ICICI Lombard to bring sachet-size insurance products

Seeing the success of sachet products in the FMCG sector, ICICI Lombard General Insurance is planning to introduce small-ticket insurance products and is working with e-commerce players, wallet companies, payments and small finance banks for the same. “We are very conscious of the fact that we don’t want to just push products but create value for the customer,” said Sanjeev Mantri, Executive Director, ICICI Lombard, adding that the insurer is innovating on sachet-size products and is partnering with digital platforms for distribution. “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,” he said. Previously, the general insurer has joined hands with Paytm to offer about eight products including group personal accident insurance cover, insurance for vector-borne diseases and mobile insurance. It has also tied up with Mobikwik for insurance of household goods as well as a cyber cover that can be paid on a monthly basis. Many insurers have been working on small-ticket insurance products for targeted segments which can be renewed on monthly, quarterly or even daily basis. This means a lower premium payout for the customer. For example, ICICI Lombard’s cyber insurance cover on Mobikwik can be availed of digitally through the app at Rs 99 per month and with a sum insured of Rs 50,000.