ICICI Lombard collaborates with Policybazaar to offer insurance products to over 1 crore customers

ICICI Lombard General Insurance Company Ltd announced on Tuesday, April 19, that it has entered into a strategic partnership with insurance platform Policybazaar.

ICICI Lombard will now be able to offer its comprehensive product portfolio to the wide user base of Policybazaar. ICICI Lombard said that the collaboration will help nearly 1 crore customers to access a wide range of insurance products.

Customers will be able to access a wide range of insurance products such as health insurance, motor insurance, home insurance, travel insurance as well as business insurance, the general insurer informed the stock exchanges in a filing.

“The strategic partnership brings together the comprehensive product portfolio of ICICI Lombard and wide reach of Policybazaar, promising accessible insurance solutions for Indian consumers,” ICICI Lombard General Insurance Company Ltd said in a press release.

Following the announcement, the shares of PB Fintech Ltd gained 3.5% to reach a 52-week high of ₹1,330 per piece on the National Stock Exchange (NSE). The stock pared some of the gains to close the session 1.4% higher at ₹1,303.05 apiece.

On the other hand, ICICI Lombard shares closed marginally lower by 0.5% at ₹1,702.3 apiece.

Commenting upon the partnership with Policybazaar, Anand Singhi, the chief of ICICI Lombard’s Retail and Government Business, said, “On the auspicious occasion of Gudi Padwa, we are pleased to join forces with Policybazaar to offer our innovative insurance solutions to customers. Recognizing the pivotal role of digital distribution in enhancing insurance penetration, we aim to democratise insurance in India by offering consumers an accessible and comprehensive platform to purchase insurance seamlessly.”

ICICI Lombard has issued more than 32.7 million policies, while settling 3.6 million claims, along with having a Gross Written Premium (GWP) of ₹217.72 billion for the financial year 2024-24 (FY24).