New India Assurance

The New India Assurance Company limited.
Wholly owned by Government of India.
Industry General insurance
Founded 1919 in Mumbai, India[1]
Headquarters Mumbai, India
Key people
 G.Srinivasan - Chairman Cum Managing Director [2]
Products General Insurance which includes Health
Slogan Born to Lead[3]
Website www.newindia.co.in
New India Assurance Building, Mumbai

The New India Assurance Co. Ltd., based in Mumbai, is one of the five Wholly Government of India owned assurance companies of India.[4] It is the "largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations". .[5] It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.

Previously it was a subsidiary of the General Insurance Corporation of India (GIC). But when GIC became an re-insurance company as per the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance got autonomy.

New India Assurance operates both in India and foreign countries. In the recent past it has collaborated with some of the leading public sector banks of India such as State Bank of India, Central Bank of India, Corporation Bank and United Western Bank to increase its distribution network.

Offices

The company with its corporate office in Mumbai has about 31 regional offices, 397 divisional offices, 588 branches, 27 direct agent branches and 23 extension counters in the year 2011-2012.[6] The number of regional offices of the company in the year 2011 stood at 28, with numerous other offices down the hierarchy of divisional offices, branch offices, direct agents branches, micro offices. Centralised claim processing offices called claims hubs are operated from 29 locations.

Its overseas offices for the year 2011-2012 consisted of 19 branches, seven agencies, four associate companies and three subsidiary companies spread over 23 countries.[7]

Business Performance

The domestic gross premium procured for the period from April 2013 to March 2014 was Rs.11,540 crore with a growth of 15.00%, when compared to the same corresponding period pertaining to previous financial year and the global gross premium stood at Rs.14,304 crores with a growth of 14.40% over previous year. The company posted PAT (Profit After Tax) of Rs.1089 crores. The company paid a dividend of Rs.220 crores to the Government of India for the fiscal 13-14.Dividend paid to Government of India.

The state owned company's achievements include;

1) Procurement of highest Global Gross Premium of Rs.14,304 crores for the year 2013-2014. Maintaining the 'largest general Insurer in India' tag.

2) Market leadership position for four consecutive decades

3) The ratio of available solvency margin to required solvency margin standing at 250%

4) Highest net profit of Rs.1089 crores

5) Highest net worth of Rs.8,621 crores

6) Highest assets - crossed Rs.53,000 crores

7) Only Indian General Insurance Company to have presence in 22 countries

8) Financial Strength rating of A-Excellent (Stable) by A.M Best -Europe.

[8] [9]

IT Solution

The company has teamed up with TCS BaNCS to provide a core insurance platform.[10] The project is known as CWISS or Centralised Web based Insurance System Solution.

For re-insurance, company uses RAMS software. RAMS stands for Re-insurance accounting and management system. This software is also developed by TCS BaNCS.

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.[11] The award relates to 2011 India Auto Insurance Customer Satisfaction Index Study wherein out of a 1000-point scale, the company scored 804.[12]

References

External links