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.
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Type
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Joint Venture |
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| Industry | Insurance |
| Founded | 2007 |
| Headquarters | Mumbai, India |
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Key people
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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
