ICICI Lombard partners with Fino Payments Bank to offer non-life insurance solutions

As part of this association, ICICI Lombard has introduced several innovative insurance solutions that complement Fino's technology enabled platforms and harness its customer reach.

Nov 18, 2019 06:11 IST India Infoline News Service

ICICI Lombard, India's leading private sector non-life insurance company and Fino Payments Bank are taking insurance deeper into the hinterlands of the country. ICICI Lombard has been partnering with Fino 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 Fino'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.
 
The two brands now plan to take their association to the next level. To do this, they will focus on affordable insurance- solutions that will address the specific needs of Fino's customers spread across the country.
 
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 Rs10,000 at a premium as low as Rs49. Targeting other significant segments such as 2- wheelers, they are introducing comprehensive insurance for bikes and scooters thereby giving Fino's customers access to IClCI Lombard's range of motor insurance solutions at affordable rates.
 
On the significance of the tie-up, Sanjeev Mantri, Executive Director, ICICI Lombard said, "We have worked extensively with Fino Payments Bank since 2017, securing their customers based in 550 districts across the country. Given our risk management capabilities and innovative products coupled with Fino's technology led distribution, we have been able to extend our products to over 1 million customers in tier 3 & 4 cities and Rural India. Fino Payments Bank and ICICI Lombard believe in delivering their best as both derive their strength from robust in-house technology, versatility of operations, and scale of distribution channel, to provide customized new-age solutions. Fino is a marquee partnership in our portfolio and compliments our distribution strategy across traditional, online and new age platforms."

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