Shares of ICICI Lombard rose over 1 percent to Rs 1,831 per share on July 2, nearing its 52-week high of Rs 1,832 per share following a 'buy' recommendation from Jefferies, which set a target price of Rs 2,090. Analysts view the company's new health insurance product 'Elevate' as a potential game-changer in the underpenetrated retail health market.
So far this year, shares of this private insurance player has surged over 27 percent, beating benchmark Nifty 50 index that rose over 10 percent during the same period.
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ICICI Lombard's 'Elevate' introduces advanced features such as AI-driven coverage, 'Power Booster' add-ons, and reset benefits, enhancing personalised and continuous health insurance coverage.
Jefferies highlighted that the unlimited sum insured and customization options in 'Elevate' could significantly bolster ICICI Lombard's market share in retail health, currently at 3 percent compared to its overall 9 percent share.
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Anand Singhi, Chief of Retail and Government at ICICI Lombard, emphasized the transformative impact of 'Elevate,' stating, "As an industry first powered by AI, 'Elevate' redefines health insurance by offering deeply personalised coverage tailored to unique customer needs."
Some of the key features of Elevate include 'infinite sum insured' that addresses concern of limited coverage and sum insured. It offers unlimited coverage with the 'Infinite Sum Insured' and comprehensive financial protection with an unlimited claim amount for a one-time claim.
The 'Power Booster Add-on' provides a 100 percent annual cumulative bonus indefinitely, while the 'Reset Benefit' allows unlimited coverage resets, ensuring continuous protection.
In May, ICICI Lombard reported robust year-on-year growth of 22 percent in retail premiums, driven by strong performance in motor (29 percent growth) and health (22 percent growth). Health premium growth was particularly buoyed by a 24 percent increase in group business premiums.
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