ICICI Lombard ties up with Policybazaar to offer insurance products

The private sector general insurer, ICICI Lombard General Insurance Company, on Tuesday announced that it has entered into a strategic partnership with Policybazaar to offer products on the platform.

According to the press release, “The collaboration encompasses access to nearly 10 million customers with a wide range of insurance products, including motor insurance, health insurance, travel insurance, home insurance, and business insurance.”

The partnership entails inclusion across multiple business lines of the Policybazaar platform including ‘Policybazaar.com’ catering to retail audiences, ‘PB for Business’ for corporates, and ‘PB Partners’ for channel partners.

Commenting on the collaboration, Sarbvir Singh, Joint Group CEO of PB Fintech, said, “We are very happy and excited to welcome ICICI Lombard to Policybazaar. This partnership will bring ICICI Lombard's exceptional insurance products and customer experience to our customers. It also builds on our shared commitment to driving the vision of 'Insurance for All by 2047' in the country.”

The partnership will significantly augment insurance distribution, ensuring that comprehensive coverage reaches every corner of the nation through the convenience of a seamless digital platform.

Anand Singhi, Chief - Retail & Government Business of ICICI Lombard, said, “On the auspicious occasion of Gudi Padwa, we are pleased to join forces with Policybazaar to offer our innovative insurance solutions to customers. Recognizing the pivotal role of digital distribution in enhancing insurance penetration, we aim to democratise insurance in India by offering consumers an accessible and comprehensive platform to purchase insurance seamlessly. Our goal is to empower nearly 10 million consumers with choice and transparency, underscoring our dedication to meeting the evolving needs of consumers.”