Mumbai, Maharashtra, India:ICICI Lombard General Insurance Company Ltd. has been bestowed with Frost & Sullivan’s 2011 India Voice of Customer Award as the “Overall Best Vehicle Insurance Company” in the competitive Indian automotive market. The Award was presented to ICICI Lombard for demonstrating excellence in customer service, documentation process, and for claim management.
ICICI Lombard has a loyal customer following, who have rated it as the Number #1 brand. It is also noted that users of other vehicle insurance companies also perceive ICICI Lombard as #1 compared to the competitors. On the basis of its superior performance, ICICI Lombard has been selected as the recipient of Frost & Sullivan’s 2011 “Overall Best Vehicle Insurance Company” as per the choice of Indian vehicle owners.
The Frost & Sullivan Voice of Customer Award for Overall Best Vehicle Insurance Company is bestowed upon the organization that demonstrates excellence in customer service, documentation process, and claim management. In June-July 2011, Frost & Sullivan surveyed 1,588 vehicle owners (from mini, regular compact segment, super-compact and mid-size segment, and utility vehicle segment) who purchased their vehicle between 2007 and 2009, using a face-to-face survey methodology. Survey respondents were selected purposively across 10 cities viz. Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune, Chandigarh, Ahmedabad, and Jaipur. The respondents had to be the primary decision makers about purchase of vehicle, and preferably drive it themselves. Age of the respondents was between 18 and 55, and both male and female respondents were interviewed.
Mr. Bhargav Dasgupta, MD & CEO, ICICI Lombard GIC said, “We are delighted to receive this prestigious award of best vehicle insurance company from Frost & Sullivan. At ICICI Lombard, we constantly work towards delivering superior service and value to our customers. In the insurance industry, the “moment of truth” is when the customer makes a claim and we, at ICICI Lombard, take this aspect of servicing very seriously. It is always very encouraging and inspiring to know that our efforts are being recognized and applauded. We will continue to build on the momentum and cater to our customer requirements to the best of our ability”.
Mr. Anand Rangachary, Partner and Managing Director, South Asia & Middle East, Frost & Sullivan, said, “This Award conferred on ICICI Lombard is an acknowledgment of its best practices and their focused efforts to provide a comprehensive solution to the Indian four-wheeler owners. It has also adopted several unique programs like issuing online insurance policy, cashless claim in several garages, personal accident cover, and doorstep surveyor facility. ICICI Lombard’s easy documentation process, unparalleled customer service, and smooth claim services are some of the areas highlighted by the consumers and this has been recognized by Frost & Sullivan with this Award.”
The Vehicle Insurance market is getting increasingly competitive by the day, as banking and other financial services companies are foraying into this segment. To become a market leader, one has to be consistent and always come up with unique programs or services that would benefit the consumer. Some of the key benefits that ICICI Lombard is providing its customers include the digitally-signed policy issued immediately through an online facility; and access to nearly 3,000 garages for cashless claim across the country.
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About ICICI Lombard
ICICI Lombard GIC Ltd. is a 74:26 joint venture between ICICI Bank Limited, India’s second largest bank with consolidated total assets of over USD 91 billion at March 31, 2011 and Fairfax Financial Holdings Limited, a Canada based USD 30 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.
ICICI Lombard GIC Ltd. is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs. 4,734.89 crore for the year ended March 31, 2011. The company issued over 56 lakh policies and settled over 81 lakh claims and has a claim disposal ratio of 99% (percentage of claims settled against claims reported) as on March 31, 2011.
The company has been assigned a domestic rating of ‘iAAA’ by ICRA (an associate of Moody’s Investors Service) for highest claim paying ability and a fundamentally strong position, for the fifth consecutive year. The company has been conferred the “Golden Peacock Innovation Award-2010” for Rashtriya Swasthya Bima Yojana. It also received the “Skoch Financial Inclusion Award-2011” in the micro finance category.
ICICI Lombard allows instant policy issuance and renewal through its website www.icicilombard.com for all retail insurance products including Car Insurance, Health Insurance, Travel Insurance, Two Wheeler Insurance and Home Insurance. There are multiple payment options available including internet banking, credit card, debit card and cash card.
Ravinder Kaur,Corporate Communications, South Asia, Frost & Sullivan, +91 (44) 66814080/+91 9940141714