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Future Generali India Insurance

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Future Generali India Insurance Company Limited
Company typeJoint Venture
IndustryInsurance
Founded2007
HeadquartersMumbai, India
Key people
K G Krishnamoorthy Rao, MD & CEO
ProductsInsurance
Total assets2,484 Crore (2017)[1]
ParentFuture Group & Generali Group
WebsiteGeneral.futuregenerali.in

Future Generali India Insurance (FGII) Company Limited is a private general insurance company in India.[2] The company is a joint venture between the Future Group and Assicurazioni Generali. It commenced business in September 2007 and achieved break-even in its 6th year of operation. [3] It received an ISO 9001:2008 certification in 2013 [4][5] and ISO 27001:2013 Certification in 2014. The company has tie ups with many banks including UCO Bank,[6] Bank of Maharashtra,[7] Laxmi Vilas Bank[8] and Nainital Bank[9] The company’s portfolio comprises insurance products categorised within Personal, Commercial & Social/Rural Insurance.

Presence and distribution

As of 2017, Future Generali has over 12.6 lakh customers in 125+ locations across India. They settle over 1,80,000 claims every year. They have around 2,000 active corporate clients and over 6,000 agents.[10]

History

The company commenced business in 2007. They achieved break-even in the sixth year.[3] In FY14, they posted a profit of Rs 39.62 crore along with a 13% increase in GWP to Rs 1,303 crore. [3]

The company launched ‘Health Total’,[11] a comprehensive health insurance product in 2015. It introduced a new micro insurance cover, ‘Sukshma Hospicash’ in 2016.[12] In the same year, online exclusive travel insurance products were also launched by the company.[13]

In April 2016, the company tied up with 10 medium and small-size banks in Kolhapur and Sangli districts, aimed towards increasing rural insurance penetration.[14] In January 2017, the company entered a corporate agency tie up with Bank of Maharashtra to promote motor, home, shopkeeper and rural insurance products at the 1,896 branches of the bank.[7] It also entered into a tie-up with UCO Bank in March 2017.[15]

In 2016, FGII launched i-MoSS, an application for motor claim surveyors for faster settlement of motor claims.[16]

In 2012, FGII insured the music concert by AR Rahman for Rs 4 crore.[17] By FY 2017, the company issued 372 film insurance policies, including the acclaimed film Bahubali 2, which was insured for a sum of Rs 200 crore.[18]

Products

The company provides a diverse range of insurance, including personal, commercial and social/rural insurance.

Financials

Future Generali India Insurance registered Gross Written Premium (GWP) at Rs 1,843 crore fiscal 2017, a growth of 16% compared to fiscal 2016. The company witnessed an increase in policy volumes by 7% from 12 lakh in fiscal 2016 to 14 lakh in fiscal 2017. FGII reported a solvency ratio of 172% in fiscal 2017, an upsurge from the solvency ratio of 154% as reported in fiscal 2016.[19]

Initiatives & Awards

  • Their CSR unit is called Sneh which focusses on health, education and environment. Their major initiatives include village adoption, desktop donation drive, anti-tobacco awareness workshop, autism awareness, financial literacy workshop and self-defense education for women.
  • The company extended its support to ‘Muktshala’ - a residential facility to restore the educational rights of 80 tribal children of migrant workers at Mahad in Raigad district of Maharashtra.[20]
  • FGII has adopted a village in Palghar district of Maharashtra to provide access to sanitation, clean drinking water, adult education and vocational training to the 132 tribal families residing in the village.[21]
  • Best Implementation of HR Technology by HR Excellence Awards in 2016[22]

References

  1. ^ "FGII Total Assets 2017" (PDF). Retrieved 4 Nov 2017.
  2. ^ "FGII CEO speaks about the future of wellness based health insurance". Money Control. 27 Apr 2017. Retrieved 4 Nov 2017.
  3. ^ a b c "FGII targets 20% growth in FY15". Business Standard. 17 June 2014. Retrieved 31 Oct 2017.
  4. ^ "FGII receives ISO certification". Bima Bazar. 19 Feb 2013. Retrieved 31 Oct 2017.
  5. ^ "FGII receives ISO". APN News. 18 Feb 2013. Retrieved 31 Oct 2017.
  6. ^ "Future Generali India Insurance ties up with UCO Bank". Money Control. 15 Mar 2017. Retrieved 4 Nov 2017.
  7. ^ a b "Future Generali India Insurance ties up with Bank of Maharashtra". Business Standard. 30 Jan 2017. Retrieved 1 Nov 2017.
  8. ^ "Centrum, Lakshmi Vilas Bank in wealth management tie-up". Live Mint. 27 Feb 2017. Retrieved 1 Nov 2017.
  9. ^ "FGII adds Nainital Bank Ltd to its bouquet of Bancassurance partners in Uttarakhand". Orissa Diary. 23 Aug 2017. Retrieved 1 Nov 2017.
  10. ^ "FGII Official Data".
  11. ^ "Launch of Health Total Insurance Policy". The Times Of India. 29 Oct 2015. Retrieved 1 Nov 2017.
  12. ^ "Launch of Sukshma Hospicash". India Infoline. 4 Aug 2016. Retrieved 1 Nov 2017.
  13. ^ "Launch of Travel Insurance (sold online only)". Economic Times. 14 Jun 2016. Retrieved 1 Nov 2017.
  14. ^ "FGII ties up with 10 banks in Maharashtra". Economic Times. 21 Apr 2016. Retrieved 1 Nov 2017.
  15. ^ "UCO Bank, Future Generali tie up". The Hindu Business Line. 15 Mar 2017. Retrieved 1 Nov 2017.
  16. ^ "i-moss app for Motor claim surveys". The Times Of India. 1 Apr 2016. Retrieved 1 Nov 2017.
  17. ^ "Future Generali insures A R Rahman live concert for Rs 4 crore". Economic Times. 23 May 2012. Retrieved 1 Nov 2017.
  18. ^ "Baahubali 2 Gets A Rs. 200 Crore Future Generali Insurance Cover". NDTV Profit. 4 May 2017. Retrieved 1 Nov 2017.
  19. ^ "Annual Report 2016-17 - FGII" (PDF). Retrieved 4 Nov 2017.
  20. ^ "FGII extends support to Muktshala". India CSR. 30 Nov 2016. Retrieved 3 Nov 2017.
  21. ^ "FGII adopts a village".
  22. ^ "Winner of HR Excellence Award". BW Events.
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