COMPANY PROFILE
INSURANCE
Insurance is a method by which man tries to
protect himself from risks and uncertainties in life and business. The basic
principle of insurance is therefore the principle of co-operation. It is thus a
co-operative device to spread the loss caused by as risk over a large number of
persons who are exposed to the same risk and who insure themselves against that
risk. In this sense, insurance is described as an institution, which eliminate
risk and which substitutes certainty for uncertainty.
LEGAL DEFINITION
Contract between insurer and insured where by,
in consideration of payment of premium by the insured, the insurer agrees to
make good any financial loss, the insured may suffer due to the operation of a
peril insured.
FUNCTIONAL
DEFINITION
Method whereby the uncertain risks of
individuals are combined in-group through small individual combination out of
which those who suffer losses are reimbursed.
The insurance sector was divided in two sectors
1) The Life Insurance
2) The General Insurance
LIFE INSURANCE
It is a tool that enables people to guarantee
the financial security of those they love. By providing compensation for
beneficiaries at death, life insurance preserves the monetary blue of a human
life when other lives depend on it.
GENERAL INSURANCE
It is a tool that enables people to guarantee
the financial security of those, other than of human life i.e. the man tries to
protect himself from risks and uncertainties in business.
Eg: Fire, Burglary, Theft, Machinery breakdown,
Floods, Earthquakes are the risks and dangers in business.
NATURE OF THE CONTRACT OF INSURANCE
CONTRACT OF INSURANCE
A contract of insurance is a contract between
the two parties whereby one party undertakes, in consideration of a single or
periodical payment, to indemnify the other party against a loss arising from
the happening of some uncertain events, or to pay a certain sum of money on the
happening of a certain specified event or at the end of a specified period.
INSURER, ASSURER OR UNDERWRITER
The party undertaking the risks is called
insurer.
INSURED OR ASSURED
The person whose loss is to be made good called
insured.
PREMIUM
The consideration, which the insured pays to the
insurer for undertaking the specified risks, is called the premium. It may be
either single or periodical payment.
POLICY
The instrument, which contains the contract of
insurance, is called the policy. The policy is no a contract.
POLICY HOLDER
The Person in whose favour the policy is issued
is called the Policy Holder
SUBJECT MATTER OF INSURANCE
The thing or property insured is called the
subject matter of insurance.
INSURABLE INTEREST
The Interest of the assured in the subject
matter is called his Insurable Interest
RISK
That which is insured against is the risk that
is the risk of loss arising from uncertain events or casualties such as
destruction of our damage to the goods or property of the policy holder or the
death or disablement of the policy holder. Such uncertain events are called
perils or risk insured against.
NIZATIONAL CULTURE AND VALUES
ICIC Lombard as
an organisation considers values as the most important attribute. Employees are
expected to conduct themselves with the highest level of values and imbibe the
core value of the organization to ensure personal and professional success and
happiness. They have an open and in formal culture. They value and respect
integrity, commitment, teamwork and excellence in customer service.
They adopt a policy of "QUALITY
............A WAY OF LIFE"
"Consistent Quality output through
technology enabled process improvements to enhance customer satisfaction".
QUALITY OBJECTIVES ARE:
- Turn around time
- Error free transactions.
VARIOUS AWARDS
·
Adjudged as the 'General Insurance
Company of the year at the 11th Asia Insurance Industry Awards 2007
·
Awarded the NDTV Profit Business
Leadership Awards 2007 in the General Insurance category on July 27,2007.
·
Adjudged as the most customer
responsive company in the insurance category at the economic times Avaya Global
Connect Customer responsiveness Award 2006.
·
Awarded the Best Housing Insurance
in the Smart Living Awards by 360 degrees, A Times of India Group Sudsidiary,
in Nov 2006
·
Awarded the Gold shield for
"Excellence Financial Reporting "by the ICAI (INSTITUTE OF CHARTERED
ACCOUNTS OF INDIA
·
Adjudged amongst the top three in
the Insurance website of the year category at the 9th Asia Insurance Industry
awards Function held in Singapore
·
Awards for Brand Leadership, Asia Brand Congress Awards 2007.
·
Most
preferred Brand for home insurance, First Indian consumer Award.
LEADING PLAYERS OF THE ICICI LOMBARD GENERAL
INSURANCE COMPANY
·
RELIANCE
·
CHOLAMANDALAM
·
IFFCO-TOKIO
·
ROYAL SUNDARAM ALLIANCE INSURANCE CO
LTD
·
THE NEW INDIA ASSURANCE CO LTD
·
UNITED INDIA INSURANCE CO LTD
·
KOTAK MAHINDRA
·
BIRLA SUNLIFE
·
TATA AIG
·
MAX NEW YORK
·
BAJAJ ALLIANCE
ICICI GROUP COMPANIES
DOMESTIC SUBSIDIARIES
·
ICICI Brokerage Services Limited
·
ICICI Distribution Finance Private
Limited
·
ICICI Home Finance Company Limited
·
ICICI Investment Management Company
Limited
·
ICICI Lombard General Insurance
Company Limited
·
ICICI Prudential Life Insurance
Company Limited
·
ICICI Securities Limited
·
ICICI Trusteeship Services Limited
·
ICICI Venture Funds Management
Company Limited
·
Prudential ICICI Asset Management
Company Limited
·
Prudential ICICI Trust Limited
INTERNATIONAL SUBSIDIARIES
·
ICICI Bank Canada
·
ICICI Bank Eurasia Limited Liability
Company
·
ICICI International Limited
·
ICICI Securities Holdings Inc*
·
ICICI Securities Inc**
·
ICICI Bank UK Limited
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