ICICI Lombard Innovates Health Insurance Products to Boost Retail Share

ICICI Lombard General Insurance is focusing on product innovation to enhance its retail share in the health insurance segment. The company is introducing new policies, like the Elevate Health policy, utilizing AI for personalized advice. The gross written premium for the health industry is projected to nearly triple by FY'31.

ICICI Lombard General Insurance announced on Thursday its strategic focus on product innovation to boost its retail health insurance market share, currently at 2.9 percent. The private insurer's group insurance share stands at 11.4 percent.

To achieve this, ICICI Lombard is continuously innovating, with its latest product, the Elevate Health policy, featuring several industry-first options and leveraging AI for personalized product recommendations. Vice President Amrish Sawe anticipates this will propel retail sales.

Sawe highlighted that the current retail share in the health insurance industry is 39 percent and expected to rise to 46 percent by 2030-31. The industry's gross written premium was Rs 1,07,800 crore in FY'24 and is projected to reach nearly Rs 2,94,200 crore by FY'31. Awareness of health insurance necessity and increased coverage levels among policyholders are key driving factors.

The new policy includes an ''Infinite Claim Amount'' option, allowing unlimited hospitalisation claims, majorly improving the market's competitive landscape. Furthermore, pre-existing conditions like asthma and diabetes are waived off with the ''Jumpstart'' add-on.

ICICI Lombard's gross direct premium income grew 20.4 percent year-on-year in Q1FY'25, totaling Rs 7,688 crore, driven by robust growth in both the motor and health segments.

(With inputs from agencies.)