| Type | Public company |
|---|---|
| Founded | 1919 in Mumbai, India[1] |
| Headquarters | Mumbai, India |
| Key people | A R Sekar - Chairman and Managing Director (Officiating) [2][3][4][5] |
| Products | General Insurance |
| Website | www.newindia.co.in |
New India Assurance is currently the largest General Insurance Company in India based in Mumbai[6]. It is one of the five Public Sector insurance companies in India.[7]
It was founded by Dorab Tata in 1919.It was nationalized in 1973.
Previously it was a subsidiary of the General Insurance Corporation of India (GIC). But as GIC became an reinsurance company as per IRDA Act 1999, all of its four primary insurance subsidiaries (New India Assurance, United India Insurance, Oriental Insurance and National Insurance) got autonomy.
New India Assurance has been operating both in India and foreign countries. In the recent past it has succeeded in forging tie-ups with some of the leading public sector banks in India such as State Bank of India, Central Bank of India, Corporation Bank and United Western Bank to increase its distribution network.
Premium Earned
Recently for the year 2010-2011 the company's global gross premium stood at more than Rs.8600.00 crores thereby retaining its leadership in the market for last 30 years in India [8]. As per IRDA figures for the year 2010-2011 the company's gross premium underwritten in India alone stood at Rs.7070.22 crores[9] first among all the general insurance companies operating in India.
Foreign Operations
In respect of the number of offices abroad and the premium earned from foreign operations, the company is way ahead of other general insurance companies in India.
Core Insurance Platform
The company tied up with TCS BaNCS to provide core insurance platform across all its office, for which it had signed a deal for Rs.160 crores [10]with TATA Consultancy Services. This was to ensure its operations to be efficient, flexible and integrated. The project is known as CWISS or Centralized Web based Insurance System Solution.
International Rating
The company has been rated A- (Excellent) in respect of its financial strength by A.M. Best Company [11].
Awards
J.D Power Asia Pacific part of McGraw Hill Companies has ranked New India Assurance Company Ltd, the highest in satisfying auto insurance customers[12]. The award relates to 2011 India Auto Insurance Customer Satisfaction Index Study wherein out of a 1000 point scale, the company scored 804.[13]
Offices
The company with its corporate office in Mumbai has been operating with about 26 Regional Offices, 397 Divisional Offices, 588 Branches, 27 Direct Agent Branches and 23 Extension Counters in the year 2009-2010[14].
The number of Regional Offices of the company in the year 2011 stood at 28. With numerous other offices down the hierarchy like Divisional Offices, Branch Offices, Direct Agents Branches, Micro Offices spread over the length and breath of the country.
Centralised claim processing offices called Claims Hub are being operated from 29 locations.
Its overseas offices for the year 2009-2010 consisted of 19 Branches, 7 Agencies, 4 Associate companies and 3 Subsidiary companies spread over 23 countries[15].