Dear Stakeholders,
It is with great honour and humility that I address you for the first
time Chairman of ICICI Lombard.
ICICI Lombard is an institution defined by its resilience, innovation
and an unwavering commitment to delivering value to its stakeholders. We continue to
strengthen our commitment to meeting customer needs and expectations and in creating
meaningful experiences, thereby building lasting relationships.
At ICICI Lombard, we recognise that insurance is more than just a
financial product — it is a promise of protection, a commitment to stand by our
customers during their challenging times. Our role is to be a dependable and trusted
partner who delivers support with speed, empathy and integrity.
I extend my deepest gratitude to my predecessor, Ms. Lalita D. Gupte,
whose visionary stewardship helped establish the robust foundation upon which we continue
to build.
As we step into a new chapter of growth and transformation, I am
reminded that the road ahead is not only about capitalising on opportunities, but also
about steering the business with clarity, conscience and courage in an increasingly
volatile world.
UNDERSTANDING THE GLOBAL AND DOMESTIC LANDSCAPE
The year 2024 unfolded under the shadow of ongoing geopolitical
instability, with conflicts across multiple regions, climate-related catastrophes,
disrupting supply chains, heightening inflationary pressures and reshaping global trade
and energy dynamics.
Despite global turbulence, India remains a beacon of stability and
optimism. Now the fourth-largest economy globally, India is on a trajectory to become the
third-largest by 2030. The IMF projects India's GDP growth at 6.3% for 2025,
outpacing global peers. We are witnessing a period of sustained economic growth,
underpinned by favourable demographics, digital transformation and robust macroeconomic
fundamentals. This environment offers fertile ground for the insurance industry to expand
its reach, relevance and resilience.
As India aspires towards a higher growth over the next couple of
decades, the insurance sector has a fundamental role to play in protecting progress, by
safeguarding livelihoods, enabling financial inclusion and underwriting national
development.
SECTORAL EVOLUTION: WHERE INNOVATION MEETS IMPERATIVE
India's insurance sector is poised for sustained growth. Currently
the 10th largest globally (including life & non-life) and the 14th largest in
non-life, it is expected to become the sixth largest by 2030. At the same time, the sector
faces growing complexities: customer expectations are rising, climate risks are
escalating, regulatory frameworks are evolving and digital-first competitors are entering
the fray.
Emerging technologies such as AI, telematics, usage-based pricing and
real-time claims processing are not just incremental advancements, they are reshaping the
insurance value chain. The very notion of insurance is transitioning from a product to a
service experience, where risk is not only transferred, but increasingly predicted and
prevented.
In this dynamic environment, success will belong to insurers who
reimagine their purpose and embrace a customer-first mindset.
CUSTOMER CENTRICITY: FROM TRANSACTION TO POWERING PERSONALISATION
In today's hyper-connected world, customers no longer compare us
to just our peers, they compare us to the best experiences they have anywhere. Their
expectations are immediate, intuitive and immersive. Insurance, historically seen as a
back-office function, must now evolve into a proactive, real-time companion that
understands, anticipates and acts on customer needs.
More so, given insurance inherently applies implicit trust and a
promise to protect customers in their times of dire need. At ICICI Lombard, customer
centricity is not an isolated function, it is a system-wide philosophy embedded in our
organisational DNA. It is the bedrock on which we design products, deliver services and
deploy technology. Our approach is built around the 3 Ps of customer value:
PREDICTION, PREVENTION AND PROTECTION OF RISK.
Through advanced data analytics, we are proactively identifying
emerging risk patterns. Whether it is forecasting health trends, detecting potential
fraud, or using machine learning to assess driving behaviour, we are enhancing our ability
to predict events before they occur. This capability not only reduces claims but creates
more meaningful interactions with customers, where we help them stay safe, not just
recover.
We are increasingly developing solutions that help customers avert
risks. For example, our motor insurance customerscanbenefitfrom telematics and real-time
driving insights. Our health insurance policies now integrate wellness modules that
encourage preventive care, incentivised through app-based health tracking. By embedding
prevention in our offerings, we are redefining the insurer-insured relationship from
reactive to proactive.
Of course, at the heart of insurance lies the promise of protection and
this is where our omnichannel reach, innovative product suite and technology-driven
service models converge. With seamless onboarding, self-service digital tools and
AI-enabled claims processing, our customers can experience speed, empathy and reliability
at every interaction.
Today, customer loyalty is increasingly hard-won and easily lost. We
recognise that each moment of truth whether a policy renewal, a claim or a query is an
opportunity to reaffirm our value.
Our voice and chat assistant, RIA, handled double the interactions this
year across platforms, significantly improving resolution times and customer satisfaction.
Our flagship L TakeCare app, i now downloaded nearly 15 million
times, is an example of customer-centricity in action. It integrates insurance, wellness,
teleconsultation, pharmacy, diagnostics and claim services into a single intuitive
platform—making insurance not just a contingency, but a companion in everyday life.
This holistic approach to customer engagement, powered by AI and
analytics, is not just enhancing experience, it is fostering trust, which provides the
very foundation upon which successful customer relationships are built, enabling
businesses to thrive.
