Universal Sompo General Insurance Company Limited

 Universal Sompo General Insurance Company Limited

ties up with Saptagiri Grameena Bank

Universal Sompo General Insurance Company Limited ties up with Saptagiri Grameena Bank on 11th February 2021.

Saptagiri Grameena Bank operates in the entire Chittoor and Krishna Districts of Andhra Pradesh State. It plays a very predominant role in striving for rural prosperity. It provides easily accessible banking and credit services to the rural population through its 223 bank branches.

Saptagiri Grameena Bank is confident that the Bancassurance partnership with Universal Sompo shall add value to its esteemed individual customers, small and micro enterprises by means of comprehensive insurance covers.

Universal Sompo has already started increasing its reach into rural part of India to cater to rural segment by using technology and deploying human resources as needed. Alliance with Saptagiri Grameena Bank shall remain instrumental and Universal Sompo is deeply committed.

Universal Sompo General Insurance Company Limited ties-up with

 Universal Sompo General Insurance Company Limited ties-up with 

Jammu & Kashmir and Ladakh Finance Corporation

Universal Sompo General Insurance Company Limited ties up with Jammu & Kashmir and Ladakh Finance Corporation on 7^th January 2021.

Jammu & Kashmir and Ladakh Finance Corporation operates in the entire territory of Jammu, Kashmir and Ladakh. It plays a pioneering role in boosting industrial climate in the State by providing financial assistance to various Small and Medium Enterprises besides others.

Rajesh Kumar Shavan, MD of Jammu & Kashmir and Ladakh Finance Corporation is confident that this partnership with Universal Sompo shall add value to our esteemed customers by means of comprehensive insurance covers at competitive price.

Sharad Mathur, MD & CEO of Universal Sompo asserted that the Company strives to offer customized general insurance solutions and innovative products especially for MSME clients and other borrowers.

Universal Sompo General Insurance Company Limited has

Universal Sompo General Insurance Company Limited has announced the appointment of Sharad Mathur as its Managing Director & CEO

Sharad Mathur has been appointed as Managing Director & CEO of Universal Sompo General Insurance Company Limited w.e.f. 2^nd June 2020. He will lead the company's overall operations and report to the Board of Directors. Sharad is a seasoned business leader and brings over 23 years of extensive experience and a strong track record of building scale and profitable general insurance businesses. 

Universal Sompo is a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments Corporation and Sompo Japan Insurance. Universal Sompo employs over 1,000 employees and has 86 offices across India.

"We are glad to have Sharad on board as we plan to drive the next phase of development of Universal Sompo. 

Under Sharad's leadership, company aims to develop a capability to deliver more innovative products, re-engineered distribution architecture and significant improvements in productivity,” said Padmaja Chunduru, Managing Director & CEO, Indian Bank.

On his appointment, Sharad said, "It has been a fulfilling journey in the general insurance sector wherein we have achieved many milestones together and will definitely achieve many more. I am thankful to the board of Universal Sompo for having faith in me and I am looking forward to working with all stakeholders to accelerate the company's expansion. Together, we will leverage our ability to innovate, with sharp customer focus which will remain at the heart of our DNA as we continue to build a great service platform for our customers and channel partners.”

"India is a rapidly-growing market for our business in Asia. Sharad's understanding of Indian market and general insurance business, combined with his expertise in sustainable business expansion and digital technologies, will be a huge asset for Universal Sompo." said Daniel Neo, Regional Chief Executive Officer of Sompo Holdings (Asia) Pte. Ltd. 

Sharad has been employed with SBI General Insurance Company Limited in different roles since its inception in the year 2009, and finally as Head - Distribution till July 2019, appointed as a KMP by the Board of Directors of the Company.

Prior to joining Universal Sompo, Sharad had a specific stint in a new General Insurance project, developing business structure and long-term strategy for a proposed venture. Earlier, he has been employed with ICICI Lombard General Insurance Company Limited, since its inception, in the year 2001, in various regional and national leadership roles. In the past, he has worked with large diversified manufacturing organizations, including, MRF, Bharat Shell and Reliance Retail.

He holds a Bachelor’s degree from Delhi College of Arts and Commerce, University of Delhi; Completed Post-Graduation Program in Management with a specialization in Marketing; 'Certification Programs in Leadership and Management from Indian School of Business and Harvard.

Sharad has been a key-note speaker and panelist in international insurance summits, being held in parts of Asia, South Africa and Europe.

He has been conferred with awards such as '50 Most Talented Retail Professionals of India' by CMO Asia and '50 Most Influential Digital Media Professionals' by World Marketing Congress.

Sharad added, "The current environment has made the safety of our customers, partners, vendors and colleagues, our top most priority. We are making our best efforts and certain that together, all of us will get through these challenging times!"

Universal Sompo General Insurance Company Ltd launches USGI ALLy

Universal Sompo General Insurance Company Ltd launches USGI ALLy mobile application

·         Aims at increasing their digital sign-ups by 25-30%

·         A one stop solution for new policy issuance, premium renewal and claim settlement

 Universal Sompo General Insurance Company Limited (USGICL), India’s first PPP general insurance player with an established presence in motor, health, auto and crop insurance has launched its very own, personalised, mobile application the USGI ALLy. Riding on the wave of digitalisation, the app has been launched with the main intention of enhancing service delivery.  

Commenting on the launch of the USGI Ally application, Mr. Anupam Singh, Deputy General Manager – IT, Universal Sompo General Insurance said, “The launch of this app brings us one step closer to our aim of offering a digitally seamless experience to our customers. It is a conscious effort on our part to make the platform more versatile, customer friendly making it a hassle-free experience in terms of faster policy issuance or in terms of claim settlement. We believe that just with this offering our digital sign-ups will increase by 25-30%.”

