ICICI Lombard General Insurance, a leading private general insurer in India, has partnered with Mahindra & Mahindra Financial Services Limited, a prominent non-banking finance company, to offer motor insurance products to Mahindra Finance’s customers. This collaboration aims to provide accessible and tailored insurance solutions by combining Mahindra Finance’s extensive rural and semi-urban reach with ICICI Lombard’s expertise in motor insurance.
Through this partnership, Mahindra Finance customers will gain access to a wide range of ICICI Lombard’s motor insurance products, ensuring that protection is embedded seamlessly into their financial journey. The tie-up is expected to drive financial inclusion by reaching Mahindra Finance’s wider customer base with timely and relevant insurance solutions.
Sanjeev Mantri, Managing Director and CEO of ICICI Lombard, stated that the partnership is an extension of the company’s approach to provide customers with accessible, relevant, and integrated insurance solutions. He emphasized that the partnership will enable ICICI Lombard to serve urban customers and reach deeper into semi-urban and rural India through a trusted and respected financial partner.
Raul Rebello, Managing Director and CEO of Mahindra Finance, said that the partnership will strengthen financial security and resilience for millions of customers across the country. He added that the partnership represents another step in Mahindra Finance’s journey to empower customers with financial security and reaffirm its commitment to being a trusted and responsible financial solutions partner.
The partnership is set to expand insurance penetration, enhance customer experience, and build financial resilience across the country by leveraging the strengths of Mahindra Finance’s deep-rooted community presence and ICICI Lombard’s customer-centric, tech-driven approach. ICICI Lombard has a legacy of over two decades and has issued over 37.6 million policies, processed over 3.2 million claims, and has a Gross Written Premium of ₹282.58 billion for the year ended March 31, 2025.
ICICI Lombard has been a pioneer in the industry, being the first large-scale insurance company in India to migrate its entire core systems to the cloud. The company has introduced multiple AI-powered insurance solutions and has won several prestigious awards for its initiatives. The partnership with Mahindra Finance is expected to further strengthen ICICI Lombard’s position in the market and provide customers with more accessible and tailored insurance solutions.