ICICI Lombard General Insurance, India's largest private sector non-life insurance company has rolled out promising measures for the people affected by the super cyclonic storm - Amphan. The cyclone has been declared to be "the worst cyclone" that Kolkata has witnessed in the past 100 years by the Indian Meteorological Department (IMD). The insurer has gone to great lengths to provide the customers with the best of services in these challenging times wherein COVID-19 is already a significant issue and the cyclone has only made matters worse.
Any customer can reach ICICI Lombard through its various digital communication modes. The first level of intimation was sent to the customers through social media, email and SMS giving out a claim intimation link for registering claims. Pre and post cyclone advisory was also sent to customers via email communication.
Customers can reach out to the insurer through:
- A 24x7 toll-free helpline number (1800-2666)
- Write to the company at firstname.lastname@example.org for any queries.
- Any motor or health claims can be registered through ICICI Lombard's ILTakeCare app
- The insurer's website can be used for reporting property or liability claims
Simplified and contactless claim intimation and approval process
- ICICI Lombard has developed a strategic roadmap with the use of technology ensuring faster, easy and safe claims settlement, thus, respecting the norms of social distancing given the current COVID-19 situation
- To that extent, the company is encouraging self-assessed motor claims through Instaspect feature within the IL TakeCare app
- Small value losses will be assessed through virtual surveys
- ICICI Lombard has ensured that bare minimum documents are required for the settlement of claims
- Taking into account the ease and convenience of the customers, the insurer has enabled customers to submit documents online using the E-Claims feature which allows for the submission of a digital claim form due to the cyclone incident as well as the estimated loss (with the quotations/invoices of the repair and/or replacement for the damaged items) are required. The required list has been truncated given the current circumstances.
- A centralized mechanism of claims monitoring has also been set-up for managing and resolving disputes
On these measures, Sanjay Datta, Chief-Underwriting, Claims and Reinsurance, ICICI Lombard GIC stated, "At ICICI Lombard, we believe in going the extra mile for our customers in their hour of need. Concerning the recent cyclone in Kolkata, we have instituted several technology-enabled communication channels and simplified claim settlement procedures for a speedy response. Further, we are encouraging our customers to take advantage of digital solutions across web, mobile and apps."
He further added, "Events such as these bring forth the need for one to avail insurance for self, family and their possessions as life is very uncertain and risks are unpredictable. The least one can do is mitigate the financial impact due to such incidents."
ICICI Lombard's proactive approach
In order to offer fast and easy services, ICICI Lombard has instituted a unique comprehensive mechanism to align its internal operations to provide a quick and efficient response:
- Starting with proactively reaching out to its customers to understand the extent of the damages so as to appoint adequate number of surveyors
- Internal classification of the type of losses and allotment of the same to specific survey firms for an efficient deputation of claims
- Setting up a dedicated team at the corporate office to support the regional claims team
- Sharing the repair approvals with workshops post Instaspect surveys so that the vehicles are taken up for reinstatement as soon as they reach the workshop
Damages so far
As per the data released by the authorities in Kolkata, more than 13 million people have been affected - some losing houses, crops and lands - and over 1.5 million homes have been damaged.
Shares of ICICI Lombard General Insurance Company Ltd was last trading in BSE at Rs.1293 as compared to the previous close of Rs. 1300.85. The total number of shares traded during the day was 12278 in over 2069 trades.
The stock hit an intraday high of Rs. 1325 and intraday low of 1259.8. The net turnover during the day was Rs. 15817781.