ICICI Lombard, a private general insurance firm, and Policybazaar, an insurance marketplace, have formed a strategic relationship. The alliance would combine ICICI Lombard’s product portfolio with Policybazaar’s reach to provide accessible insurance solutions to nearly one crore clients, the companies said in a joint statement.
According to the company, the collaboration provides access to roughly 10 million clients and offers insurance products such as auto, health, travel, home, and business insurance. The relationship encompasses all business lines of the Policybazaar platform, including policybazaar.com for retail consumers, PB for Business for corporations, and PB Partners for channel partners.
Commenting on the collaboration, Sarbvir Singh, Joint Group CEO of PB Fintech, said, “We are very happy and excited to welcome ICICI Lombard to Policybazaar. This partnership will bring ICICI Lombard’s exceptional insurance products and customer experience to our customers. It also builds on our shared commitment to driving the vision of ‘Insurance for All by 2047’ in the country.”
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Anand Singhi, Chief of Retail and Government Business at ICICI Lombard, said, “By leveraging digital distribution channels, we aspire to democratise insurance in India, providing consumers with an accessible and comprehensive platform to purchase insurance seamlessly.”
