Airtel Payments Bank expands its insurance offerings – partners with ICICI Lombard to offer ‘Cyber Insurance’ to customers

by Suman Gupta 

Mumbai, 2022: Adding to the wide range of insurance solutions available to customers on its platform, Airtel Payments Bank has started offering Cyber Insurance in partnership with ICICI Lombard General Insurance Company.

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.  

Airtel Payments Bank customers can purchase this cyber insurance policy within minutes using the Airtel Thanks app. This insurance comes with a ZERO waiting period and allows users to make multiple claims multiple times 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 unauthorized transaction processed from their card or account on the 90th day from the transaction date, they can still report it in the next seven days to the issuing bank or mobile wallet company.

Mr. Sanjeev Mantri, Executive Director, ICICI Lombard, said, “The Covid-19 pandemic has blurred the line between home and workplace. With numerous companies normalizing work from home, abundant of 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.”

Mr. 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.”

Airtel Payments Bank has been innovating ahead of the curve to protect its customers to make their payments journeys safer. Last year, the Bank 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. 

ICICI Lombard has been at the forefront of providing millions of customers with access to simplified and new-age risk solutions to its customers based on their diversified needs. 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 by citing the increase in digital fraud and cyber theft during the pandemic. 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. 

About ICICI Lombard General Insurance Company Ltd.: We are one of the leading private sector non-life insurers in India. We offer our customers a comprehensive and well-diversified range of products, including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels. More details are available athttp://www.icicilombard.com.

About Airtel Payments Bank Ltd.: Airtel Payments Bank, India’s first payments bank, was launched in January 2017. The Bank offers a diverse range of simple, safe and rewarding banking solutions through a strong network of 500,000 bank points spread across the country and its digital platforms. Airtel Payments Bank aims to take digital banking services to the doorstep of every Indian, particularly in unbanked rural areas, and contribute to the Government’s vision of Digital India and Financial Inclusion.