ICICI Lombard Interview Questions & Answers 2026

ICICI Lombard is India's largest private general insurer. Mention their tech-first approach (IL TakeCare app), wide product range (motor, health, travel, fire, marine), strong distribution via ICICI Bank network, and consistent profitability. Recent acquisition of Bharti AXA general insurance strengthened market position.

Life insurance: long-term protection against death, regular premiums, savings + protection (ULIP, endowment, term). Regulated under IRDAI life category. General insurance: short-term (annual) protection against specific risks (motor, health, fire, theft), pure protection, claim only on event. Different regulatory categories under IRDAI.

Motor insurance has two parts: Third-Party (TP) - mandatory by Motor Vehicles Act, covers liability to third party for death/injury/property damage. Own Damage (OD) - optional, covers damage to own vehicle. Comprehensive = TP + OD. Add-ons: zero depreciation, engine protect, roadside assistance, NCB protect. Premium based on IDV, age, location.

Underwriting evaluates risk before issuing policy. Steps: application review, risk assessment (medical for health, vehicle inspection for motor), database checks (CIBIL, claim history), pricing decision, policy issuance with terms and exclusions. Tools: actuarial models, AI/ML for fraud detection, geo-spatial analysis for property.

Claim Ratio = (Claims Incurred / Net Earned Premium) - measures claim payouts. Combined Ratio = Claim Ratio + Expense Ratio - measures underwriting profitability. <100% means underwriting profit, >100% means underwriting loss but may still be profitable via investment income. ICICI Lombard maintains combined ratio around 100-105%.

Understand customer's health profile, family situation, current coverage gaps. Highlight rising medical costs in India (30% medical inflation in metros). Explain key features: sum insured adequacy (typically 5-10x annual salary), cashless network hospitals, no claim bonus, pre-existing disease wait period. Use ICICI Lombard tools and avoid mis-selling.

Use STAR method. Describe specific complaint (e.g., claim rejection, policy issue), how you investigated, communicated with customer empathetically, coordinated with internal teams (claims, underwriting), reached resolution within company guidelines, and prevented recurrence by process improvement.