ICICI Lombard Focuses on Innovation to Boost Retail Health Insurance

ICICI Lombard General Insurance is prioritizing product innovation to increase its retail share in the health insurance sector. The company aims to leverage AI and new offerings such as the Elevate Health policy to drive retail sales. Gross premiums in the health industry are expected to nearly triple by FY31.

ICICI Lombard General Insurance announced its commitment to product innovation to expand its retail health insurance share.

The private insurer has a 2.9% retail health market share and 11.4% in group insurance. The introduction of the Elevate Health policy, which includes industry-first features and AI for product advice, is a key strategy in this expansion.

Current projections indicate the health insurance industry will experience substantial growth, with gross premiums expected to rise from Rs 1,07,800 crore in FY24 to Rs 2,94,200 crore by FY31.

(With inputs from agencies.)