2. COMPANY OVERVIEW:
Vision: To be the market leader in the
field of private general insurance.
Mission: To bring innovative insurance
solutions to customers' doorstep.
3. COMPANY OVERVIEW(CONT’D)
The market looked promising with a net
premium income of Rs 9,300 crore, and it
was growing at 11.4 per cent.
In 2001, the ICICI Group entered the
private general insurance sector by
forming a partnership with Fairfax
Holdings of Canada to establish ICICI
Lombard.
4. OBJECTIVE OF COMPANY
Employees:
Increasing market share
Increasing premium revenue
Retaining and increasing customer base
Creating brand value
Shareholders: maximizing shareholder value
Sales, agents and brokers: publicizing the company's
services
Customers:
Added value in return for premium
Greater customer satisfaction
5. SERVICES OFFERED BY ICICI
LOMBARD
ICICI Lombard offers a wide range of services covering
various areas of insurance and different segments of
customers. Its services can be classified under four broad
categories:
1.) Health insurance: The company offers protection in
cases of unexpected medical emergencies.
Home insurance
Motor insurance:
Overseas travel insurance
Domestic travel insurance
Student medical insurance
6. SERVICES OFFERED BY ICICI
LOMBARD(CON’D)
2.) Business products: These services are aimed at
businesses of all kinds and sizes. The insurance products
are as follows:
Fire insurance
Marine insurance
Industrial insurance
Corporate insurance
Liability insurance
Credit insurance
7. SERVICES OFFERED BY ICICI
LOMBARD(CON’D)
3.) Non-resident Indian (NRI) services: These
services are the same as those offered in personal
products, but the focus here is on NRIs. A service
specially offered in this category is parents' overseas
travel.
4.) Rural insurance: At ICICI Lombard, investing in
rural markets is seen as a major social responsibility. The
protection provided to the rural class is specified and
customized according to the class's needs.
8. STRATEGY USED TO ATTRACT
CUSTOMERS:
The main objectives of such strategy are:
To create value beyond the ‘product’.
To convert potential customer to clients.
To spread awareness about the company and
its products.
Depending on the effectiveness, the
CHANNELS are used are:
Physical
Direct
Indirect
• Online policy.
9. ORGANIZATIONAL STRUCTURE:
The organizational structure of ICICI Lombard is as follows:
It is headed by SANDEEP BAKSHI, who is
the managing director cum chief executive officer of the
company. VISAKHA MULE is the executive director of the
company. She is followed by RAKESH JAIN as the retail
head.
The whole organizational function can be divided into four
different heads:
Sales
Claims
Underwriting
Marketing
Sales
ClaimsUndertaking
Marketing
10. CORPORATE STRATEGY OF
ICICI LOMBARD
Fixing the Premium Amount
The premium amount for a particular product is fixed by
the underwriter team. For example, vehicle premium has
three parts:
Owned damage
Third-party damage
Sales tax
• Out of the aforementioned three parts, sales tax is fixed
by the sales tax department.
• The third-party damage amount is fixed by the Insurance
Regulatory Authority of India (IRDA).
• The underwriter team on behalf of the company fixes the
amount for owned damage.
11. BALANCED SCORECARD:
In ICICI Lombard, the balanced scorecard perspective
includes mainly three parameters, viz, employee
performance, employee satisfaction index (ESI) and
learning progress.
Business process perspective: This perspective deals with
processes related to ICICI Lombard's settling of customer
claims and sale of its products through various channels
like agent, banks, brokers, the Internet, etc. The two most
important parameters considered for ICICI Lombard are
average claim settlement time and percentage of claims out
of total claims settled in stipulated time.
