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.
|KG Krishnamoorthy Rao, MD & CEO|
|Total assets||2,484 Crore (2017)|
|Parent||Future Group & Generali Group|
- 1Presence and distribution
- 4Initiatives & Awards
- 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.
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.
The company provides a diverse range of insurance, including personal, commercial and social/rural insurance.
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