India-based private sector insurer ICICI Lombard General Insurance is considering launching small-ticket insurance products following the success of sachet products in the FMCG sector.
The insurer has collaborated with a number of wallet companies, e-commerce firms, and payments companies along with small finance banks for the distribution of the new product line-up.
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ICICI Lombard executive director Sanjeev Mantri told The Hindu Business Line: “We are very conscious of the fact that we don’t want to just push products but create value for the customer.
“E-commerce and wallet companies are a new channel, which none of the insurance companies had thought of three to four years ago. We have worked with wallet companies and do contextual offering to the customer like a short-circuit cover while paying electricity bill through a wallet.”
Previously, ICICI Lombard has partnered with Paytm to distribute nearly eight types of insurance policies such as insurance for vector-borne diseases, group personal accident insurance cover as well as mobile insurance.
Additionally, the insurer also teamed up with Mobikwik to offer insurance for household goods and a cyber-coverage, with facility to pay premium monthly.
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By GlobalDataThrough small-ticket insurance plans, the insurer is planning to target low-income segment as they can buy insurance coverage by paying monthly, quarterly or even daily basis premium.
In order to tap the opportunities presented by the online and digital channels, the insurer has established a digital arm known as ICICI Lombard Digital.
