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ICICI Lombard partners Airtel Payments Bank to offer Cyber Insurance

With numerous companies normalising work from home, abundant data is being transcended into the open domain, hence sensitive information is more prone to security vulnerabilities today than ever before. (Photo: iStock)Premium
With numerous companies normalising work from home, abundant data is being transcended into the open domain, hence sensitive information is more prone to security vulnerabilities today than ever before. (Photo: iStock)

  • Insurance Regulatory and Development Authority of India has underlined the need for cyber insurance, citing the increase in digital fraud and cyber theft during the pandemic

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NEW DELHI: Airtel Payments Bank has partnered ICICI Lombard General Insurance Company to offer insurance solutions against cyber crimes and financial frauds to its customers.

“Growth in digital payments and transactions has also led to a surge in online frauds that are becoming increasingly sophisticated. The cyber insurance solution from ICICI Lombard provides financial protection to customers against potential financial fraud relating to banking, credit or debit card; identity theft; phishing or email spoofing and more," ICICI Lombard said in a press release.

Customers of Airtel Payments Bank can purchase this insurance policy within minutes using the Airtel Thanks app. This comes with ZERO wait period and allows users to make multiple claims during the policy tenure, within the limits of the insured amount opted for. The policy will provide a 90-day discovery period followed by a seven-day reporting period. This means that if the insured discovers an unauthorised transaction processed from their card or account on the 90 day from the transaction date, they can still report it in the next seven days to the issuing bank or mobile wallet company.

Sanjeev Mantri, Executive Director, ICICI Lombard, said, “The Covid-19 pandemic has blurred the line between home and workplace. With numerous companies normalising work from home, abundant data is being transcended into the open domain, hence sensitive information is more prone to security vulnerabilities today than ever before. We are excited to partner with Airtel Payments Bank as this pioneering tie-up will assert the company’s pledge to provide innovative new-age risk solutions to our customers to prevent cyber-attacks exploding in the era of digital transformation."

Last year, Airtel Payments Bank had launched Airtel Safe Pay, the safest way to pay online. This launch of cyber insurance solution on its platform is yet another step in the direction.

Ganesh Ananthanarayanan, chief operating officer, Airtel Payments Bank, said, “We are pleased to partner with ICICI Lombard to offer this product to our customers. It is an important addition to our existing bouquet of simple, secure and value-driven solutions, and we hope our users will seek the advantage of this unique offering."

“The tie-up will be an innovative solution from ICICI Lombard as the Insurance Regulatory and Development Authority of India (IRDAI) has underlined the need for cyber insurance, citing the increase in digital fraud and cyber theft during the pandemic," as per the press release.

Keeping seamless customer experience at its core, the company has also offered tech-driven solutions such as the ‘IL TakeCare App’ where customers can purchase policies, manage claims, and renew policies. Additionally, the company offers its customers the option to buy insurance through different platforms at their convenience.

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