ICICI Lombard, Policybazaar forge partnership to enhance insurance accessibility in India

In a landmark collaboration aimed at transforming the insurance landscape in India, ICICI Lombard, the country’s foremost private general insurance company, has joined hands with Policybazaar, India’s largest insurance marketplace. This strategic alliance is set to revolutionize the way insurance products are distributed, combining ICICI Lombard’s comprehensive range of insurance solutions with Policybazaar’s extensive customer reach.

The partnership is poised to democratize insurance access for nearly 10 million customers across India, offering a diverse portfolio of insurance products such as motor, health, travel, home, and business insurance. By integrating ICICI Lombard’s offerings across multiple business lines on Policybazaar’s platforms—including policybazaar.com for retail customers, PB for Business for corporates, and PB Partners for channel partners—the collaboration ensures a wider dissemination of insurance services, facilitating comprehensive coverage across the nation.

Anand Singhi, Chief of Retail & Government Business at ICICI Lombard, expressed his enthusiasm about the partnership, emphasizing the critical role of digital distribution in increasing insurance penetration in India. “On the auspicious occasion of Gudi Padwa, we are pleased to join forces with Policybazaar to offer our innovative insurance solutions to customers,” Singhi stated. He highlighted the company’s commitment to empowering consumers with choice and transparency, aiming to meet the evolving insurance needs of the Indian populace.

Sarbvir Singh, Joint Group CEO of PB Fintech, echoed this sentiment, expressing excitement over welcoming ICICI Lombard to Policybazaar. Singh remarked, “This partnership will bring ICICI Lombard’s exceptional insurance products and customer experience to our customers,” underscoring the shared vision of achieving “Insurance for All by 2047” in India.

This strategic partnership represents a significant step towards broadening the scope of insurance distribution in India. By leveraging the digital platforms offered by Policybazaar, ICICI Lombard aims to ensure that comprehensive insurance coverage is accessible to every corner of the nation, overcoming traditional barriers to insurance accessibility.

As this collaboration unfolds, it promises to create a more inclusive insurance ecosystem in India, where consumers can easily access and purchase insurance products tailored to their needs. The partnership between ICICI Lombard and Policybazaar marks a pivotal moment in the insurance industry, setting a new benchmark for digital insurance distribution and accessibility.