Wednesday, 8 June 2016

BMW India Financial Services partners with ICICI Lombard General Insurance to offer premium motor insurance solutions



(L-R) Dr. Schlipf with Dasgupta


Offering an Unmatched Experience: BMW India Financial Services partners with ICICI Lombard General Insurance to offer premium motor insurance solutions.


Mumbai. BMW India Financial Services has partnered with ICICI Lombard General Insurance to offer premium motor insurance solutions for BMW customers.

Dr. Stefan David Schlipf, MD and CEO, BMW India Financial Services said, “At BMW India Financial Services, we offer end-to-end automotive financial solutions which are significantly valuable to the premium clientele who require exclusive and flexible options. Motor insurance is a key aspect complementing vehicle purchase as it protects owners against unforeseen situations and ensures complete peace of mind. We have partnered with ICICI Lombard General Insurance to provide the most comprehensive and beneficial motor insurance solutions to BMW customers. Together, we look forward to a long-term relationship that will redefine the insurance experience for BMW customers in India.”

Mr. Bhargav Dasgupta, MD and CEO, ICICI Lombard General Insurance said, “As India’s leading private sector general insurance company, ICICI Lombard offers superior customer experience and enjoys the trust of millions of customers. We are pleased to partner with BMW India Financial Services to provide motor insurance to BMW customers. BMW is one of the most admired luxury car companies in India and it will be our continuous endeavour to meet the motor insurance related requirements of the high-end clientele of BMW India Financial Services.”

A delightful customer experience is designed to exceed expectations with faster claim processing and turn-around time. Transparent guidelines and processes ensure that there are no unpleasant surprises in store. 

Motor insurance enjoyed by BMW customers covers an extensive range of parts to ensure that most of the damage is covered under claim and there is minimal burden on the customer. BMW India Financial Services values the safety of BMW customers and their loved ones above all and hence, damaged parts are not repaired but wholly replaced under cover. To ensure that a BMW delivers the same ‘Sheer Driving Pleasure’ as before, all repair work is carried out at authorised BMW dealerships as per international BMW standards, service costs for which are already covered under the contract.

BMW India Financial Services has also introduced ‘My BMWFS’ mobile app that is designed to provide comprehensive real-time updates to its users while on the move. Customers can use the app to access exclusive financial offers, contract history, confirmations and reminders for EMI, service requests etc. at the click of a button. 

BMW India Financial Services offers insurance solutions (as corporate agents) to its customers through its cooperation partners – Bajaj Allianz General Insurance and ICICI Lombard General Insurance. 

BMW India Financial Services

BMW India Financial Services is a 100% subsidiary of the BMW Group and is headquartered in Gurgaon (National Capital Region). Till date, BMW Group has invested 6.4 billion Indian Rupees (€ 98 million) in BMW India Financial Services.

BMW India Financial Services operates with three business lines: Retail Finance, Commercial Finance and Insurance Solutions (as corporate agents). The services offered through BMW India Financial Services are significantly valuable to the premium clientele who require exclusive and flexible financial solutions. Service excellence is the primary focus of operations across all business lines.

BMW India Financial Services offers solutions for retail automobile financing for BMW customers and multi make customers, financing for fleet owners and commercial financing for BMW dealerships and multi-make dealerships. Commercial finance solutions offered to BMW India dealerships further strengthen operations in the country and reinforce the BMW brand. BMW India Financial Services also offers BMW Lease for individuals and corporate customers.

ICICI Lombard General Insurance

ICICI Lombard GIC Ltd. is a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited, a Canada-based diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management. ICICI Lombard GIC Ltd. is one of the leading private sector general insurance companies in India with a Gross Written Premium (GWP) of Rs. 83.07 billion for the year ended 31 March 2016. The company issued over 15.80 million policies and settled over 1.62 million claims as on 31 March 2016.

ICICI Lombard General Insurance was conferred with three Golden Peacock awards in a single year in 2016. These included 'Golden Peacock Corporate Social Responsibility Award' for its CSR initiatives, ‘Golden Peacock Innovation Management Award’ for promoting a culture of innovation and ‘Golden Peacock Award for Business Excellence’ for best management practices that act as the basis for business excellence. ICICI Lombard General Insurance was also adjudged the ‘Non-life Insurer of the Year’ at the coveted Outlook Money Awards 2016. The Company was conferred with the ‘E-Business Leader’ Award in the General Insurance Category at the Indian Insurance Award 2015 for its performance, growth, product and market innovation, customer service and technology. ICICI Lombard was also named as the ‘Best Travel Insurance Company’ by CNBC Awaaz Travel Awards 2015 presented by the Chattisgarh Government based on an online and on-air survey.