Sunday, February 10, 2008

Asia insurance industry awards 2007

ICICI Lombard General Insurance Company (part of a joint venture between India's ICICI Bank & Fairfax Financial Holdings (FFH)) received General Insurance Company of the Year award.

From the article

"However, it was ICICI Lombard’s innovation that really caught the eyes of the judging panel. To reduce the cost of claims processing in rural areas, it launched a first-of-its-kind pilot project issuing biometric smart cards to rural customers availing of health insurance. The card contains a smart chip which authorises transactions based on the customer’s fingerprints. The balance sum insured can be easily ascertained when the card is presented at a hospital.

ICICI Lombard, together with the involvement of the World Bank, has also pioneered weather insurance to cover weather-related risks faced by crops. In fiscal 2007, more than 200,000 farmers and 250,000 acres of land were insured for a range of crops."

Here's the link to the full story

No comments: