New India Assurance
Encyclopedia
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
Company in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
based in Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
. It is one of the five Public Sector
Public sector
The public sector, sometimes referred to as the state sector, is a part of the state that deals with either the production, delivery and allocation of goods and services by and for the government or its citizens, whether national, regional or local/municipal.Examples of public sector activity range...
insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
companies in India.
It was founded by Dorab Tata in 1919.It was nationalized in 1973.
Previously it was a subsidiary of the General Insurance Corporation of India
General Insurance Corporation of India
General Insurance Corporation of India is the sole reinsurance company in the Indian insurance market with over three decades of experience.GIC has its registered office and headquarters in Mumbai.-History:...
(GIC). But as GIC became an reinsurance
Reinsurance
Reinsurance is insurance that is purchased by an insurance company from another insurance company as a means of risk management...
company as per IRDA
IRDA
IRDA may refer to:* Infrared Data Association, in information and communications technology , a standard for communication between devices over short distances using infrared signals...
Act 1999, all of its four primary insurance subsidiaries (New India Assurance, United India Insurance, Oriental Insurance and National Insurance) got autonomy.
New India Assurance has been operating both in India and foreign countries. In the recent past it has succeeded in forging tie-ups with some of the leading public sector banks in India such as State Bank of India
State Bank of India
The State Bank of India is the largest Indian banking and financial services company with its headquarters in Mumbai, India. It is state-owned. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest...
, Central Bank of India
Central Bank of India
Central Bank of India , a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai...
, Corporation Bank
Corporation Bank
Corporation Bank is an India-based banking company based in Mangalore, India. The bank was founded with an initial capital of Rs. 5000 , and first day’s canvassed resources of less than one USD 1, has currently 12,724 full time employees, and operates from several branches in India.The Bank is a...
and United Western Bank to increase its distribution network.
Premium Earned
Recently for the year 2010-2011 the company's global gross premium stood at more than Rs.8600.00 crores thereby retaining its leadership in the market for last 30 years in India . As per IRDA
IRDA
IRDA may refer to:* Infrared Data Association, in information and communications technology , a standard for communication between devices over short distances using infrared signals...
figures for the year 2010-2011 the company's gross premium underwritten in India alone stood at Rs.7070.22 crores first among all the general insurance companies operating in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
.
Foreign Operations
In respect of the number of offices abroad and the premium earned from foreign operations, the company is way ahead of other general insurance companies in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
.
Core Insurance Platform
The company tied up with TCS BaNCS
TCS Bancs
TCS BαNCS is a market ready universal financial platform for banking, capital markets and insurance, offered by TCS FS , the strategic business unit of Tata Consultancy Services Limited .-External links:* * *...
to provide core insurance platform across all its office, for which it had signed a deal for Rs.160 crores with TATA Consultancy Services
Tata Consultancy Services
Tata Consultancy Services Limited is a global IT services, business solutions and outsourcing company headquartered in Mumbai, India. It is the largest provider of information technology in Asia and second largest provider of business process outsourcing services in India...
. This was to ensure its operations to be efficient, flexible and integrated. The project is known as CWISS or Centralized Web based Insurance System Solution.
International Rating
The company has been rated A- (Excellent) in respect of its financial strength by A.M. Best Company .
Awards
J.D Power Asia Pacific part of McGraw Hill Companies
McGraw-Hill
The McGraw-Hill Companies, Inc., is a publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are financial, education, publishing, broadcasting, and business services...
has ranked New India Assurance Company Ltd, the highest in satisfying auto insurance customers. The award relates to 2011 India Auto Insurance Customer Satisfaction Index Study wherein out of a 1000 point scale, the company scored 804.
Offices
The company with its corporate office in Mumbai has been operating with about 26 Regional Offices, 397 Divisional Offices, 588 Branches, 27 Direct Agent Branches and 23 Extension Counters in the year 2009-2010.
The number of Regional Offices of the company in the year 2011 stood at 28. With numerous other offices down the hierarchy like Divisional Offices, Branch Offices, Direct Agents Branches, Micro Offices spread over the length and breath of the country.
Centralised claim processing offices called Claims Hub are being operated from 29 locations.
Its overseas offices for the year 2009-2010 consisted of 19 Branches, 7 Agencies, 4 Associate companies and 3 Subsidiary companies spread over 23 countries.
External links
- New India Assurance Official Website
- Indian Insurance Discuss online about New India Assurance