Updated April 1st, 2024 at 11:09 IST

ICICI Lombard unveils digital initiatives for long-term efficiency

A key highlight is the company's transition of all core applications to a cloud platform, making it the first major insurer to achieve this milestone.

Reported by: Business Desk
ICICI Lombard | Image:Glassdoor
Advertisement

ICICI Lombard in focus: ICICI Lombard General Insurance recently held an analyst meet to unveil its strategic digital initiatives aimed at driving long-term growth and profitability. 

The company has implemented comprehensive digitisation across various segments, including customer service, distribution channels, and operational processes, analysts noted.

Advertisement

A key highlight is the company's transition of all core applications to a cloud platform, making it the first major insurer to achieve this milestone. 

The company's ILTakeCare app has been instrumental in enhancing customer engagement, witnessing major growth in downloads and generating notable gross written premiums (GWP), brokerage firm Motilal Oswal said in a note.

Advertisement

Furthermore, the insurance company has leveraged advanced technologies such as artificial intelligence/machine learning (AI/ML) and internet of things (IoT) to drive transformational changes. 

The 'ORION' programme has successfully moved core operations to the cloud, resulting in improved efficiencies and cost reduction, the Mumbai-based brokerage highlighted.

Advertisement

Notable achievements include data-backed algorithms for product recommendations, cloud-native features reducing incident rates, and smart computing enhancing operational productivity.

In terms of customer experience, the insurance giant has introduced ILTakeCare as a comprehensive solution for insurance and wellness needs, surpassing millions of downloads and driving notable GWP. 

Advertisement

The company's focus on digitalisation has led to a major reduction in human touchpoints per policy and enhanced customer servicing through AI-driven processes, Motilal Oswal added.

ICICI Lombard aims to increase its market share in the motor and health insurance segments through product development and cross-selling initiatives. The company remains committed to investing in digital and tech initiatives, with the expectation that efficiencies gained will contribute to improved profitability in the medium term.

Advertisement

Considering these factors, analysts maintain a positive outlook on the stock, projecting a ‘buy’ rating with a one-year target price of Rs 2,000.

As of 10:40 am, shares of the insurance company were trading 1.08 per cent higher at Rs 1,702.70 per share.

Advertisement

Published April 1st, 2024 at 10:44 IST