ICICI Lombard and Policybazaar, have joined forces to form a strategic partnership. ICICI Lombard has teamed up with Policybazaar in a move set to revolutionise insurance accessibility for Indian consumers.
Expanding Product Portfolio and Reach
The collaboration brings together ICICI Lombard’s comprehensive product portfolio and Policybazaar’s extensive reach, promising a wide array of insurance solutions accessible to all segments of the Indian population. With access to nearly 10 million customers, the partnership covers various insurance products including motor insurance, health insurance, travel insurance, home insurance, and business insurance. Moreover, the collaboration is expected to extend across multiple business lines of the Policybazaar platform, catering to retail audiences through policybazaar.com, corporates via PB for Business, and channel partners through PB Partners.
Enhancing Insurance Distribution
One of the key objectives of this partnership is to enhance insurance distribution across the nation. Through the seamless integration of digital platforms, the collaboration aims to ensure comprehensive coverage reaches every corner of India, providing consumers with convenient access to insurance products.
Stakeholder Statements
Commenting on the partnership, Sarbvir Singh, Joint Group CEO of PB Fintech, expressed his enthusiasm, stating, “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.”
AnandSinghi, Chief – Retail & Government Business of ICICI Lombard, highlighted the significance of the collaboration, saying, “On the auspicious occasion of GudiPadwa, we are pleased to join forces with Policybazaar to offer our innovative insurance solutions to customers. 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.”