For driving growth in the current fiscal year, the two insurance arms of ICICI group will rely on investments in the latest technology, providing value-added customer centric services, better claims management, and expanding non-traditional distribution channels.
ICICI Prudential registered a growth in embedded value of Rs 188 billion in FY18, as against Rs 161.84 billion last year. Value of new business nearly doubled in the last fiscal year from Rs 6.7 billion to Rs 12.86 billion, at the end of March 2018.
According to the annual report, increased household savings and a strong economic growth projected at 7.4 per cent in FY19 are drivers for life insurers.
Over the course of the coming year the company plans to focus on retail segment and build a ‘plug and play’ system for their partners. In the age of mobile apps, brick and mortar is expensive and invonvnient, identifying that trend the company will expand its non-traditional channels of distribution. This means growing their online presence through campaigns as well as strategic tie-ups with new innovative web-aggretors or Fin-techs.
In case of ICICI Lombard, investments in technology has helped improve cost efficiencies and their ability to service customers better.
In FY18, gross domestic premium income rose to Rs 123.57 billion around 15.2 per cent over FY17, and profit after tax grew 22.8 per cent to Rs 8.62 billion. Over the past year, it has introduced Internet of Things tools to improve operations.