Corporate Insurance | ICICI Lombard

₹71.06B

Gross written Premium

92.1%

Claim Settlement

13.6%

Market Share

20K+

Customers

Numbers are for FY 2023-24 for Commercial lines business

We provide customized solutions and services for your business.

We offer instant claims processing and support whenever you need.

We offer you the flexibility to easily manage your policies.

#1

Market leader in Marine Cargo and Liability

2nd

Largest player in Fire
& Engineering line of business

3500+

Corporate Customers

Pharmaceuticals

Empowering the future of healthcare, proudly serving 150+ customers in the industry

Overview

Growth Landscape and Industry Scope

The pharmaceutical landscape in India boasts diverse segments, including Generic drugs, OTC Medicines, APIs, Bulk Drugs, Vaccines, and more. Forecasts predict that the Indian pharmaceutical industry will scale to $65 billion by 2024 and further surge to $130 billion by 2030.

India's pivotal role as the leading global exporter of generic medicines is complemented by strategic investments in diverse pharmaceutical realms. Initiatives span Contract Research Organizations (CROs), test drugs, and Clinical Trials. This multifaceted strategy targets reduced healthcare costs and enhanced well-being. Notably, India stands apart as the sole country boasting the highest number of US-FDA compliant pharmaceutical plants beyond the USA.

Way forward for the industry

The Indian pharmaceutical domain emerges as a promising investment avenue for global and local stakeholders, assuring an upward growth trajectory. Expanding this sector not only promises worldwide access to affordable generic medications but also demands proactive measures from pharmaceutical companies. Upholding quality, securing data, enhancing supply chains, consumer redressal, compliance adherence, safeguarding intellectual property, and curbing counterfeits are essential to uphold trust and bolster confidence in this evolving landscape.

ASSOCIATED RISKS

The pharmaceutical domain has long championed research and development across its domains. However, substantial investments come with their set of challenges:

Clinical Trials Potential litigations stemming from harm, both negligent and non-negligent, sustained by trial subjects.
Logistic Disruptions Real-time visibility gaps in transportation, delivery, cargo handling, distribution, and inventory management.
Cybersecurity Concerns Unauthorized access to sensitive information jeopardizing trust, causing downtime, and triggering significant revenue losses.

Product recall and liability Damages stemming from product recalls or disposals, impacting the manufacturing landscape.
Counterfeit Medicinal Products The lurking risk of substandard products tarnishing brand reputation within the market.
Patent Cliffs The steep decline in revenue post-patent expiry of key products.

RECOMMENDED SOLUTIONS

Clinical Trials/BE Studies Liability

Cover for injury/death of the trial participants

Cyber Insurance

Insures the corporate for their cyber risks

Comprehensive General Liability Insurance (CGL)

Cover against customer lawsuits over defective product

Marine Sales Turnover Policy

All legs of transit are collectively covered (Export/Import/Domestic Sales/Stock transfer)

INDUSTRY CASE STUDY

The insured company is a global pharmaceutical conglomerate. Operating in multiple countries with a workforce of ~ 15,000 individuals from diverse nationalities, this case study highlights insurer’s efforts to combat insured company’s phishing threats with the aid of a dedicated yearlong simulation exercise.

TESTIMONIALS

ACG Group

“ICICI Lombard has been our insurance partner for more than a decade. The company has a diverse portfolio of non-health services, and have successfully helped us sail through the risk hurdles with outstanding solutions in Property and Marine segment.”

Mr. Neeraj Bhavsar

Head – Finance Insurance

Construction & Infrastructure

Overview

Landscape

Development of infrastructure has a multiplier effect on demand and efficiency of transport and increases commercial and entrepreneurship opportunities. This vital sector propels India's comprehensive progress, receiving keen governmental attention to institute policies ensuring prompt establishment of world-class infrastructure. Encompassing power, bridges, dams, roads, and urban development, it lays the foundation for the nation's holistic growth.

Way forward

In this dynamic environment, the construction sector embraces intricate possibilities, requiring not only cost efficiency but also technological prowess. With a surge in infrastructure capital investment in Budget 2023-24, marked at Rs.10 lakh crore (US$ 122 billion), equivalent to 3.3% of GDP, construction companies are poised to compete effectively in the realm of sophisticated projects. This new era demands a synergy of competence in both efficiency and technology, shaping a future where innovation leads the way to sustainable achievement

ASSOCIATED RISKS

Climate change Extreme weather events pose threats, damaging infrastructure, escalating project costs, and disrupting schedules.
Supply Chain Challenges Vulnerabilities arise as products traverse the supply chain, encompassing shortages and threats to services.
Worker Safety Concerns Hazardous conditions expose workers, necessitating robust safety measures to avert accidents and costly litigations.

