ICICI Lombard focuses on product innovation to increase retail share

ICICI Lombard General Insurance on Thursday said it is focusing on product innovation to increase its retail share in the health insurance segment.

The private insurer reported a retail health insurance market share of 2.9 per cent, while its group insurance share stood at 11.4 per cent.

"We are working on increasing our retail share, and in this endeavour, we are constantly innovating our products. Our new offering, the Elevate Health policy, which includes several industry-first features and uses AI for product advice, is expected to drive our retail sales," ICICI Lombard VP (Health Agency) Amrish Sawe said.

He also noted that the current retail share of the health insurance industry is 39 per cent, but by 2030-31, this mix is expected to rise to 46 per cent.

However, Sawe did not disclose the retail share of premiums within the company's health portfolio.

In FY'24, the gross written premium for the health industry was Rs 1,07,800 crore, and this is projected to nearly triple to