ICICI Lombard GIC Ltd. offered products to startups, mirroring similar moves by SBI, HDFC Bank, Federal and RBL Bank in recent months. The company focuses on rapid growth in domestic startup market but has still not announced its initiative formally.
It is a joint venture between ICICI Bank and Fairfax Financial Holdings Limited, a Canada based diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management. The company is seen as one of the leading private sector general insurance companies in India with a Gross Written Premium (GWP) of Rs. 69.14 billion for the year ended March 31, 2015. As per the reports, it has issued over 13.87 million policies and settled over 3.41 million claims till march 31, 2015.
Presently, the company has designed a health insurance policy for the startup ventures and will soon be upcoming with more products specifically designed for startups. Birendra Mohanty, vice-president, SME & Broking, ICICI Lombard GIC said, “As of now, we have designed a health insurance policy for startup ventures. However, we would (soon) come up with other products designed specifically for startups,”
The company is providing services that suit the startups specifically. Addition-deletion of employees, option to pay a premium on a monthly or quarterly basis and facility to add new employees at a flat premium rate, etc. a continuous addition and deletion can be seen in startups, as well as for growing startups. Thus, a flexible view has been kept to resolve the issue.
An Ahmedabad-based startup, Salebhai.com was struggling to get a tailor made, group health insurance policy for its employees. It was seen that usually all insurance companies provide good health insurance to the business entities that have at least 50 employees, but this company held on 30. The company took a specially designed group cover from ICICI Lombard.