For Immediate release

The no hassle solution for Insurers, E-Insurance, just launched.

Your go-to app for all your insurance worries !

MUMBAI, MH— July 2019 — ICICI Lombard announces the launch of the application
E-Insurance, to help put an end to all the hassles for Insurers. It will be a centralised application
with all the policies’ details. It will also address many of the customer needs and problems. To
register, user just has to enter basic details like name, age, etc., which will be stored and users need
not provide these details repeatedly. The lack of trust of the insurers in any insurance company is
due to rejected claims or disputed amount of the claim. To address this, for all insurers registered on
E-Insurance, for any rejected claim or any discrepancy in claim, a dedicated team of trained and
professionally certified members, will be assigned to look into such issues. This will ensure
personal attention to every such case and customers should be more satisfied.

“Customers want simplicity, more clarity. What did I purchase when I signed the contract?”, said
Girish J Kalra, Senior Vice President, Marketing and Corporate Communication at ICICI Lombard.
The led to the inclusion of live online video explanation feature of different policies, by insurance
agents, on this application. Registered insurers can book online appointment with their agents for
this. The agents will explain the policy terms in layman terms, if required.

The average age of an agent or broker, according to industry statistics, is pushing 60 years old. A
recent LIMRA survey pegged the average life & health producer at 56 years old, while a white
paper from McKinsey & Co. puts the average of insurance agents at 59 years old. This causes loss
of the millennials consumer market i.e aged between 18 to 34 years. As the agents, cannot connect
to this consumer segment due to the generation gap. As a result, when approached, the millennials
do not express their needs or simply avoid insurance agents. We will be recruiting or training
insurance agents aged between 21-35 years for this product. As 71 percent of millennials say their
mobile device is becoming their most important shopping tool, so why not shop Insurance as well ?

“One of the most horrible experiences that I have had in the last 20+ years of having insurance. An
entirely irresponsible and non-responsive team during the process of on-boarding and getting the
policy document issued. There is absolutely no responsible handling, no time committed to you,
no intimation of delays if any, and completely a "Ram bharose" and "chalta hai" attitude. I would
recommend that NO one should buy a policy from them. Also NEVER buy policy from the bank
even if they promise you the moon, or especially if they promise you the moon.”, said Jones Joseph
from Delhi. If we look at the highlighted areas of the review from Jones regarding his policy, we
can identify the exact areas to focus on. E-Insurance will have the option of feedback for the
customers, for the service provided and for the insurance agents. If the rating or feedback falls
below a certain level, the agent will be changed. This will give a feel of control to the customers
and also will build up the trust. Moreover, the insurance agents will not take the customers for
granted, resulting in a better customer experience.

Many customers want more flexibility with the insurance policies. With E-Insurance, customers
will sign a retainer of only 50% on the total time period. Post this, they will be provided with an
option to terminate the policy on a half yearly basis. This will be based on the user experience and
the feedback collected from time to time. Customers will receive gifts like pen, notepads on their
yearly anniversaries with the insurance company and referral discounts for all their friends or
For Immediate release
acquaintances, using their referral code. Moreover, they will also receive wishes via SMS or mail
on their birthdays or anniversary, which will be a personal connect for them.

All these changes will be implemented with partnerships with companies for professional
certifications like learn.org for online training or The Institutes. We will also tie up with mobile
payment platforms like Phone Pe, which will not only facilitate payments but also act as a
marketing channel. This application will also implement blockchain technology to update ledger
entries, so that the system is more transparent and more fraud immune. It will be in partnership with
EngineerBabu or LeewayHertz. To avoid fraudulent claims, E-Insurance will require customers to
submit videos for their claims, as people tend to lie less on videos.

Moreover, the policies in E-Insurance will include extra clauses, subject to the technology
developed in that sector. For eg. for accident claims, clause for driverless cars i.e autonomous
vehicles will also be included.

All these benefits will help E-Insurance to outperform other products. For personalised marketing,
E-Insurance will consolidate the data collected by the application and provide recommendations for
different policies. For eg., for a newly married couple, vehicle insurances will be recommended.
This whole idea can revolutionise the insurance market on the basis of customer needs and
problems.