ICICI Lombard, Policybazaar forge strategic partnership

ICICI Lombard and Policybazaar said on Tuesday annunced a partnership to bring together the comprehensive product portfolio of the general insurer and the reach of the insurance platform. The partnership encompasses access to nearly 10 million customers with a wide range of insurance products, including motor insurance, health insurance, travel insurance and business insurance, according to a joint statement. 

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, the statement added. 

“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," said Sarbvir Singh, Joint Group CEO, PB Fintech. 

"It also builds on our shared commitment to driving the vision of 'Insurance for All by 2047' in the country," added Singh.

Highlighting the significance of the collaboration, ICICI Lombard Chief-Retail and Government Business Anand Singhi said: “On the auspicious occasion of GudiPadwa, we are pleased to join forces with Policybazaar to offer our innovative insurance solutions to customers."

"Recognising 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 million consumers with choice and transparency, underscoring our dedication to meeting the evolving needs of consumers," said Singhi.