ICICI Lombard's "Complete Health Insurance" Awarded "Product of the Year"

MUMBAI, April 12, 2013 /PRNewswire/ --

- Award Recognises the Innovative Features in the Newly Launched Product 'Complete Health Insurance'

- Based on Survey of 18,000 Individuals Across 23 Indian Cities, the Largest of its kind Research in India

ICICI Lombard General Insurance Company Ltd., the country's largest private sector general insurance company, has been awarded "Product of the Year" for its recently launched product "Complete Health Insurance" (CHI). The award was announced at a ceremony held in Mumbai and was presided by Mr. Nandan Nilekani, Chairman, Unique Identification Authority of India (UIDAI).

"Product of the Year" is a global consumer recognition initiative that champions and rewards the best innovations in consumer products. It is based on an independent consumer survey conducted every year across 32 countries for the last 25 years to recognise the most innovative products. In India, "Product of the Year" winners are chosen based on a face-to-face research done with 18,000 respondents across 23 cities. The independent survey conducted by leading research firm, Nielsen, is the largest of its kind in the country.

Commenting on the occasion, Mr. Sanjay Datta, Chief - Underwriting & Claims, ICICI Lombard GIC Ltd. said, "We are delighted to have received this prestigious award. It is a true acknowledgement of our customer centric approach which has enabled us to introduce products that truly meet customer expectations. 'Complete Health Insurance' as a product offers several innovative features including flexible sum insured (upto Rs. 50 lakh), lifetime entry/renewability, OPD coverage, maternity benefits etc."

'Product of the Year' is an internationally recognised standard for new product launches that takes into account first hand consumer feedback to decide on the best available products in a category. The recognition is conferred on a product for a period of one year starting April.

About ICICI Lombard General Insurance Company Ltd.

ICICI Lombard GIC Ltd. is a joint venture between ICICI Bank Limited, India's second largest bank with consolidated total assets of over USD 91 billion at March 31, 2012 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 5,358 crore for the year ended March 31, 2012. The company issued over 76 lakh policies and settled over 44 lakh claims and has a claim disposal ratio of 99% (percentage of claims settled against claims reported) as on March 31, 2012.

The company has been conferred the "Golden Peacock Award 2012" for Corporate Social Responsibility, "Golden Peacock Innovation Award-2010" for Rashtriya Swasthya Bima Yojana. It also received the "Skoch Financial Inclusion Award-2011" in the micro finance category. The company has been conferred with 'NASSCOM - CNBC TV18 IT User Award 2010' for Best Technology Implementation in the Insurance Sector. It has been awarded CNBC Awaaz Consumer Award 2010 for being the 'most preferred brand' in the General Insurance category. ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto insurance providers. It was awarded Customer and Brand Loyalty award in the 'Insurance Sector - Non-Life' at the 3rd Loyalty awards, 2010 and the 'General Insurance Company of the Year' at the 11th Asia Insurance Industry Awards.

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 and debit card.

For more details about the company, log on to the website www.icicilombard.com.

Primary Media Contact: Girish J Kalra, [email protected], 91-22-61961461

Secondary Media Contact: Sulaksha Mukherjee, [email protected], 91-22-61961452