Within 14 months, ICICI Lombard’s Long-Term Two Wheeler Insurance garnered a premium of Rs 166 crore and crossed 5 lakh policy mark
Mumbai : Within 14 months, ICICI Lombard’s Long-Term Two Wheeler Insurance (LLTW) managed to garner premium of Rs 166 crore and cross 5 lakh policy mark.
This has just encouraged the company to look beyond two-wheeler and consider working on long-term products for car and health insurance.
In a survey conducted by the company, it found that 90% of the customers are satisfied with the LLTW product. 4 out of 5 customers are keen to have long-term feature in car and health insurance.
Commenting on this finding, Sanjay Datta, chief underwriting and claims, ICICI Lombard said, “In health, it is not about convenience like LLTW but people who opt for the long-term product (in health) would look at premium guarantee.”
The company believes that there is a lot of risk in long-term insurance. Yet the company is planning to play out with the long-term pilot project. Datta added, “We will continue to do such innovations for customer convenience which will help in penetration of insurance.”
LLTW is a product that allows two-wheeler owners to purchase a policy with a longer duration cover of two or three years instead of the conventional annual renewal duration. Launched in April 2015, it is available in unconventional channels like petrol pumps for distribution of the policy.