With 16 per cent market share in the non-life insurance space, New India Assurance Company “expects the momentum of high growth to continue for some more time with increasing insurance penetration,” according to its Chairman and Managing Director G Srinivasan.
“The company is focussing on retail business and on digital technology in a big way,” he told reporters here.
New India recently concluded ₹3-lakh crore insurance business of Reliance Industries and bagged the health insurance scheme of the State of Rajasthan covering four crore people with a premium income of ₹1,200 crore.
The company concluded a deal with Deccan Aviation, which made a re-entry into the regional air space.
In the bancassurance space, the company has tied up with three banks in the public sector — Bank of India, Punjab National Bank and Canara Bank — and two private banks — South Indian Bank and Bandhan Bank. This would further accelerate the insurance major’s growth, he said.
About 15 per cent of business is secured through digital means and this is expected to grow rapidly in the coming months. The company has invested₹400-500 crore during the current fiscal in technology. Product innovation is another area that New India has been focusing on, he said, and outlined the professional indemnity cover issued to three insolvency professionals, without dwelling on the details.
“We are a big player in the cyber insurance segment, providing cover to major financial institutions,” he said, before hinting at its proposed entry into the title insurance segment.
Property developers opt for title insurance cover to ensure that title deeds are clear. This is expected to become mandatory for developers, considering that many States have already digitised their land records. “We will be rolling out tailor-made title covers soon,” he said.
Also in the pipeline is a simple health insurance product, which will be rolled out in the next three months.
The company is in the process of revamping its overseas medical policy and offering some innovative covers in the motor insurance business.
Source: The Hindu Business Line