ICICI Lombard sets up in-house digital arm to tap growing internet market

The act of setting up a separate digital arm is the first in the domestic insurance industry

ICICI Lombard General Insurance (ICICI-GI) has set up a 'virtual company' called ICICI Lombard Digital within the company to spearhead insurance services through a purely digital platform. ICICI Lombard Digital will be a specialised digital arm that cuts across the entire value-chain and leverages partnerships throughout the modern-day internet-ecosystem.

"We felt this necessitates a differentiated approach, which will help us to leverage emerging opportunities. Conventionally, our digital team was primarily a sales channel and it used to work with central departments. In the new setup, ICICI Lombard Digital will have a separate underwriter, actuary, technology, legal and compliance teams, in