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ICICI Lombard enters into arrangement with Unbox Technologies

ICICI Lombard General Insurance Company has entered into an arrangement with Unbox Technologies (Unbox), a company engaged in providing customer relationship management services. Pursuant to which the Company will be acquiring proprietary software, platforms and underlying intellectual property assets developed by Unbox, along with ancillary movable assets for housing the Software and employees for operation, maintenance and development of the Software, for an aggregate cash consideration of Rs 2.25 billion.

Pursuant to the Transaction, the Company proposes to utilise the Software for its own business purposes, specifically towards enhancing its existing technological infrastructure for product distribution, product servicing, claims handling and customer relationship building, with a specific focus on creating efficiencies in the process of renewal of insurance policies.

ICICI Lombard General Insurance Company offers its customers a comprehensive and well-diversified range of products, including motor, health, crop/weather, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.

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