Universal Sompo General Insurance Pvt Ltd received the License and Certificate of Registration from IRDA (Insurance Regulatory and Development Authority) in November 2007. It is a first of its kind venture, i.e. Public - Private Partnership in General (Non-Life) Insurance Industry. It is joint venture between Allahabad Bank, Indian Overseas Bank, Karnataka Bank Ltd, Dabur Investment Corporation and Sompo Japan Insurance Inc. Sompo Japan Insurance Inc. is a Fortune 500 Company with a capital of 70 billion yen, headquartered in Tokyo. The company has its presence in 27 countries and its total premium income for 2006 - 2007 was in excess of Rs.50,000 crores, twice that of the Indian General Insurance industry.
The joint venture has been capitalized with shareholders funds of over 230 cr. including share premium.
The Company received the Licence and Certificate of Registration from Insurance Regulatory and Development Authority in November 2007.
Three of the Indian partners are leading banks with a combined asset base of Rs. 92,602 crores and over 4000 branches and distribution centers. Plus the 4th largest FMCG company in India with over 15 million retail outlets. The JV partners will extend their vast distribution reach and customer base for soliciting our bouquet of non-life insurance business. In addition, the company's distribution network will also consist of brokers, agents and focused below the line direct marketing promotions.
Sompo Japan Insurance Inc. Headquartered in Tokyo, is a Fortune 500 Company with a capital of 70 billion yen, is present in 27 countries - has over 15,000 employees and 69,028 agents and its total premium income for 2006 - 2007 was in excess of (equivalent to) Rs.50,000 cr. twice that of the Indian General insurance industry.
The company is present across almost all product lines, classified into five major classes: Property, Marine, General Accident, Workmen Compensation and Motor.
Products and services for the individual, corporate and small entrepreneur
Drawing upon the financial strengths and distribution reach of Indian partners and backed by insurance expertise of Sompo Japan, Universal Sompo intends to be a diversified player, participating in healthy competition to augment insurance capacity in the country through prudent underwriting, offering innovative and customized Risk Solutions to range of customer segments including Rural and Social sector, utilizing varied Distribution channels.
Our bouquet of insurance products includes Health & Critical Illness, Personal Accident & Disability, Home, Motor, Property for individuals, Offices, Shopkeepers Package and other non-life packages for Small Entrepreneurs, besides Employee Benefit, Operational, Project Insurance, Liability and other special products for Corporates.
Customer Service Commitment
Understanding that Claims service is at the heart of an insured-insurer relationship, our Claims philosophy is to 'to achieve fair and timely settlement through proactive management of each claim in a customer friendly and transparent manner. 'Our aim is to help our customers quickly tide over the financial loss arising out of the incidence of a covered peril so that they can get back to normal 'Life & Business As Usual'.
Our 24 hours Helpline, SMS and web enabled service platform for customer guidance, claim forms, processes, Dos and Don'ts, FAQs, minimal documentation, cashless claim settlement, pan India network of service providers, quality screened partners, on-account payment in case of large loss are some other efforts to ease claimants' anxieties and to make sure that our customers get the best possible service at all times.
Corporate Responsibility (CR) is about how our core business principles translate into commitments for each of our key stakeholders, Customers, Employees, Business Partners, Regulators, Shareholders, Community and Environment.
In line with our mission statement, an important CR issue that we will work to address would be, to develop market leading understanding of safety and risk management in the society - down to the individual property level, providing preventative advice to our customers.
Salient features of Universal Sompo
- Our world class products and services
- Our strong lineage of financial giants with proven track record
- Our pan India distribution and servicing capability
- Our Honest prices
- Our simple worded, easy to understand policy documents, terms and conditions
- Our customized and innovative Risk solutions
Disclaimer: This information is extracted from the company’s official website to provide information to the general public. The information is likely to change based on the concerned insurance companies’ discretion. Alterations, deletions and/or additions to the existing policy products, coverage and their premiums may be enhanced or reduced. These figures are only guidelines. We recommend the individual to visit the official website of the insurance company for more details and updates.
Latest Publications and Research on Universal Sompo General Insurance Pvt Ltd
- Survey of Customers Requesting Medical Information: Preferences and Information Needs of Patients and Health Care Professionals to Support Treatment Decisions. - Published by PubMed
- Patterns of Health Care Utilization and Medication Adherence Among Youth with Systemic Lupus Erythematosus During Transfer from Pediatric to Adult Care. - Published by PubMed
- Is obesity a risk factor for readmission after acute myocardial infarction? - Published by PubMed
- Bidirectional association between alopecia areata and major depressive disorder among probands and unaffected siblings: A nationwide population-based study. - Published by PubMed
- Containing or shifting? Health expenditure decomposition for the aging Dutch population after a major reform. - Published by PubMed
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