1 week ago
ICICI Lombard Bets on Digital Growth to Improve Underwriting
ICICI Lombard is using more technology to handle insurance work.
The share of servicing done digitally rose from 20% in FY23 to 47% in FY26.
It reached 71% in the June quarter of FY27.
The company wants this number to reach 90% by FY29.
Digital servicing costs almost 90% less than manual servicing.
The insurer also plans to increase the share of business sourced digitally from 6% to 15%.
Technology has shortened product launch time from six months to four weeks.
The company expects new launches to contribute 3-5% of gross written premium by FY29.
ICICI Lombard's digital servicing share rose from 20% in FY23 to 47% in FY26.
Digital servicing reached 71% in Q1FY27, with a target of 90% by FY29.
Digital servicing costs almost 90% less than manual servicing.
The insurer plans to increase digital sourcing from 6% to 15%.
Faster product launches could generate 3-5% of gross written premium from new products by FY29.
- Who
- ICICI Lombard.
- What
- The insurer is expanding digital servicing, digital sourcing, and faster product launches.
- Where
- When
- Digital servicing reached 71% in Q1FY27, with targets set for FY29.
- Why
- To reduce servicing costs and potentially increase gross written premium from new products.
Key facts
- Digital servicing share in FY23
- 20%
- Digital servicing share in FY26
- 47%
- Digital servicing share in Q1FY27
- 71%
- FY29 digital servicing target
- 90%
- Digital servicing cost advantage
- Almost 90% lower than manual servicing
- Digital sourcing target
- Increase from 6% to 15%
- Product launch time
- Reduced from six months to four weeks
- Potential FY29 contribution from new launches
- 3-5% of gross written premium
Sources
Related news
Oriental Insurance Plans ₹500 Crore Digital Investment Over Three Years
IRDAI’s Proposed 2% Commission Cap Raises Rural Insurance Access Concerns
IRDAI Proposes Major Changes to Insurance Distribution Costs
IRDAI Proposes Overhaul to Cut Commissions and Mis-selling
IRDAI Proposes Sweeping Overhaul of Insurance Distribution Rules
IRDAI Defends Insurance Distribution Reforms and Digital Infrastructure Plans
Kurnool Consumer Commission Orders Insurer to Pay ₹50 Lakh Claim
Analyst Urges Ola Electric Exit, Favors ICICI Lombard Switch
Standalone Health Insurers Drive Non-Life Premium Growth in September
Delhi High Court Upholds Rs 1.70 Crore Accident Compensation
