Cholamandalam MS General Insurance

Chola MS General Insurance Company Ltd
Public Listed Company
Industry Insurance
Founded 2001[1]
Headquarters Chennai, India
Key people
 Gopalaratnam S.S, MD[2]
Products General insurance
Increase INR12 billion (US$190 million)
Number of employees
 704 (as March 2010)
Parent

MS Insurance Group (Japan)

Murugappa Group
Website Chola MS General Insurance

Cholamandalam MS General Insurance Company Ltd (Chola MS) is an Indian assurance firm and a joint venture between the Murugappa Group, an Indian conglomerate, and the Mitsui Sumitomo Insurance Group (MSIG), a Japanese assurance company.

The firm produces a range of assurance schemes, including accident, engineering, health, liability, marine, motor, property, travel and rural insurance for individuals and corporate assurance. The company achieved a Gross Written Premium (GWP)of Rs. 13465 million in 2011 - 12. The company has 93 branches and over 6,000 agents across the country.[3]

The company's motto is 'T3' – 'Trust, Transparency and Technology'. Chola MS was named the best insurance company in India for "In time Claims Settlement for the year 2011 - 12" in the Rashtriya Swasthya Bima Yojana (RSBY) scheme run by the Ministry of Labour & Employment, Government of India.[4] IndusInd Bank offers Insurance for individuals as well as corporate customers in association with Chola MS.[5]

The company has also been awarded "Financial Insights Innovation Award" for innovation in mobile enablement – Claims Survey Process at the Asian Insurance Congress held in Singapore in 2011.[6]

Corporate history

Chola MS General insurance company was established in 2001 and headquartered in Chennai, India. Chola MS is a 74:26 joint venture between Murugappa Group, a major South Indian business conglomerate and Japan’s largest general insurance firm, the Mitsui Sumitomo Insurance Group. Chola MS is also credited with being the first private insurer to get ISO 9001:2008 certification for its Motor Claims division. ..

Business lines

Assurance products targeted at individuals include Health Insurance, Car Insurance, Travel Insurance,[7] Home Insurance, and Personal accident insurance

Products targeted at corporate firms include Health, Fire, Engineering Projects, Engineering Operations, Property Crime, Marine Insurance, and Liability Insurance

Organisational structure

Currently there are around 704 Chola MS employees. This Organisational structure is spearheaded by S. S. Gopalarathnam, Managing Director .[8]

Awards and recognition

The Company has been awarded "Financial Insights Innovation Award" for innovation in Mobile enablement – Claims Survey Process in the Asian Insurance Congress held at Singapore. Chola MS has adopted the mobile computing technology for its claims surveys process. This initiative reduced turnaround time in the claims process, increased productivity of surveyors and improved fraud prevention, Chola MS General Insurance said in a statement.

The Company has been recognised as the best insurance company for "In time Claims Settlement for the year 2011-12" in the Rashtriya Swasthya Bima Yojana (RSBY) scheme run by the Ministry of Labour & Employment, Government of India. This award was given for settling the claims in time for the hospitals offering cashless treatment facilities to the below poverty line (BPL) families in various districts across the country.[9]

Chola MS Insurance website listed at the top in a Yahoo Study: The Website of Cholamandalam MS General Insurance Company has been declared amongst the top general insurance websites in the country in a study published on the popular search site yahoo. The study has been conducted by Auto Bild. The site has been praised for its user friendly appeal and economical premium for web policies.

References

  1. ↑ "Chola MS General Insurance | Knowledge Base - Health Insurance". policybazaar.com. Retrieved 1 February 2011.
  2. ↑ "Chola MS launches new pan-India identity". http://www.thehindu.com. 10 December 2010. Retrieved 10 December 2010.
  3. ↑ "40% GWP growth for Cholamandalam MS General Insurance". The Financial Express. 2 January 2012. Retrieved 28 June 2012.
  4. ↑ "Chola MS receives Best Claims Settlement Award 2nd year in a row". APN News. 10 April 2012. Retrieved 10 April 2012.
  5. ↑ "Insurance". IndusInd Bank. 10 April 2010. Retrieved 10 April 2010.
  6. ↑ "Chola MS Generral Insurance bags Financial Insights Innovation Award". The Economic Times. 14 September 2011. Retrieved 14 September 2011.
  7. ↑ "Chola MS launches click easy travel insurance". The Hindu. 16 July 2010. Retrieved 16 July 2010.
  8. ↑ "Management Team". Cholainsurance.com. 1 February 2011. Retrieved 1 February 2011.
  9. ↑ "Chola MS receives Best Claims Settlement Award 2nd year in a row". News Wala. 10 April 2011. Retrieved 10 April 2011.

External links