Cost Overruns and Delays Common occurrences, often caused by factors like labor and material shortages, altering project scope.
Environmental Pressures Health risks mount due to pollution, radiation, noise, land use patterns, and the changing climate.
Political and Regulatory Instabilities Uncertainty in the political realm can lead to delays, cancellations, heightened costs, and increased risks for stakeholders.

RECOMMENDED SOLUTIONS

Erection all risk

Covers erection and installation of plant machinery and equipmnt

Contractor's all risk

Covers risk arising during construction period

Professional Indemnity Insurance (PI)

Cover against customer lawsuits over negligent services

Comprehensive General Liability Insurance (CGL)

Cover against lawsuits for Injury/death/property damage

SFSP

Standard Fire and special peril Policy

Marine Open policies -Inland, Export/Import

Covers specified legs of transit

INDUSTRY CASE STUDY

The insured company is a prominent and well-established paper and board manufacturing company based in India. With a rich history spanning several decades, the company has earned a reputation for excellence in producing high-quality paper and board products.

TESTIMONIALS

Panchshil realty

"We have got ICICI Lombard in mnay of our projects and find them as one of the players in the market that take prompt commercial calls at the time of any claim.
We prefer ICICI Lombard for our CAR policies. "

Neeraj Thakur

Senior Manager

Punj Lloyd

"I appreciate the kind of support ICICI lombard provides us in insuring pur projects & employees. They are transparent in educating us with our requirements."

Girish Vazirani

General Manager

Larsen & Toubro

"Customer friendly insurer. Goes the extra mile to meet deliverables. Happy to work with ICICI Lombard."

A M Balaji

DGM - Insurance

IT/ITES

900+ satisfied customers & counting: Your IT Safety Assurance

OVERVIEW

Industry Size

In this intricate tapestry of ITES, one finds a plethora of sub-sectors like business process outsourcing (BPO), knowledge process outsourcing (KPO), legal process outsourcing (LPO), and IT outsourcing (ITO). These diverse components converge to form the expansive ITES industry. Projections underline that this industry is poised to leap forward, with the global ITES market projected to witness an impressive 8.5% Compound Annual Growth Rate (CAGR), propelling it to a substantial value of $1,120 billion by the year 2028.

Way Forward

The dynamic landscape of Information Technology Enabled Services (ITES) has undergone remarkable expansion in recent years, and this upward trajectory is poised to persist. This growth is attributed to a synergy of globalization, amplified outsourcing practices, and technological advancements. The heartbeat of this sector lies in addressing the operational efficiency and cost-saving pursuits of businesses through digital solutions. These solutions encompass a spectrum of services ranging from customer care and technical assistance to data processing and software development.In the backdrop of these challenges, the ITES industry continues to evolve, adapting to the demands of a digital era while striving for excellence.

ASSOCIATED RISKS

While opportunities abound, the ITES industry doesn't come without its set of challenges. These challenges resonate with the heartbeat of business environments and demand thoughtful navigation:

Data Security Vigilance The digital realm introduces the challenge of safeguarding sensitive client information against breaches and unauthorized access. Such lapses could precipitate financial loss, tarnish reputation, and even lead to legal ramifications.
Tech-Driven Disruptions The ever-evolving technological landscape mandates a continuous commitment to innovation and infrastructure enhancement. Stagnation in this realm could result in obsolescence and diminished competitiveness.
Talent Dynamics Fierce competition, skill shortage and high employee turnover make it challenging to attract and retain top talent, impacting service quality and customer satisfaction.
Navigating Regulations The intricacies of data protection laws and intellectual property rights are pivotal considerations for ITES firms. Adhering to these regulatory frameworks is paramount to avoid legal entanglements and reputational harm.

Global Dynamics Economic shifts, geopolitical events, and currency fluctuations in client countries introduce operational and financial risks that necessitate strategic preparedness.
Client Dependency While strong client relationships are invaluable, excessive reliance on a few major clients heightens vulnerability, warranting diversification strategies.
Fierce Global Competition The industry's vibrancy is mirrored by intense competition, both domestically and internationally. This pushes companies to innovate ceaselessly and maintain competitive pricing structures.
Ethics and Integrity Upholding ethical standards in data privacy and processing is non-negotiable to prevent potential reputational damage and legal complexities.

RECOMMENDED SOLUTIONS

INDUSTRY CASE STUDY

A leading IT company in India, with a workforce of approximately 5,000 employees, predominantly male (70%) with an average age of 34 years. The demographic trends suggested a higher propensity for certain health conditions including diabetes, pre-diabetes, obesity and pregnancy.

TESTIMONIALS

Lexmark International (India) Pvt ltd

"ICICI Lombard has been managing our group health insurance for the last 5 years. The claim settlement is good."

