Universal Sompo General Insurance and

Universal Sompo General Insurance and 

BSE EBIX join hands

Universal Sompo General Insurance Company Ltd, a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corp and Sompo Japan Insurance Inc, on 15^th August 2020 announced its alliance with BSE Ebix Insurance Broking Private Limited (BSE Ebix), a joint venture between BSE (Bombay Stock Exchange), the first stock exchange of Asia and Ebix Fincorp Exchange Pte Ltd to sell General Insurance products using strong distribution network of BSE Ebix in a completely digitized environment. The partnership has been initiated with the offering of Universal Sompo’s recently launched Corona Kavach cover which is a short-term policy to cover COVID-19 related hospitalization expenses through certified Point of Sales Persons (PoSPs) of BSE Ebix. Presently BSE Ebix has more than 7,200 registered PoSPs, and is growing daily.

Due to the spike in the number of COVID-19 cases, Insurance Regulator IRDAI had asked insurers to design specialized products covering the treatment cost of coronavirus. Corona Kavach policy seeks to address this very need of the general public. The strategic association between Universal Sompo General Insurance and BSE EBIX will enable more people to avail insurance plans and protect themselves and their families against the deadly virus.

Corona Kavach policy can be purchased on individual or family floater basis for a period of 3.5, 6.5 or 9.5 months. It offers sum insured ranging from minimum of Rs 50,000 to Rs 5,00,000 (in multiples of Rs 50,000) for hospitalization expenses related to Covid-19. The policy covers the cost of PPE kit, gloves, mask and other similar expenses incurred during treatment of Covid-19. The policy also covers ICU and ventilator charges at hospitals. It also provides cover for Home Care Treatment Expenses including cost of Pulse Oximeter and Oxygen cylinder if advised by Medical Practitioner. 

On the occasion, Ashishkumar Chauhan, Managing Director & CEO, BSE (Bombay Stock Exchange), said “We welcome Universal Sompo on BSE Ebix technology platform and with this addition we would be able to offer most customer-suited insurance covers across the country. We look forward to integrate entire range of products of Universal Sompo which can be sold through our strong network of  PoSPs to add value to our overall insurance products offering”

Sharad Mathur, Managing Director & CEO, Universal Sompo General Insurance Company Ltd, said “We are rapidly increasing our distribution network and collaboration with BSE Ebix shall prove to be a great achievement. We would be able to offer a bouquet of products ranging from Corona Kavach to Arogya Sanjeevani and a variety of covers in due course of time through the extensive and ever increasing PoSP network of BSE Ebix. The product offering is completely digitized to provide best of the buying experiences to our customers through the network of BSE Ebix.”

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!"