The USGI ALLy offers a one stop shop for all post sales insurance needs, online claim intimation, GPS based nearby service providers, marketplace for various value-added services, AI based health risk assessment and lot more. The app offers its customers a feature rich and user-friendly interface.

Generic Features (Motor & Health)

*Insurance Wallet *My Policy *Renew Policy * Intimate Claim *Claim Status

Insurance Wallet: Insurance wallet helps the user to manage all insurance-related services. The app makes policy renewal, alerts, intimating claims, and claim status easier than ever before

My Policy:  My Policy module lists all user details about the policy. From policy details to policy document, everything can now be available on fingertips. Users can also link more policies by adding relevant information.

Renew Policy:  Helps in instant renewal of both motor and health insurance policies which is the basis for customer satisfaction

Intimate Claim & Claim Status:  USGICL always thrives in making the platform customer friendly with a ready to go use instance & the same has been enriched by educating the customers through the audio / visual presentations. USGICL is planning to introduce Artificial Intelligence shortly the faster settlement of Motor Claims.

Universal Sompo has been aggressively focused on its digital initiatives. Last year the company had tied-up with mobile payments platform PAYTM for the distribution of its policies. USGICL has already integrated with WhatsApp for sending the real time policy copy.

Some of the unique features in the USGI ALLy app include:

Additional Features (Motor)

Network Garages, Accessories, KYC Documents, upload Services, Service Appointment, Extended       Warranty, Spare Parts,  Accessories, Pre-owned, Self Drive Book,  Drive U, Roadside Assistance, Nearby - connect only, Petrol Pump, Pollution Center, Mechanic Parking, Authorized Workshop.

Additional Features (Health)

Medical Info, Blood Pressure, Blood Sugar, HbA1c, Lipid Profile, Thyroid, Allergies, Medical History, Family History, Medical Records, Network Hospitals, Claim History, Daily Exercise Tracking, Diet and calorie Tracking, Water Tracking, Weight Loss/Gain Goal, Health Risk Assessment, Doctor Consultation, Medicine Ordering, Lab Test Booking, Home Care Services, Health Packages, Ambulances, Health Calculators, Blood Banks, Pharmacies, Wellness Centers.

Universal Sompo General Insurance Co. Ltd. (USGIC), India’s fastest growing general insurance company has posted a growth of 22.48% growth in FY19. The company’s net profit for FY19 stood at Rs. 206.71 crore.  With a capital base of just Rs. 368.18 crore, the company’s net worth is Rs. 885.65 crore. With an established presence and wide bouquet of products across motor, home, health and travel insurance, the company’s new business premium collections stood at Rs. 2,833.53 Crore in FY19.

Universal Sompo General Insurance declares a 7%

Universal Sompo General Insurance declares a 7% dividend on paid up share capital amounting to Rs 25.77 cr

·        Targeting growth of 10% with premium of Rs 3,100 crore in FY 2019-20

·        Bancassurance is expected to grow at 25%

 Universal Sompo General Insurance Company (USGIC) on Friday announced that it’s board of directors have declared a dividend of Rs 25.77 cr, that equals about 7 % of its paid up capital to its qualifying shareholders. With a small capital of only Rs. 368.18 crore, the company has been able to reach a net worth of Rs. 885.65 crore as on 31st March 2019.

The decision to award the dividend was announced at the 12th annual general meeting (AGM) that was held on August 23, Universal Sompo General Insurance Company’s, Chairman, O N Singh said, in a release issued here.

USGIC is the first successful PPP joint venture between public sector banks, Allahabad Bank and Indian Overseas Bank (IOB), along with Karnataka Bank, Dabur Investment Corporation, and Sompo Japan Nipponkoa Insurance (a wholly owned subsidiary of Japan’s Sompo Holdings).

The Chairman said that with an overall growth of 10 % last year, the company is targeting a premium of Rs 3,100 crore in FY 2019-20.

O.N Singh, Chairman, Universal Sompo General Insurance said, “The Company will focus at growing at 25 % of our Bancassurance channel and will be focused on new growing business of motor and health”.

Listing out the initiatives undertaken to digitalize USGIC, Singh said the company has initiated a “live Chabot,” termed as “Aarambh” on its website, that resolves queries regarding motor, health and crop insurances.

He added that USGIC has also partnered with digital wallet ‘PAYTM’ for premium payments of its new and renewal policies. “To further our digitalization drive we have launched a mobile application for our insured and an agency portal for our agencies,” Singh said.

Singh further said as part of actively participating in the Union government’s Pradhan Mantri Fasal Bima Yojana (PMFBY) scheme, USGIC has covered over 65 lakhs farmers since its launch in Kharif-2016.

USGIC has been consistently scaling up its IT infrastructure to align itself not only with regulatory changes but also to provide best IT enabled tools to its marketing team and its customers. Hence to maintain the pace with the industry, in FY 2018-19 USGIC has deployed various initiatives like Mobile application (M-POS) for POS channel, Payment integration to digital wallets, System for Crop Insurance & Customer self-service portal etc. This year progressing further on the digitization we launched a Mobile application for our insured a kind of insurance wallet featuring all insurance related services like viewing and download policy copy , policy renewal, claim intimation, claim status and an agency portal for our Agency force.

USGIC is keen on recognizing tech trends, evaluate the business opportunities, and actively incorporate relevant process and programs into the business model, for outpacing and outperforming market competition.  Also, the company will try to deliver simpler, innovative and customer need-based products.