ICICI Lombard General Insurance has reportedly teamed up with employee health insurance startup Plum to jointly develop tech-backed group health insurance offerings in India.
The companies intend to utilise the latest technologies to enhance real time pricing, onboarding, policy management, and claims related to group health insurance.
Go deeper with GlobalData
To minimise the time taken for price estimates, the companies have developed an automated process around data cleaning, validation, fraud detection, and underwriting.
Furthermore, ICICI Lombard and Plum will offer instant digital onboarding to employees as soon as the group policy is purchased.
They are also planning to offer a real-time endorsement product that will allow organisations to activate the health insurance of employees as soon as they join the company.
Additionally, the companies are currently developing an online claims submission tool for employees along with a real-time tracking system.
ICICI Lombard General Insurance executive director Alok Agarwal was quoted Asia Insurance Posy as saying: “In these unprecedented times, with the pandemic far from over, this initiative will not only help us safeguard our group insurance clients but will also ensure that each and every covered individual is prepared to restart the new normal, the right way. ”
Plum co-founder and CEO Abhishek Poddar was quoted saying: “The group insurance health market in India is projected to grow to Rs 100,000 crores by 2025, and will see the rise of innovative insurance products not available in advanced markets. With partners like ICICI Lombard, we hope to provide 700 million people with employer-sponsored insurance and become the de facto health insurance platform for one million corporates in India.”
Last month, the Insurance Regulatory and Development Authority of India (IRDAI) approved, in principle, ICICI Lombard’s proposed acquisition of Bharti AXA General Insurance.
