In view of the Union Government''s focus on financial inclusion, ICICI Lombard is looking at boosting business from social sector schemes. The company is targeting about 15% of its revenue from government-sponsored insurance schemes for the poor in 2009-10. However, last year, nearly 10% of the company''s revenue of Rs 3,748 crore came from this segment.
Additionally, private players are slowly catching up, while the four public sector insurance companies continue to be the front-runners in the distribution of government-subsidized insurance schemes. ICICI Lombard acts as the nodal agency for distribution of the Weaver''s Health Insurance Scheme and the Artisan''s Health Insurance Scheme under private-public partnership with the Union Textile Ministry.
The company also extends the Centre''s Rashtriya Swasthya Bima Yojna (RSBY) in select districts of Haryana, Rajasthan, Uttar Pradesh and Maharashtra. Additionally, it also plans to launch a health insurance scheme for betel nut growers in West Bengal in association with an NGO soon however, claims ratio in the RSBY scheme ranges between 50 and 80% for the company, while for other schemes they move between 90 and 100%.
Additionally, private players are slowly catching up, while the four public sector insurance companies continue to be the front-runners in the distribution of government-subsidized insurance schemes. ICICI Lombard acts as the nodal agency for distribution of the Weaver''s Health Insurance Scheme and the Artisan''s Health Insurance Scheme under private-public partnership with the Union Textile Ministry.
The company also extends the Centre''s Rashtriya Swasthya Bima Yojna (RSBY) in select districts of Haryana, Rajasthan, Uttar Pradesh and Maharashtra. Additionally, it also plans to launch a health insurance scheme for betel nut growers in West Bengal in association with an NGO soon however, claims ratio in the RSBY scheme ranges between 50 and 80% for the company, while for other schemes they move between 90 and 100%.
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