ICICI Lombard Gets Regulatory Nod To Pilot 5 Proposals Under Sandbox Project
ICICI Lombard General Insurance is the fourth largest non-life insurer in India based on gross direct premium income in fiscal 2019.
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ICICI Lombard said on Wednesday it has got the green signal to pilot five innovative applications and programmes in its health and motor portfolio under the Sandbox Project.
This is the highest number given to any company under the Insurance Regulatory and Development Authority (IRDAI) introduced project. ICICI Lombard will pilot the five proposals from February 1 to July 31. ICICI Lombard General Insurance is the only insurer to receive approvals on the features focused on diabetes and cholesterol. This ensures a more comprehensive plan proposition for health insurance consumers, it said in a statement.
A customer who opts for these programmes will be offered a disease management application along with a nutritionist counselling for diet. The programme allows tech-based mobile application and monitoring services to bring out the best of an insured individual.
A customer who exhibits good behaviour by following a diet and a fitness regime will be rewarded by wellness points and this entire process will be monitored through the mobile application.
In the case of Pay-As-You-Use (PAYU) and Pay-How-You-Use (PHYU) policies for private cars, the insured gets an option to pay their premiums basis the distance covered whole driving or by computing the driving behaviour.
The Motor Floater policy will now offer an option for customers to have a single policy for multiple vehicles by having different sub-limits for each vehicle.
"The Sandbox route is a progressive step by the regulator to facilitate innovation in the insurance sector," said Sanjay Datta, chief of underwritings, claims and reinsurance with ICICI Lombard General Insurance.
"We look forward to offer consumer differentiated and convenient experience through these new-age offerings."
ICICI Lombard General Insurance is the fourth largest non-life insurer in India based on gross direct premium income in fiscal 2019. It offers a well-diversified range of products including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.