TATA AIG

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Tata AIG General Insurance Company Limited
Joint venture
IndustryInsurance
Founded2001
HeadquartersMumbai, India
Key people
Neelesh Garg (CEO)[1]
ServicesGeneral insurance
ParentTata Sons (74%)
American International Group (26%)
Websitetataaig.com

Tata AIG General Insurance Company Limited is an Indian general insurance company and a joint venture between the Tata Group and American International Group (AIG).[2] Tata AIG General Insurance Company Limited was incorporated on 24th August 2000 and commenced operations on 22nd January 2001 on obtaining license from IRDAI. The company has made a mark in the industry by launching several innovative products and services over the years. Tata AIG combines the Tata Group's pre-eminent leadership position in India and AIG's global presence as the world's leading international insurance and financial services organization. The Tata Group holds 74 percent stake in this venture with AIG holding the balance 26 percent.

Under its two main business verticals i.e. Consumer Lines and Commercial Lines, Tata AIG General Insurance Company Limited offers an extensive range of General Insurance covers that cater to various individual and business insurance needs. The products range from Home Insurance, Motor Insurance, Travel Insurance, Health Insurance, Rural-Agriculture Insurance, etc., for individuals under the Consumer Line vertical, and Property & Business Interruption insurance; D&O, Professional and General  Liability Insurance; and special products like Reps & Warranties and Environmental Insurance under the Commercial Lines vertical. Each product offering is backed by professional expertise to help the customer along the entire relationship period.

Today Tata AIG General Insurance Company Limited’s core strength lies in 3 product categories, i.e., Travel Insurance, Marine Insurance and Liability and the company aims to be the most preferred General Insurance Company in the industry. In order to achieve objective, the company is increasing its general insurance penetration in India with various significant partnerships with leading business names from varied industries. The Bancassurance & Affinity team is responsible for initiating and tapping partnerships with Banks, NBFCs, HFCs and other fintech & affinity partners.

To help its distributors significantly increase their insurance knowledge, the company had established the ‘Tata AIG Academy’ in May 2014 with a vision to be a centre of excellence in learning in the General Insurance domain. Its mission is to align the training programmes with the strategic business and developmental needs of Tata AIG General Insurance Company Limited as well as to empower employees and partners to succeed in a fast-changing competitive environment.

History[edit]

Tata AIG General Insurance Company Limited (Tata AIG General) is a business collaboration of the Tata Group and American International Group, Inc. (AIG). Tata AIG General merges two major finance organizations: the Tata Group's prominent headship place in India and AIG's global presence as the world's leading international insurance and financial services organization. This joint venture has started its operations in India from 22 January 2001. The company provides corporate and personal insurance services.

The organization offers an array of general insurance covers which are well thought-out under commercial and consumer demands. The commercial sector covers Energy, Marine, Property and specialized Financial covers. The consumer insurance service offers a variety of general Insurance products such as insurance for Automobiles, personal accident, casualty, home, health and travel.

The company has made the availability for its services from end to end channels of distribution like agents, banks (through bancassurance tie ups), brokers and direct channels like tele-marketing, e-commerce, website, etc.

The headquarters is in Mumbai. The company has provided the employment to more than 2000 qualified professionals across the country in more than 160 locations.

Tata AIG Life Insurance was rechristened[when?] as Tata AIA Life Insurance Company following the exit of American International Group (AIG) from the Hong Kong-based insurer AIA Group.[3]

References[edit]

  1. ^ http://economictimes.indiatimes.com/wealth/news/neelesh-garg-appointed-md-ceo-of-tata-aig-general-insurance/articleshow/49168317.cms
  2. ^ "Tata AIG Gen Insurance wins best claims service company of 2012". Business Standard. 12 June 2012. Retrieved 6 July 2012.
  3. ^ "Tata AIG Life Insurance Company to be now called Tata AIA Life Insurance Company". Retrieved 16 May 2013.

External links[edit]