ICICI Lombard, MobiKwik join hands to provide cyber-insurance cover

ICICI Lombard, one of India’s leading private sector general insurance companies, said it has entered into a strategic partnership with one of India’s largest retail payment platform MobiKwik to provide cyber-insurance cover.

The newly formed partnership aims to provide the customers protection against unauthorized and fraudulent transactions online across bank accounts, debit/credit cards and mobile wallets.

As per the partnership, MobiKwik users can avail the commercial cyber insurance policy underwritten by ICICI Lombard and enjoy the benefit of a stress-free and secured transactions. The cyber-insurance can be availed at only Rs 99 per month, with a sum insured of Rs 50,000.

The policy has been designed to provide users with 360 degree insured security of their multiple bank accounts, debit and credit cards and mobile wallets.

MobiKwik users can enroll under this group insurance product at the time of loading money into their wallet or in a standalone format. They can avail the cover digitally with an instant policy issuance, the companies said.

The claims too can be lodged digitally.

Speaking on the tie-up, Sanjeev Mantri, Executive Director, ICICI Lombard pointed out that the use of mobile wallets and online transactions expose users to a new class of risks.

“Cyber-insurance thereby becomes imperative to provide customers protection against any kind of data security breach,” he added.

“This is a category that has been untouched upon and is a promising one, with the rise in the adoption of digital payments across cities and towns. We are committed to offering stress-free transactions not only on MobiKwik but also across all other banking and non-banking platforms used by our customers,” said Upasana Taku, Co-founder and Director, MobiKwik.

The partnership comes amidst the growing concerns of cyber threat in the age of cashless transactions.