ICICI Lombard gets IRDAI nod to pilot five proposals under Sandbox project

ICICI Lombard General Insurance Company has got the green signal to pilot five innovative applications and programs in its health and motor portfolio under the Sandbox Project. This is the highest number given to any company under the IRDAI introduced project. ICICI Lombard is to pilot the five proposals from 1 February 2020 to 31 July 2020.

ICICI Lombard GIC acquired approval for the following products in its health and motor portfolio:

1) APP Monitored Diabetes Mellitus Wellness Program
2) APP Monitored Dyslipidaemia Management Program under the health insurance portfolio
3) Pay As You Use (PAYU) policies for Private Car
4) Pay How You Use (PHYU) policies for Private Car
5) Single owner multiple vehicle (Motor floater policy)

ICICI Lombard General Insurance is the only insurer to receive approvals on the features focused on Diabetes and Cholesterol. This ensures a more comprehensive plan proposition for health insurance consumers.

The insurer has introduced multiple industry-first initiatives and is committed to providing innovative offerings prevalent to customer's need. Introduction of programs focused on Diabetes and Cholesterol is a major initiative by the insurer. A customer who opts for these programs will be offered a disease management application along with a nutritionist counselling for diet. The program allows tech-based mobile application and monitoring services to bring out the best of an insured individual. A customer who exhibits good behaviour by following a diet and a fitness regime will be rewarded by wellness points and this entire process will be monitored through the mobile application.

ICICI Lombard has relentlessly worked towards providing its consumers with best-inclass tech-enabled solutions. The insurer's technologically enhanced approach has been the basis of inception of the sandbox product offerings which is one of the contributing factors to the number of approvals received by the insurer. In the case of Pay-As-You-Use (PAYU) and Pay-How-You-Use (PHYU) policies for private cars, the insured gets an option to pay their premiums basis the distance covered whole driving or by computing the driving behaviour. The Motor Floater policy will now offer an option to customers to have a single policy for multiple vehicles by having different sub-limits for each vehicle.

IRDAI's Regulatory Sandbox project has provided the insurance industry with the flexibility to explore new products and services that suit today's technology and data driven world. This methodology allows the insurers to launch and test a product with a select group of people for a period of six months, post which, basis the results of the pilot run and the feedback, it will be launched commercially for the public. This enables insurers to gather critical customer insights during the pilot stage. ICICI Lombard believes this last step to be the most crucial as it ensures that its customers receive the best and the final product without any shortcomings, thus enabling the company to keep its promise of determining risk solutions to its customers.

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