Arindam De

Banking & Financial Services

Navigating risks and fostering growth in the BFSI sector with 250+ customers

OVERVIEW

Industry Size

The Banking and Financial Services sector is a cornerstone of national growth, employing millions and valued at Rs.81 trillion. It is likely to become the fifth largest in the world by 2025. India is also one of the fastest growing Fintech markets in the world, with the highest fintech adoption rate globally of 87% which is significantly higher than the global average rate of 64%. This brings with it a host of opportunities like cashless economy, insurance technology & greater acceptance of blockchain technologies.

Way forward

The future state of the Indian Banking lies in the modernisation of the core banking system. Introduction of new, better and agile technologies is carving out new paths of growth and optimization. The desire for cashless transactions in the economy has led to the rise of digital-first banks or “Neo banks” with almost all major banks now providing some form of mobile banking. Digital payments across the country registered a growth of nearly 29 per cent in a year. Fintech firms are now partnering with traditional insurers to help automate operations and increase coverage. The scope of services offered includes insurance comparison platforms, claims management, sales platform, underwriting risk management, insurance infrastructure API, insurance product configurator, and policy admin system.

ASSOCIATED RISKS

Within this dynamic sector, prudent risk management is indispensable. Vital risks include:

Cybersecurity Financial institutions are cyber-attack magnets due to sensitive data. Robust cybersecurity measures and insurance coverage are imperative.
Compliance and Regulations Navigating national and international regulations demands a comprehensive risk framework.
Operational Risks Complex financial transactions harbour error possibilities. Risk coverage is essential to mitigate impact.

Reputation Risks Trust is paramount; negative publicity can result in substantial losses. Coverage against reputational damage is critical.
Fraud and Embezzlement Vulnerable to fraud like cyber fraud and identity theft, risk management and insurance are vital safeguards.

RECOMMENDED SOLUTIONS

Cyber Insurance

Insures the corporate for their cyber risks

Directors & Officers Insurance

Protection for breach of fiduciary duties

Comprehensive General Liability Insurance (CGL)

Cover against lawsuits for Injury/death/property damage

Property All Risk

All Risk Policy designed for industrial client

INDUSTRY CASE STUDY

The company is a Large Finance Conglomerate from the banking sector. The aim was to graduate to an integrated, centralized, cost-effective and tech-based wellness program that will be customized and user-friendly for the employees.

TESTIMONIALS

Amicorp

"We would like to express our sincere appreciation for your service to us as one of our most reliable service providers. Ever since we signed as trusted partner for insurance requirements, you have provided the highest quality products with even better customer service. Solutions are often received earlier than expected, and you are quick to resolve any issues that arise. We have, and will continue to, recommend your services to other companies and contacts. We look forward to continuing this relationship for long."

Naveen Ramanuja

Manager Finance at Amicorp group

FMCG & Consumer Goods

Navigating Risks for 100+ customers with expert Insurance Solutions

OVERVIEW

Industry Size

The rise of urbanization and evolving consumer behaviours have spurred remarkable growth in the Indian food processing sector. The market expanded to US$ 307.2 trillion in 2022 and is forecasted to reach US$ 547.3 trillion by 2028, driven by a robust compounded Annual Growth Rate (CAGR) of 9.5% between 2023 and 2028.

According to the India Brand Equity Foundation, the FMCG market is projected to exhibit a remarkable Compound Annual Growth Rate (CAGR) of 14.9%. This momentum is expected to drive the market to US$ 220 billion by 2025.

Way Forward for the FMCG Sector

The FMCG sector has undergone remarkable transformation in recent years, marked by trends like digitization, the Direct-to-Consumer model, heightened brand awareness, affinity for foreign brands, and compelling merchandising strategies. Government initiatives, such as permitting 51% Foreign Direct Investment (FDI) in multi-brand retail and 100% FDI in food processing, are expected to invigorate production. In this landscape, insulating against sector-specific risks emerges as a prudent strategy to thrive and navigate challenges seamlessly. Insurance solutions tailored to the unique contours of the FMCG industry can empower businesses to embrace growth opportunities while mitigating potential setbacks.

ASSOCIATED RISKS

The demand for fast-moving consumer goods is a confluence of increasing income levels and heightened aspirations. As a dynamic and fiercely competitive sector, FMCG faces an array of risks that can significantly impact its operations, financial health, and reputation:

Reputational Risk The potential for product recalls and deficiencies can reverberate across brand reputation and sales.
Product Risk Lawsuits stemming from adulteration or mislabelling, resulting in customer ailments or other losses, pose substantial threats.
Business Interruption Risk Equipment breakdown and power outages can disrupt manufacturing sites, leading to supply shortages and product delivery delays.
Supply Chain Risks Complex global supply chains are vulnerable to disruptions like transportation delays and trade restrictions, which can hamper production and distribution.

