ICICI Lombard General Insurance Company Ltd, which recently completed 25 years of operations, has outlined a long-term roadmap focused on customer-centricity, digital transformation and disciplined growth as it prepares for the next phase of expansion.
Chairperson, Rakesh Jha, said the company would continue to deepen its customer-first culture and invest in capabilities that help understand, serve and delight customers better.
Focus on technology and risk management
He said the insurer would leverage technology not merely for operational efficiency but to deliver more personalised insurance experiences.
“We are reimagining every customer journey around simplicity, speed and transparency, embedding digital and AI-led capabilities across every touchpoint from policy issuance to claims settlement. Our aspiration is to move beyond transactional servicing towards relationship-led engagement where every interaction deepens trust and reinforces our promise,” he said in the latest annual report.
Jha said the company would also strengthen its risk management capabilities to address emerging risks such as climate change, cyber threats, health and longevity while pursuing growth through a disciplined and values-led approach.
Insurance sector at key inflection point
According to him, the insurance industry is at one of the most consequential junctures in its history, driven by rising risk awareness, expanding digital infrastructure, regulatory reforms and the growth of India’s middle class.
He said these factors are creating a “once-in-a-generation opportunity” to transform insurance from a reluctant purchase into an integral part of financial and personal well-being.
The company’s long-term strategy is anchored on five pillars — superior customer experience, consistent market leadership, multi-channel distribution, robust risk management and capital strength.
Large untapped market opportunity
India is currently the world’s tenth-largest insurance market and also the fastest growing. However, non-life insurance penetration remains at just 1% of GDP, significantly below the global average, indicating a substantial untapped opportunity.
General insurance premiums in India are projected to grow at a CAGR of 10%, rising from ₹3.5 trillion in 2026 to ₹5.4 trillion by 2030, reflecting strong long-term sectoral growth potential.
Changing structural trends
Jha said several structural trends are reshaping the industry, including telematics and usage-based pricing in motor insurance, rapid expansion in health insurance, increasing climate-related underwriting risks and the emergence of embedded insurance models that are opening new distribution opportunities.
He said ICICI Lombard remains focused on leveraging technology, strengthening customer engagement and expanding risk capabilities to position itself for sustainable long-term growth in the evolving insurance landscape.