is named as 'Insure'. ICICI claims that the service will allow ICICI policyholders to track the Claim File Status on the move. Not only this, but the application will provide all the relevant information to the people which will help them to choose best insurance policy for them. "Customer can send the photograph of the accident to the company as the proof to make the process faster.", S. Gopalakrishnan, CIO, ICICI Lombard General Insurance, said. These steps are the clear indication of building the path for Long Term Insurance Business in Indian Insurance Market.

The new Strategy Development & Innovative Distribution Channel is the center of focus for the ICICI Lombard officials. "We need to find new distribution channels & innovative products." Amitabh Jain, Motor Underwriting Head, ICICI General Insurance, said, "The traditional methods have failed to provide the expected production beyond a certain level.". These steps of the Private Insurance Companies are the outcomes of profitable steps of Government of India. Few alterations in the Micro Economic variables made by the Reserve Bank of India (RBI) have made it easy for Indian Insurance Industry to produce new schemes for their benefits. The reports of the newspapers indicate the generation of liquidity in the market which has given companies a wider market of Potential Customers. Government is seeing the Insurance Business as the major part of the Indian Economy which can go as high as to cover the International Insurance Market in near future.

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Categories: Finance

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