ICICI Lombard General Insurance Company has hosted its Analyst Day 2023 (Powering Experience with Technology) on March 28, 2023, where it showcased its technological capabilities, including some industry firsts across the product and customer segments.
The key focus of all the technological initiatives and partnerships is to enhance customer experience by making their insurance journey simpler and minimizing frauds. This enhanced customer experience will lead to winning new customers, better customer retention, cross-selling of additional products, and operating efficiencies, all of which would lead to profitable growth. By deploying technological advancements such as IoT and AI/ML, the company has been able to offer a variety of risk-mitigation techniques to prevent and better manage the incidences of fire, theft, and hijacking, and innovate products such as ‘Pay How You Drive.’
Being the largest private sector general insurers and one of the oldest as well, ICICI Lombard with its sustained investments in technology is well placed to leverage upon the its vast historical dataset.
On the financials front, these technological investments and competitive dynamics of the industry in terms of pricing and distributors’ pay-outs mean the company will aim to achieve 102 per cen combined ratio by FY25, slightly higher than pre-pandemic combined ratio of about 100 per cent.