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ICICI
Lombard
Insurer sells record-breaking
300,000 policies in a single day
By Debkumar Debnath, Program Director - TCS BaNCS,
TCS Financial Solutions
ICICI Lombard GIC Ltd. was founded in 2001 through Technology at ICICI Lombard. “For an internal contest,
a joint venture between ICICI Bank Limited, India’s we set an ambitious sales motivation target, and on
largest private sector bank, and Fairfax Financial the last day in October 2017 we were able to reach
Holdings, a Canada-based diversified financial that target by selling more than 300,000 policies in a
services company. single business day.”
In FY 2005, gross written premium (GWP) was Even though ICICI Lombard is the fourth-largest
Rs 8.85 billion. That year, ICICI Lombard adopted a insurance company in India, it outsold its larger rivals
technology solution from a TCS subsidiary, CMC Ltd., by selling over two million policies in a single month..
later merged into TCS. With a high market share in motor insurance for two-
In FY 2018, GWP reached Rs 123.57 billion (USD
$1.8 billion) — a remarkable 22.5 percent compound premiums costing as little as $15 to $20 per year. These
annual growth rate (CAGR) continuing over 13 years. low prices, combined with ICICI Lombard’s high-profile
In the last fiscal year alone, the number of policies standing in the