Shriram General earns Motor insurance company and Product innovator of the Year
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JAIPUR, JUNE 1 – Shriram General Insurance Company Limited (SGIC), part of the Shriram Group, won the award for ‘Motor Insurance Company of the Year’ and ‘Product Innovator of the Year – General Insurance’ at the 3rd Annual BFSI Technology Excellence Awards, organized by Quantic India in April 2022.
The seventh largest private sector general insurer in the motor segment, SGIC is a joint venture between Shriram Finance Limited—the financial services arm of the Shriram Group, and South Africa-based Sanlam Group. Motor insurance accounts for over 90% of SGIC’s AUM and 92% of total business. Motor sum assured is in excess of INR 1,500 crore across an active customer base of over 3 crore.
The motor insurance portfolio comprises multiple personal and commercial line products, all of which are seeing rapid growth. SGIC also offers various add-ons such as key replacement, multi car benefits, depreciation deduction waiver, and road side assistance; and is also poised to participate in the growth of the electric vehicle (EV) segment.
In addition to motor insurance, the insurer offers products ranging from Travel, Home and Personal Accident in the retail space to customized products like Fire, Engineering and Marine in the corporate space.
SGIC launched the Fire Loss of Profit (FLOP) policy in November 2021, for which it won the ‘Product Innovator of the Year’ award. The innovative and first-of-its-kind product was approved under the second cohort of Insurance Regulatory and Development Authority of India (IRDAI)’s sandbox.
The standalone Fire Loss of Profit insurance product, covers loss of gross profit or income, and/or increase in the cost of working due to reduction in business turnover/output caused by the 12 perils covered under a standard Fire & Special Peril Policy.
Anil Aggarwal, MD & CEO of Shriram General Insurance said, “Motor insurance has always been our forte and continues to be a focus area. As we look to diversify the book, small businesses has emerged as a key segment where we strive to offer solutions that can provide contextual value and support growth.”
“The awards validate our strengths while at the same time encouraging us to innovate and create targeted solutions for small businesses and the ‘aam aadmi’—especially in semi-urban and rural geographies. We aim to sell over 10,000 FLOP policies on a pan-India basis.”
SGIC was recently awarded the Certificate of Recognition for Best Claims Settlements in the InsureNext Awards 2022, organised by Banking Frontiers in collaboration with Deloitte India.
About Shriram General Insurance Company
Shriram General Insurance Company is a joint venture between Shriram Capital Ltd, the holding company for the financial services business of the Shriram Group, and Sanlam Ltd, a leading financial services group of South Africa. Shriram General Insurance is a Jaipur-based, 13-year-old company licensed with the IRDAI (Insurance Regulatory and Development Authority of India). The company offers a complete range of general insurance products, ranging from Motor, Travel, Home and Personal Accident in the retail space and customised products like Fire, Engineering and Marine Insurance in the corporate space. It also offers a range of products for rural India. Shriram General Insurance manages assets worth INR 107 billion across over 4.3 million live policies. The company has 201 branches in 24 states and an employee strength of 3,000 pan India, as at the end of November 2021.
About Shriram Group
Shriram Group is India’s leading financial conglomerate with a dominant presence in commercial vehicle (CV) financing, retail financing, chit fund, equipment financing, housing finance, life insurance, general insurance, stockbroking, distribution of financial products, and wealth advisory services. The Group focuses on serving the underserved and is driven by its Financial Inclusion agenda of bringing finance to low-income families and small businesses. Shriram Capital Limited is the holding company for the Financial Services (Shriram City Union Finance Limited & Shriram Transport Finance Limited) and Insurance entities (Shriram General Insurance Company Limited & Shriram Life Insurance Company Limited). Shriram Housing Finance Limited is a subsidiary of Shriram City Union Finance Limited. Shriram Group together has an overall customer base in excess of 21.5 million, around 74,500 employees across 3,950 branches. Net profit of INR 49 billion with Assets under Management (AUM) of over INR 1.75 trillion (FY21).
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