INSURANCE LANDSCAPE: A SOCIO-ECONOMIC CATALYST
The vision of achieving ‘Insurance for All by 2047', as laid
out by the IRDAI, resonates deeply with our mission. Insurance is more than a financial
product, it is an enabler of opportunity. From supporting MSMEs and farmers to protecting
urban dwellers and rural households, insurance is a social equaliser and a pillar of
financial inclusion.
Health and motor insurance continue to dominate the non-life space, but
the potential for innovation remains vast. Similarly, crop insurance through initiatives
like PMFBY and the public infrastructure like Aadhaar and UPI, will enable the reach to
underserved populations.
We are also keenly aware of India's vulnerability to natural
catastrophes, especially in industrial belts, logistics hubs and renewable energy
corridors. These emerging risk hotspots require advanced underwriting, parametric products
and a deep understanding of climate risk. At ICICI Lombard, we are actively investing in
these capabilities.
While the industry continues to make strides, the penetration gap is
still huge and to counter the same, the recent insurance awareness campaign of ‘achha
Kiya insurance Liya' unveiled by the General Insurance Council is a step in the
right direction.
REGULATORY FRAMEWORK: ENABLING A TRANSPARENT ECOSYSTEM
The regulatory environment is evolving to reflect both consumer
expectations and market realities. Reforms such as the Customer Information Sheet,
streamlined timelines for claims and survey reports and relaxed commission regulations,
are enhancing transparency and operational flexibility.
The recent move to allow 100% FDI in insurers that invest all premiums
within India will catalyse capital infusion, deepen insurance penetration and sharpen
industry competitiveness.
These reforms are not merely administrative; they are strategic levers
to build a stronger, more inclusive insurance architecture.
ICICI LOMBARD: SHAPING THE FUTURE OF INSURANCE
Your Company has not only kept pace with change; it has often led it.
Our strategy is anchored in five pillars that reinforce our position as a future-ready
insurer:
Consistent Market Leadership:
Through two decades of innovation and agility, we have remained one of
India's top private general insurers—setting benchmarks in
product design and customer responsiveness.
Superior Customer service: From AI-driven health claim approvals to
24/7 virtual assistance, our services reflect speed, empathy and excellence.
Multi-Channel Distribution: From physical touchpoints in Tier 3 and
4 towns to digital journeys online, our omnichannel strategy ensures we meet customers
where they are.
Robust risk Management: A strong Enterprise Risk Management
framework, including ESG as a key component, ensures we are prepared for tomorrow's
uncertainties today.
Capital Strength: With a solvency ratio well above regulatory
requirements, we are well-positioned to honour every promise, even in adverse conditions.
DIGITAL TRANSFORMATION: A STRATEGIC IMPERATIVE
We believe digital is not an add-on, it is the operating system of
modern insurance. This year, we modernised our core insurance platform to accelerate
product innovation and strengthen interoperability. AI is powering underwriting decisions,
fraud analytics and employee productivity.
Our Information Technology Strategy Committee now provides board- level
oversight on cybersecurity and tech strategy, underscoring our commitment to a secure,
agile and scalable digital future.
CSR AND SUSTAINABILITY: BEYOND BUSINESS, TOWARDS IMPACT
As a socially responsible Company committed to the welfare of all
stakeholders, we look beyond the world of insurance to drive social impact through our CSR
and Sustainability programmes. We are proud that our CSR initiatives have touched over 3
million lives.
For a deeper and sustainable impact, a few of our CSR initiatives are
implemented by ICICI Foundation, the philanthropic arm of the ICICI group. With a keen
focus on sustainable development, ICICI Foundation (IF) has been partnering with
institutions for a long-term and scalable impact, enhancing capacity building and
eco-system development. The IF has been focusing on programmes in the areas of Healthcare
— making healthcare accessible and affordable; Environment & Ecology — with
special focus on water conservation, forests and plantation; Livelihood — Rural
development, Skilling and Financial literacy; Communities — Forest periphery, Border
areas and Sports.
The Foundation's landmark commitment of 1,200 crore to Tata
Memorial Hospital for cancer care strongly reinforces our shared vision of accessible and
quality healthcare, aligning seamlessly with our role as a leading health insurer.
Implemented by the Foundation,
Niranjali focusing on installation of water purifiers at Government-run
schools has been enabling reduction in the incidence of water-borne diseases, impacting
students from 4,600+ schools positively. Installation of solar panels in schools has not
just been bringing light to classrooms, but also reducing electricity costs, emissions of
greenhouse gases (GHG) and helping maintain regular attendance in schools. The initiative
has positively impacted 500+ schools to date.
Our flagship Road Safety programme and Caring Hands-100% employee
volunteering initiative are implemented directly. Our road safety initiatives span across
the
THE ROAD AHEAD: INNOVATION, RESILIENCE, TRUST
As we look forward, our focus will remain steadfast on three
imperatives: embedding customer centricity at the core of our operating model, innovating
to protect against emerging risks and leveraging technology.
We aim to be the insurer of choice for India's digital generation,
the partner of trust for enterprises and a catalyst for national development.
To all our stakeholders customers, employees, partners, regulators and
shareholders — thank you for your trust and support. Together, we will continue to
build an ICICI Lombard that is trustworthy and not only protects what matters, but shapes
what's possible.
Regards,
rakesh Jha
Chairman