Cyber Insurance to Fight Against Online Frauds: Features of ICICI Lombard Airtel Payments Bank Insurance
Key digital payments bank Airtel Payments Bank has joined hands with private insurer ICICI Lombard General Insurance Company to provide cyber insurance solutions to customers on its platform in a bid to check online frauds related to banking and other similar processes. In a statement released a day back, the companies said that the move will benefit those who are engaged in online payments, which have seen a surge over the past few years.
“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,” the joint statement, released on February 7, Monday read.
The insurance can be purchased by Airtel Payments Bank customers within a few minutes, the press release read.
Features of the Airtel Payments Bank Cyber Insurance
– Customers can purchase this cyber insurance policy within minutes using the Airtel Thanks app.
– This insurance comes with 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 unauthorised 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,” the statement read.
Airtel Payments Bank – ICICI Lombard Cyber Insurance — Details
Speaking on the occasion, Sanjeev Mantri, executive director of ICICI Lombard said that his company will bring in new-age solutions to curb online frauds.
“The Covid-19 pandemic has blurred the line between home and workplace. With numerous companies normalising 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,’ said Mantri.
“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,” he added.
Ganesh Ananthanarayanan, chief operating officer at 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.”
With this, the Airtel Payments Bank has added another option to its basket of insurance solutions available to customers. “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,” Airtel Payments Bank said.
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