United India Insurance Company Limited
Encyclopedia
United India Insurance Company Limited (UIIC) is a leading General Insurance Company of India. The company has more than three decades of experience in Non-life Insurance business. It was formed by the merger of 22 companies, consequent to the nationalisation of General Insurance companies in India. Its Head Quarters is at Chennai
, India
.
was nationalized in 1972. 12 Indian Insurance Companies, 4 Cooperative Insurance Societies and Indian operations of 5 Foreign Insurers, besides General Insurance operations of southern region of Life Insurance Corporation of India
were merged with United India Insurance Company Limited. After nationalization
United India has grown by leaps and bounds and has 18300 work force spread across 1340 offices providing insurance cover to more than 1 Crore policy holders. The Company has variety of insurance products to provide insurance cover from bullock carts to satellites.
United India has been in the forefront of designing and implementing complex covers to large customers, as in cases of ONGC Ltd , GMR- Hyderabad International Airport
Ltd, Mumbai International Airport Ltd Tirumala-Tirupati Devasthanam etc. It has been also the pioneer in taking Insurance to rural masses with large level implementation of Universal Health Insurance Programme of Government of India
& Vijaya Raji Janani Kalyan Yojana ( covering 45 lakhs women in the state of Madhya Pradesh
) , Tsunami
Jan Bima Yojana (in 4 states covering 4.59 lakhs of families) , National Livestock Insurance and many such schemes.
It has also made its presence in more than 200 tier II & II towns and villages through its innovative Micro Offices.
Chennai
Chennai , formerly known as Madras or Madarasapatinam , is the capital city of the Indian state of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. Chennai is the fourth most populous metropolitan area and the sixth most populous city in India...
, 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...
.
About the company
United India Insurance Company Limited was incorporated as a Company on 18 February 1938. General Insurance Business in IndiaIndia
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...
was nationalized in 1972. 12 Indian Insurance Companies, 4 Cooperative Insurance Societies and Indian operations of 5 Foreign Insurers, besides General Insurance operations of southern region of Life Insurance Corporation of India
Life Insurance Corporation of India
The Life Insurance Corporation of India is the largest state-owned life insurance company in India, and also the country's largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of...
were merged with United India Insurance Company Limited. After nationalization
Nationalization
Nationalisation, also spelled nationalization, is the process of taking an industry or assets into government ownership by a national government or state. Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being...
United India has grown by leaps and bounds and has 18300 work force spread across 1340 offices providing insurance cover to more than 1 Crore policy holders. The Company has variety of insurance products to provide insurance cover from bullock carts to satellites.
United India has been in the forefront of designing and implementing complex covers to large customers, as in cases of ONGC Ltd , GMR- Hyderabad International Airport
Hyderabad International Airport
Rajiv Gandhi International Airport also known as Hyderabad International Airport, is an international airport near Shamshabad, about south of downtown Hyderabad, Andhra Pradesh, India....
Ltd, Mumbai International Airport Ltd Tirumala-Tirupati Devasthanam etc. It has been also the pioneer in taking Insurance to rural masses with large level implementation of Universal Health Insurance Programme of Government of India
Government of India
The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic of India...
& Vijaya Raji Janani Kalyan Yojana ( covering 45 lakhs women in the state of Madhya Pradesh
Madhya Pradesh
Madhya Pradesh , often called the Heart of India, is a state in central India. Its capital is Bhopal and Indore is the largest city....
) , Tsunami
Tsunami
A tsunami is a series of water waves caused by the displacement of a large volume of a body of water, typically an ocean or a large lake...
Jan Bima Yojana (in 4 states covering 4.59 lakhs of families) , National Livestock Insurance and many such schemes.
It has also made its presence in more than 200 tier II & II towns and villages through its innovative Micro Offices.
Commercial Policies
- Fire Insurance
- Marine InsuranceMarine insuranceMarine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination....
- Motor Insurance (vehicle insuranceVehicle insuranceVehicle insurance is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom...
) - Industrial Insurance
- Liability InsuranceLiability insuranceLiability insurance is a part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy...
Awards and recognitions
- United India gets Skoch award 2010: United India Insurance Company has won the award for successful implementation of the financial inclusion initiatives. The company has impleted the Rashtriya Swasthya Bima YojanaRashtriya Swasthya Bima YojanaRashtriya Swasthya Bima Yojana is a government-run health insurance scheme for the Indian poor. It provides for cashless insurance for hospitalisation in public as well private hospitals. The scheme started enrolling on April 1, 2008 and has been implemented in 25 states of India...
in Kerala. Skoch awards, distributed by Skoch Consultancy Services, are meant to honour extraordinary achievements in governance, capacity building, empowerment, inclusive growth, citizen services delivery, technology, academics and change management. http://www.thehindu.com/todays-paper/tp-business/article1151356.ece
- United India Insurance Company has been selected as one among the top three General InsuranceGeneral insuranceGeneral insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and...
companies in Asia by Asia Insurance Review at the 14th Asia Insurance Industry Awards held in Bali, Indonesia.
- United India Insurance Co. Ltd. has been awarded the Best Non-Life Insurance Company by NDTV ProfitNDTV ProfitNDTV Profit is a business news channel started by New Delhi Television in January 2005. Started to provide competition to the monopoly enjoyed by CNBC-TV18, the channel has managed to garner a decent market share....
-Business Leadership Awards 2010.
- United India Insurance Co. Ltd. has been awarded 'iAAA' rating for its claims paying ability by ICRAICRAICRA can refer to:* ICRA Limited, an Indian credit ratings agency* Indian Civil Rights Act of 1968, a United States Act regarding civil rights of American Indians/Native Americans...
(Investment Information and Credit Rating Agency) for the third successive year. This rating indicates company's highest claims paying ability, its strong fundamental and its overall financial strength for meeting the policy holders obligations.
- PCQuestPCQuestPCQuest is an Indian technology publication, and part of the Cyber Media group of publications that also publish Dataquest.Founded in 1982, the magazine was originally called PC World, and was one of the earliest technology magazines published in India...
, one of India's premier ITInformation technologyInformation technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
magazines has selected MPLSMplsMPLS or Mpls can refer to:* Minneapolis, Minnesota, United States* Multiprotocol Label Switching, a data-carrying mechanism in computer networking...
VPN project of UIIC as one of the best implemented ITInformation technologyInformation technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
projects in the year 2007. The details of the same are published in the June 2007 issue of the PCQuestPCQuestPCQuest is an Indian technology publication, and part of the Cyber Media group of publications that also publish Dataquest.Founded in 1982, the magazine was originally called PC World, and was one of the earliest technology magazines published in India...
magazine. MPLSMplsMPLS or Mpls can refer to:* Minneapolis, Minnesota, United States* Multiprotocol Label Switching, a data-carrying mechanism in computer networking...
VPN project of UIIC was selected after a rigorous screening process in which 250 IT projects of various companies in the country were evaluated. Subsequently, a jury of eminent personalities selected the top 21 ITInformation technologyInformation technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
projects implemented in 2007, in which the MPLSMplsMPLS or Mpls can refer to:* Minneapolis, Minnesota, United States* Multiprotocol Label Switching, a data-carrying mechanism in computer networking...
project of UIIC figures prominently.
External links
- www.uiic.in
- UIIC with SUNabout UIIC