The Hindu Business Line : ICICI Lombard does Rs 1,100 cr motor cover biz

Chennai, Feb. 6 Mr N. Eswaranatarajan, Head-Motor Insurance, ICICI Lombard General Insurance, is a cost accountant, and a management graduate from IIM, Bangalore. He takes care of underwriting and claims and has been with ICICI Lombard for the last four years. Prior to joining ICICI Lombard he worked with Royal Sundaram and CIGNA.

Speaking to Business Line, when he was in Chennai recently, Mr Eswaranatarajan gave an update of the company’s performance during the fiscal.

How much motor insurance has ICICI Lombard sold this fiscal?

Till the end of January we have done about Rs 1,100 crore. We hope to finish with Rs 1,700 crore for this year and have a target of Rs 2,500 crore for the next fiscal. We have done about Rs 440 crore in private cars, about Rs 440 crore in commercial vehicles and about Rs 100 crore in two wheelers.

What is your market share?

Our market share is 12 per cent. Our strengths are speed, reach and ease of claiming. We do 28,000 claims a month. In major cities the survey is done within fourworking hours.

Spot survey is done across the country within nine hours. We have the largest chain of cashless facility with more than 1,200 garages offering cashless facility to the customers. We are the first company to offer cashless facility in CV segment across the country.

What is your claims ratio in motor insurance?

The claims ratio is confidential.

Do you incorporate the ‘excess claim provision’ if a few claims are made in a year?

As this generally leads to mis-selling, we do not sell with voluntary excess provision. It leads to customer dissonance at the time of claims.

Has ICICI Lombard stood to gain from motor pooling?

Like all the companies, we expect the pool to have a positive influence.

Is your company accepting third party insurance proposals in all regions?

Yes. We do abide by Insurance Regulatory and Development Authority (IRDA) regulations strictly.

How much has motor insurance premium dropped over the past year?

It has gone down by 15 per cent.

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