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what is Future Generali India Insurance

Future Generali India Insurance is a private general insurance company in India 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. It received an ISO 9001:2008 certification in 2013  and ISO 27001:2013 Certification in 2014. The company has tie-ups with many banks including UCO Bank, Bank of Maharashtra, Laxmi Vilas Bank and Nainital Bank The company’s portfolio comprises insurance products categorized within Personal, Commercial & Social/Rural Insurance.

Future Generali India Insurance Company Limited
Type
Joint Venture
Industry Insurance
Founded 2007
Headquarters Mumbai, India
Key people
KG Krishnamoorthy Rao, MD & CEO
Products Insurance
Total assets 2,484 Crore (2017)[1]
Parent Future Group & Generali Group
Website General.futuregenerali.in

Contents

  • 1Presence and distribution
  • 2Products
  • 3Financials
  • 4Initiatives & Awards
  • 5References
  • 6External links

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.

The company launched ‘Health Total’, a comprehensive health insurance product in 2015. It introduced a new microinsurance cover, ‘Sukshma Hospicash’ in 2016. 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.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. It also entered into a tie-up with UCO Bank in March 2017.

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

In 2012, FGII insured the music concert by AR Rahman for Rs 4 crore.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.

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.

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.
  • 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.
  • Best Implementation of HR Technology by HR Excellence Awards in 2016

References

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