ICICI Pru targets 10% renewal premium via Net, cellphones

ICICI Prudential Life Insurance Company (ICICI Pru), the country’s largest private insurer, is aiming for the collection of 10 per cent of its renewal premium through the internet, mobile phones and information technology-related platforms in 2009-10.

The insurer has collected a renewal premium of Rs 430 crore, or 6 per cent of the total renewal premium amount, via the internet and cellphones. 

According to Anita Pai, executive vice-president (Customer service and technology), ICICI Pru, the company always believed in offering consumers products that will help them to meet their long-term financial goals conveniently. “Our service infrastructure is built in a way that the policyholders can reach out to us easily.”

Moreover, policyholders feel that it’s more convenient as they can renew the policies via the Net and cellphone using their credit cards. It also allows them to keep track of the net asset values and the fund value. The company received more than 12 lakh SMS requests last year, she says.

The insurer has tied up with Airtel and mChek to enable policyholders to make their premium payment through their cellphone using their credit cards

The number of website payment transactions rose to 280,000 from 126,000 a year ago. Total transactions executed through the website for both customers and advisors have crossed 800,000.

The website user base has now increased to 1.9 million. Last year, the company has added over 0.4 million users. Further more, the number of customers who visit the website at least once a month averages 198,000.

The company also allows its policyholders to generate statements such as receipt, notices, PPC, unit statement, and portfolio statement.

“We have received more than 1,500,000 hits for these five segments. Portfolio statement, which is a unique and one of its kind feature in the insurance industry, tops with the number of hits at 840,000, Pai says.

In addition, ICICI Pru has established 25 premium payment gateways for its customers.