ICICI Lombard becomes first general insurer to be ISO certified

Mumbai: ICICI Lombard General Insurance has become the first general insurance company to bag the ISO 9001:2000 certification from DET Norske Veritas (DNV) for establishing a quality management system with regard to settlement of motor claims.

The scope of certification by DET Norske Veritas (DNV) involves the complete cycle of the motor claim settlement process, which includes claim intimation, claim survey, claim assessment, claim scrutiny and payment.

In 2004-05, the company issued over 6,00,000 policies and settled 84,970 claims. The says that it has a claim disposal ratio of 94 per cent as on 31st March 2005.

ICICI Lombard General Insurance Company Limited is a 74:26 joint venture between ICICI Bank, India''s second largest bank and Fairfax Financial Holdings Ltd., a US-based $26-billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.

It is the largest private sector general insurance company in India with a gross written premium (GWP) of Rs885.1 crore in 2004-2005