Competition and Pricing Risks Shifting consumer preferences and the emergence of subpar alternatives pose profit challenges for FMCG companies.
Regulatory Risks Stringent regulations governing product quality, labelling, and marketing expose FMCG firms to fines and potential product recalls.
Environmental Risks Companies that neglect sustainable practices or fail to mitigate their environmental footprint could face regulatory actions.
Technology Risks While online platforms offer cost-effective sales channels, the failure to adopt and secure new technology might jeopardize operational continuity.

RECOMMENDED SOLUTIONS

Marine Sales Turnover Policy

All legs of transit are collectively covered (Export/Import/Domestic Sales/Stock transfer)

Product recall cover

Cover against customer lawsuits over defective product

Comprehensive General Liability Insurance (CGL)

Cover against lawsuits for Injury/death/property damage

Clinical Trials/BE Studies Liability

Cover for injury/death of the trial participants

SFSP

Standard Fire and special peril Policy

INDUSTRY CASE STUDY

An Edible oil manufacturing company located near a port in Andhra Pradesh, that is involved in the distribution, and branding of edible oils and specialty fats. The company wanted to prevent the property loss due to fire breakout.

TESTIMONIALS

LG Electronics India Pvt Ltd

"We appreciate the interaction of the ICICI lombard team. We are looking forward to unique solutions being offered."

Pranav Dayal

Manager - Insurance

Luxmi Tea Company Private Limited

We are associated with ICICI Lombard since 2018. They have been a phenomenal risk solution partner & underwriter providing exceptional service. Thank you for the service, support & co-operation.

Abha Bafna

Director - CFO

Employee Speak

Our Articles

Maximising returns on wellness

As organizations navigate the ever-changing landscape of the modern workplace, they are increasingly recognizing the profound impact.

Cybersecurity

In today's rapidly evolving digital landscape, the rise of cybersecurity threats has become a paramount concern for organizations worldwide.

Mitigating risk in crisis

The word crisis holds its origins to the Greek work - krisis (critical). It is defined as an event that can or has the potential to create ...

Need Help?

Want to know more about our Products & Risk Management Services?

Awards & Accolades

Milestones we Reached

Assocham 14th Global Insurance Awards in ‘Highest Growth GI’ Category

Dun & Bradstreet BFSI Fintech Awards in Best Insurance Company in Non-Life Insurance sector category

India Customer Excellence Summit & Awards 2022 for Best Innovation in CX, CX Leader of the year

India Insurance Awards 2023 for the Most Innovative General Insurance Company.

Prime Times Awards for IL TakeCare app in the Best Mobile app category

Economic Times Awards for our ET Best BFSI Brand of the year

Navbharat BFSI Award for the Best General Insurance Company of the year

Visit us at any of our Branches!

Connect with us now!

Want to know more about our products & risk management services?

Connect with us now!

Your business deserves a partner in risk management, stay a step ahead with us

India Risk Management Awards 2023-2024

IL TakeCare App: Revolutionizing Your Insurance Experience

Unlocking new opportunities – ICICI Lombard IIO

₹71.06B

92.1%

13.6%

20K+

#1

2nd

3500+

Pharmaceuticals

Growth Landscape and Industry Scope

Way forward for the industry

Clinical Trials/BE Studies Liability

Cyber Insurance

Comprehensive General Liability Insurance (CGL)

Marine Sales Turnover Policy

ACG Group

Construction & Infrastructure

Landscape

Way forward

Erection all risk

Contractor's all risk

Professional Indemnity Insurance (PI)

Comprehensive General Liability Insurance (CGL)

SFSP

Marine Open policies -Inland, Export/Import

Panchshil realty

Punj Lloyd

Larsen & Toubro

IT/ITES

Industry Size

Way Forward

Cyber Insurance

Professional indemnity

SFSP

Property All Risk

Lexmark International (India) Pvt ltd

Banking & Financial Services

Industry Size

Way forward

Cyber Insurance

Directors & Officers Insurance

Comprehensive General Liability Insurance (CGL)

Property All Risk

Amicorp

FMCG & Consumer Goods

Industry Size

Way Forward for the FMCG Sector

Marine Sales Turnover Policy

Product recall cover

Comprehensive General Liability Insurance (CGL)

Clinical Trials/BE Studies Liability

SFSP

LG Electronics India Pvt Ltd

Luxmi Tea Company Private Limited

Our Articles

Milestones we Reached

Assocham 14th Global Insurance Awards in ‘Highest Growth GI’ Category

Dun & Bradstreet BFSI Fintech Awards in Best Insurance Company in Non-Life Insurance sector category

India Customer Excellence Summit & Awards 2022 for Best Innovation in CX, CX Leader of the year

India Insurance Awards 2023 for the Most Innovative General Insurance Company.

Prime Times Awards for IL TakeCare app in the Best Mobile app category

Economic Times Awards for our ET Best BFSI Brand of the year

Navbharat BFSI Award for the Best General Insurance Company of the year

Leading the way to a secured future