ICICI Lombard GIC launches five industry-first solutions among 25 new insurance products
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ICICI Lombard GIC , a leading non-life private sector insurance company, on Monday launched a slew of new solutions – 25 in all – which included five new industry firsts, to mark its 25th anniversary. “The idea is to create new-age products, an elevated customer experience and boosting speed and convenience through tech solutions,” ICICI Lombard General Insurance Company’s Chief Financial Officer Gopal Balachandran told Fortune India.
This, in turn, would help improve operational efficiency for the insurer, which had reported a gross direct premium income (GDPI) of ₹8,318 crore for Q1FY27, marking a 7.5% year-on-year growth.
Five solutions which were industry firsts included:
Motor service assure: a time assured roadside assist solution, where a designated service executive will reach the private car customer in 30 minutes in India’s top 15 cities and in one hour across all other locations.
Digital insurance branch has been created at Siddhivinayak Metro station, Prabhadevi area in Mumbai, for new and existing customers. This branch will offer seamless access to health, motor and travel insurance services and allows for renewals and claim tracking at self-service kiosk.
Voice AI: This is a conversational, multi-lingual AI solution for end-to-end policy purchase. This will include enquiries, requests, purchase and payments solutions being provided as part of their customer care solutions. More than one million calls have already been completed, it can grow into a scalable, outcome-led customer channel.
Personalised travel planner: This is an AI-powered trip planner, where the feature creates a curated, daily itinerary, which is customised. The solution offers travel protection, enabling users to explore personalised travel insurance suited to their destination and needs.
Smart health underwriting: this is powered underwriting for health insurance to deliver faster, seamless and end-to-end customer experience. It offers a self-guided digital journey with personalised questions, which AI evaluates in real-time.
The other solutions include service desks for senior citizens, customised insurance solutions for micro- and small and medium-sized enterprises, motor proactive assistance, simplified payments, a comprehensive, life-stage based health cover for women, pet care insurance, motor cyber cover, and augmented sales IG, besides others.
The ICICI Lombard GIC stock has slid 16% year-to-date and 9.47% since its Q1FY27 earnings data. The insurance company reported a 46% y-o-y fall in net profit to ₹403.17 crore due to an addition claim reserve of ₹165 crore, based on a Supreme Court verdict regarding motor third-party portfolio. There were also two large fire claims in that quarter (in profitable accounts). The loss was amongst the highest in Q1 for the insurer. All of this resulted in the combined ratio rising to 107.2% y-o-y, Balachandran said.
In Q1FY27, capital gains for the company were also sharply down to ₹183 crore from ₹380 crore, a year earlier. "The stock market was challenging but over long cycles, on a sustainable basis, we have been able to deliver is a RoE of 18-20%," Balachandran said. He added that there has already been a pull-back in de-growth of the fire business in 2026, which should assist Q2FY27 earnings data.