Private general insurance company ICICI Lombard on April 9 announced that it has entered into a strategic partnership with digital insurance platform Policybazaar
At 3:15 pm on April 9, shares of PB Fintech were trading 1.05 percent higher at Rs 1299.35 apiece, while ICICI Lombard's shares were trading marginally lower at Rs 1,700 apiece.
The partnership will combine the product portfolio of ICICI Lombard and the reach of Policybazaar and provide accessible insurance solutions to nearly 1 crore customers, the statement said.
"The collaboration encompasses access to nearly 1 crore customers with a wide range of insurance products, including motor insurance, health insurance, travel insurance, home insurance, and business insurance," the companies said in a joint statement.
The partnership will significantly enhance insurance distribution ensuring comprehensive coverage reaches every corner of the nation through the convenience of a seamless digital platform, they said.
Anand Singhi, chief, retail & government business of ICICI Lombard, said: “Recognising 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. Our goal is to empower nearly 10 million consumers with choice and transparency underscoring our dedication to meeting the evolving needs of consumers.”
Commenting on the collaboration Sarbvir Singh, Joint Group CEO, PB Fintech said, “We are very happy and excited to welcome ICICI Lombard to Policybazaar. This partnership will bring ICICI Lombard's exceptional insurance products and customer experience to our customers. It also builds on our shared commitment to driving the vision of “Insurance for All by 2047” in the country.”
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