ICICI Lombard eyes shop assurance model for growth

KOLKATA: Private sector non-life insurer ICICI Lombard General Insurance Company Limited is eyeing the shopassurance model - a concept of vending insurance policies with retail products - to increase revenues, a company official said on Wednesday.
    
The company has already entered into an agreement with Reliance Retail for this purpose, National Sales Manager (Agency) of ICICI Lombard Karan Chopra said here.
    
Chopra further said that talks were on with other retail chains too.
    
In the first half of the current financial year, the company earned a premium income of Rs 1,727 crore. In the last fiscal, ICICI Lombard had netted Rs 3,030 crore as premium.
    
The company on Wednesday launched a new health insurance product -Health Advantage Plan- that would provide a Rs three lakh cover for a premium of Rs 15,000 per annum.
    
This would also provide reimbursement for out-patient department (OPD) expenses.