New India Assurance Co Ltd Pune Regional Office generates revenue of Rs 1000 crores

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CMD G Srinivasan lauds the efforts of Pune DGM G K Patil for his hard work and professionalism.


PUNE, AUG 2 : The New India Assurance Co. Ltd Chairman and Managing Director  G. Srinivasan on Tuesday said that Pune Regional Office of  the company had posted an annual turnover of Rs 1000 crore for the current fiscal and was poised towards greater business potential in the near future. He was speaking to reporters at Hotel Sun N Sand on the sidelines of his official visit to the city where he also addressed the officials, staffer and brokers of the company.

Lauding the efforts of  Mr G K Patil, Deputy General Manager , Pune Region for the vibrant revenue generation for the country Srinivasan said credited Patil, his team and the entire staff for putting their best for the rapid and robust growth of the company and its business. Mr G K Patil said that record revenue generation was due to the immense efforts put in by his team and the keen  faith and interest shown by Puneties in the field of  insurance.

The CMD also inaugurated a new office christened as LCBO which is a specialized office which will provide very specialized services to brokers who are actively providing services to medium and large sized clients. The Pune Regional Office has strong network of 120 offices.

Srinvasan further said that in India, New India continued its uninterrupted run of more than 40 years as market leaders in non-life Insurance Industry and for the past 4 years have been increasing its market share. As on 31st March 2016, the market share of the Company stood at 16.57 %, up from 16.42 % as on 31st March 2015.

The Company has been consolidating its leadership in premium, profits, reserves and net worth. The net worth was Rs 28895 crore at the end of FY 2016. The asset base of the company crossed Rs 68,000 Cr at the end of March 2016, he added.

The New India Assurance Company Ltd. has an unmatched product bouquet of 220 products, serving both retail and corporate customers. The company ensures that the demands of the discerning customer are met through regular product launches, the CMD added.

The company has in its bouquet, the Grihasuvidha policy an attractively priced policy which offers cover to policyholders on a first loss basis making it probably the most elegant product in the category of home insurance. The growing demand from customers to have a product which provided protection from unforeseen one off large claims at a reasonable premium was met through the launch of New India Top Up policy within the Health Line of Business.

The company was also in the forefront to launch three year Motor Third party policy as well as three year Motor comprehensive policy for two wheelers. This is expected to significantly bring down the number of uninsured two-wheeler vehicles in the country – a problem that the regulator has been trying to address.

In its drive towards social obligation, the Company has built 198 toilets in 100 schools for both boys and girls in the interiors of Uttar Pradesh as an initiative of CSR in the Swachch Vidyalaya Campaign. The Company has actively participated in the various Government Schemes like RSBY and Mass Scheme.  It has covered the BPL and APL families in the entire state of Himachal Pradesh, Arunachal Pradesh, Meghalaya Chattisgarh and Rajasthan.

The Company in its drive to continue the unprecedented success in the general insurance industry, has developed a strategy to increase our presence in retail business, augment the tie ups with Automobile OEMs and Dealers, recruit more agency force, open more Micro offices in non-penetrated areas , build on our corporate customers, advance our command over distribution channels, introduce more new appealing products  and reinforce customer services  and speed up claims settlement. All this led to the creating a milestone in Indian non life business by crossing Rs 18,000 cr in 2015-16. Our employees are quite motivated by the continuing success being written by New India.

The Company has entered a phase of expansion and restructuring of offices and has 63 specialized offices to take care of Bancassurance, Brokers & Auto Tie ups.  It has opened  Micro Offices to have deeper penetration in the unexplored rural areas.  The Company has a network of more than 2300 offices pan India and a global presence in 28 countries.

The FY 2016 saw New India stabilizing its portal presence with more products in Customer portals, Agency and broker portals and in our B2B engagement. Due to the Company’s robust IT System many customers are using Web based services with great satisfaction.  The Company’s IT System has helped in issuing more than 26 million policies and settlement of 2.4 million claims.

The company forayed into innovative relationships with its corporate customers through digital technology.  The year also saw the company having stronger footprints in G2C (Government to Customer) with our products being sold through Common Service Centers,  IT mission projects in Kerala, MP Online in Madhya Pradesh and others. The Company’s products were sold through web aggregators.  Our agents took to digital node quite enthusiastically. We also drove higher performance in OEM business, which led us to become the largest motor insurer as well.