At 25, ICICI Lombard bets on prevention over payouts

In an industry traditionally defined by hospital bills and repair estimates, ICICI Lombard is trying to flip the script. As the private general insurance giant hits its 25-year milestone in 2026, the focus is shifting from being a safety net that catches you when you fall to a coach that helps you stay on your feet.

ICICI Lombard is an Indian general insurance company born from a partnership between ICICI Bank and the Canadian firm Fairfax Financial (represented by the name Lombard). It focuses on "non-life" protection, covering costs related to health, car accidents, travel, and home damage.

According to Sheena Kapoor, head of marketing, corporate communication, and CSR at ICICI Lombard, the goal is no longer just "remedial".

"We want our customers to be focused on the prevention side rather than just on the curative model," Kapoor explains. "Instead of just remedial measures, God forbid you fall critically ill or are hospitalised, we're there for you. While we're there for you, we would ideally not even want the customers to fall."

The 'wellness' app ecosystem

This "prevention-first" philosophy is powered by their flagship ‘IL TakeCare’ app, which has crossed “20 million downloads”. It’s less of a filing cabinet for policies and more of a digital health companion, according to Kapoor.

"The app is centred around well-being and wellness. You've got meal plans and a calorie and step tracker, and you can also chat with nutritionists. We have 24x7 doctor consultations on audio and video across specialisations."

One of the more futuristic features Kapoor highlights is a face scan that turns a smartphone into a diagnostic tool.

"It's literally as simple as scanning your face. Hold your mobile against your face, and in another two minutes, you get your health vitals – your BP, SpO2, oxygenation saturation, etc. – with over 95% accuracy."

Three decades of change: from paper to pixels

ICICI Lombard has launched a new brand campaign titled 25 Years of Keeping Promises to mark 25 years of operations in India’s general insurance market. 

Looking back at the 25-year journey, Kapoor identifies three massive "paradigm shifts" that have transformed the sector since the company's inception in 2001.

Transparency and the "proof of the pudding": In the early days, insurance was often met with a "mistrust" inherited from the life insurance space. Today, the focus is on accountability.

"Claim settlement was always the proof of the pudding, right? Because insurance, in its very essence, is a promise to pay. One big trend and paradigm shift that has happened is in the accountability, in the declaration, in the transparency for every manufacturer to bring forth the rationale on the claims settlement ratio."

To date, the company has settled “over 60 million claims”.

The end of the "black box": Technology has dismantled the old manual systems where customers would submit documents and wait in silence.

"Gone are the days when you waited for a physical copy. If there was a claim, you again relied on manual physical documentation. It was sort of a black box, where you didn't know the status of the claim. Today, now you are sitting where you can purchase, renew, make a claim, everything at the tip of your fingertips."

Regulatory wind in the sails: Kapoor notes that recent reforms by the regulator (Insurance Regulatory and Development Authority of India) have drastically sped up innovation through "Use and File" norms, letting companies launch products first and file paperwork later.

"Earlier, any kind of new product innovation could take anywhere between three months to a year plus to get the regulatory filing approval. Today, there is a use and file instead of a file and use. What that means is, you go ahead and launch the product, and then you go and file it with the regulator."

Previously, if an insurance company wanted to launch a new product, it had to wait months for IRDAI to check it. Now, IRDAI allows them to launch it first and file the paperwork later, which lets companies like ICICI Lombard innovate much faster.

Kapoor also highlights the IRDAI's goal of "Insurance for all by 2047," which is a huge push to get every Indian covered by insurance in the next two decades.

Catering to the "cashless" generation

As the industry moves toward the national goal of "Insurance for all by 2047", the way people buy insurance is changing. For the Gen Z and Millennial cohorts, the "human touch" is now a last resort rather than a starting point.

"I, for one, have been cashless for the last seven years... I can't remember the last time I went to a branch," Kapoor says. "The new gen is very clear on what they want and the entire dependence, reliance on the digital interface. It's a DIY kind of platform."

Even the products are becoming "modular", moving away from the one-size-fits-all approach. This flexibility has helped the brand cater to over 500 million customers across India, covering 250 million motor policies and 40 million health policies.

"Earlier, you used to have a cookie-cutter solution. Today, as we speak, even at IL TakeCare, we have multiple products which work on a modular chassis. So you'll have a base product, and then depending on the needs of the client and the customer, you can customise and personalise the covers."

For "adrenaline junkies", this allows for high-risk add-ons, like coverage for skydiving or scuba diving, to be plugged into a base travel or health policy only when needed.

Meanwhile, the PHYD (Pay-How-You-Drive) model uses telematics to move away from flat-fee pricing of motor insurance.

Instead of charging one based on their car model, ICICI Lombard analyses real-time data on braking, speed, and cornering to decide your premium. The company rewards safe behaviour with lower premiums, essentially turning your driving habits into a discount tool.

The 2026 media playbook

To reach this evolving audience, ICICI Lombard’s marketing strategy for the upcoming fiscal year is a blend of "Above the Line" (mass media) and digital precision, supported by a network of 1.5 lakh channel partners.

"Media mix typically is about 40-60, where 40% is towards your ATL and 60% is on the digital front," Kapoor reveals.

And while digital is the driver, print isn't dead for the 25-year-old brand.

"Print is very expensive. I would not use that more frequently for reminders, but if there is a hero product launch, I would go for something like our Elevate product; we did a print because there is a certain reach that the print medium allows you."

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Elevate is a "hero" health insurance plan launched by ICICI Lombard that offers "infinite" claims and an insured sum that refills itself every time you fall ill.

From a company that started in 2001, had a GWP (Gross Written Premium, the total amount of money a company collects in premiums) of Rs 208 crore in 2003 to one handling Rs 28,000 crore today, the message from Kapoor is clear: the next 25 years will be defined by an insurance experience that is as invisible, intuitive, and preventative as the technology in our pockets.