Mumbai: Largest private sector player in the motor insurance business, ICICI Lombard said it aims to increase its market share to 20% by 2010 from around 14% now.
“We have around 12% market share in the country’s motor insurance business. By bringing new products, maintaining relationship with customers and offering better customer services, we hope to catch up 20% market share by 2010,” Eswaranatarajan, Head, Motor Insurance, ICICI Lombard told PTI.
New India Insurance is the largest motor insurer in the country controlling around 35% of the total market, which is pegged at 12,800 crore. The industry is growing by 20% year on year, he said.
Eswaranatarajan said that the company has opened ‘claim shops´ in various parts of the country aiming at reaching nearer to the customer and pay their claims fast.
ICICI Lombard has a base of 25 lakh customers comprising 10 lakh two-wheeler owners, seven lakh car owners and eight lakh commercial vehicle owners.
“We receive around 1,75,000 fresh policies each month,” Eswaranatarajan claimed. However, he declined to share the number of products ICICI Lombard plans to come out in the near future.
The company targets new vehicles as well as renewals through dealers, garages and tie-ups with vehicle manufacturers.
It has alliances with Hyundai, Ford, General Motors, Hero Honda and Eicher. ICICI Lombard had opened 120 offices last fiscal taking the tally to 340.