ICICI Lombard partners with Fino to offer sachet based insurance products

ICICI Lombard has been partnering with Fino Payments Bank to offer non-life insurance solutions to its customers since 2017. As part of this association, ICICI Lombard has introduced several innovative insurance solutions that complement Fina's technology enabled platforms and harness its customer reach. Some of these offerings include Hospicash that provide customers the means to cover their loss of income, especially in the case of migrant workers, if they are hospitalized. Further, policies such as Family Floater allow access to quality healthcare in a cashless way and protect the family's savings in case of hospitalization.

Continuing with their health insurance focus, ICICI Lombard and Fino are launching a Dengue and Malaria policy that covers treatments pertaining to these diseases upto Rs. 10,000 at a premium as low as Rs. 49. Targeting other significant segments such as 2-wheelers, they are introducing comprehensive insurance for bikes and scooters thereby giving Fina's customers access to ICICI Lombard's range of motor insurance solutions at affordable rates.

In addition to introducing affordable sachet-based insurance products, the insurance purchasing process has also been made simple for customers. Fino Payments Bank provides end to end digital customer enrolment process that takes only five to seven minutes to complete. The process is completely paperless avoiding wet signatures. There will be an instant handover of the policy document, which earlier took 10-15 days, thus meeting customers' need for instant gratification and reducing unnecessary hassles. This is in line with the idea of 'simplified claims process with less documentation' and intimation at Fino banking points.

As a Payments Bank, Fino offers third party products such as insurance through partnerships. While it has partnered with ICICI Lombard for health and general insurance, for life insurance ICICI Prudential and Exide Life are the partners. Bharat Petroleum (BPCL), a strategic investor in Fino, is the distribution partner providing access to its wide network of petrol pump outlets across the country. The BPCL outlets form a part of Fino's strong banking network, 80% of which are present in rural areas. Such a network is great to push insurance penetration and Fino is already making inroads.

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