ICICI Lombard, one of India’s leading private sector non-life insurance company in India, has entered into a strategic tie-up with AnyTimeLoan.in (ATL) – a leading peer to peer lending platform, to provide insurance cover for its lenders and borrowers.
The partnership aims to de-risk exposure of its lenders and borrowers arising from uncertainties such as accidents, critical illness, death, disability, loss of job among others, a statement here said on Monday.
ICICI Lombard will offer its proprietary policies – Group Secure Mind and Group Personal Accident – to the customers of AnyTimeLoan.in. This will cover the borrowers of all types of loans facilitated on AnyTimeLoan.in, with minimum policy term of one year to a maximum of three years. The insurance cover for the lenders comes with free premium for the first year on a complimentary basis, as ATL will absorb this cost on behalf of the beneficiaries.
On the tie-up, Sanjeev Mantri, Executive Director, ICICI Lombard said, “We are delighted to partner with AnyTimeLoan.in and provide their customers with our diverse range of non-life insurance solutions. The association with AnyTimeLoan.in is a step forward in our endeavor to partner with innovative platforms to increase our reach and offer unique benefits to the customers of our business associates.”
AnyTimeLoan.in facilitates loans (across India) as small as Rs 1000 to Rs 10 lakh for a minimum period of 1 day to maximum 3 years. In the past, ATL has contributed to an annual wealth of around 38.4 per cent per annum to its investors via its peer to peer lending platform and thus leveraging on its proprietary algorithms. This helped them in digitally assessing borrowers and facilitating loans with average disbursal time of four minutes.
On the partnership, Keerthi Kumar Jain, Founder & CEO, AnyTimeLoan.in said, “Delinquencies at AnyTimeLoan.in have been less than 0.7 per cent, but there are certain external and unforeseen events such as accident, loss of job due to winding up of operations, etc. which we intend to circumvent or insulate our investors with this policy underwritten by ICICI Lombard.”
