Access to 10 Million Customers through the Partnership
FinTech BizNews Service
Mumbai, April 10, 2024: In a significant move, two leaders have come together to enter into a partnership – ICICI Lombard, India's leading private general insurance company and Policybazaar, India's biggest insurance platform. The strategic partnership brings together the comprehensive product portfolio of ICICI Lombard and wide reach of Policybazaar, promising accessible insurance solutions for Indian consumers.
The collaboration encompasses access to nearly 10 million customers with a wide range of insurance products, including motor insurance, health insurance, travel insurance, home insurance, and business insurance. The partnership entails inclusion across multiple business lines of the Policybazaar platform, policybazaar.com catering to retail audiences, PB for Business for corporates and PB Partners for channel partners.
The partnership will significantly enhance insurance distribution ensuring comprehensive coverage reaches every corner of the nation through the convenience of a seamless digital platform.
Anand Singhi, Chief - Retail & Government Business of ICICI Lombard, mentioned, “On the auspicious occasion of Gudi Padwa, we are pleased to join forces with Policybazaar to offer our innovative insurance solutions to customers. Recognizing 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 Mn consumers with choice and transparency underscoring our dedication to meeting the evolving needs of consumers.”
Commenting on the collaboration Sarbvir Singh, Joint Group CEO, PB Fintech said, “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.”
