ICICI Lombard gets regulatory nod to pilot 5 proposals

ICICI Lombard announced on Wednesday that it has received a green signal to pilot five innovative applications and programs in its health and motor portfolio under the Insurance Regulatory and Development Authority of India (IRDAI) introduced Sandbox project. The company is to pilot the five proposals from February 1, 2020 to July 31, 2020.

According to the press release, this is the highest number given to any company under the IRDAI introduced project. ICICI Lombard acquired the approval for five products, namely, APP Monitored Diabetes Mellitus wellness program, APP Monitored Dyslipidemia management program under the health insurance portfolio; Pay as You Use (PAYU) policies for private car, Pay How You Use (PHYU) policies for private car and ‘single owner, multiple vehicle’. A customer opting for these programs will be offered a disease management application and a nutritionist counselling for diet. The program will utilise the tech-based mobile application and monitoring services to bring out the best of an insured individual.

ICICI Lombard General Insurance offers insurance coverage for motor, health, travel, home, student travel and more. Its products include motor insurance, car insurance, two-wheeler insurance, health insurance, complete health insurance, health booster, personal accident insurance, international travel insurance, home insurance, marine insurance, business insurance, third-party insurance and crop insurance.

On Wednesday, the stock closed at Rs 1313.55, down by 1.32 per cent or Rs 17.60 per share. The 52-week high is recorded at Rs 1,439.90 and the 52-week low is recorded at Rs 809.60 on BSE.