Mumbai: Universal Sompo General Insurance Company (USGIC) has declared a dividend of Rs 25.77 cr, that equals about 7 % of its paid up capital to its qualifying shareholders. With a small capital of only Rs. 368.18 crore, the company has been able to reach a net worth of Rs. 885.65 crore as on 31st March 2019.
USGIC is the first successful PPP joint venture of public sector banks, Allahabad Bank and Indian Overseas Bank (IOB), along with Karnataka Bank, Dabur Investment Corporation, and Sompo Japan Nipponkoa Insurance (a wholly owned subsidiary of Japan’s Sompo Holdings).
With an overall growth of 10 %, the company is targeting a premium of Rs 3,100 crore in FY 2019-20.
O.N Singh, Chairman, Universal Sompo General Insurance said, “The company will focus at growing at 25 % of our Bancassurance channel and will be focused on new growing business of motor and health”.
Listing out the initiatives undertaken to digitalise USGIC, Singh said the company has initiated a “live chatbot,” termed as “Aarambh” on its website, that resolves queries regarding motor, health and crop insurances.
USGIC has also partnered with digital wallet ‘PAYTM’ for premium payments of its new and renewal policies. “To further our digitalization drive we have launched a mobile application for our insured and an agency portal for our agencies,” Singh said.
Actively participating in the Union government’s Pradhan Mantri Fasal Bima Yojana (PMFBY), USGIC has covered over 65 lakhs farmers since its launch in Kharif-2016.
USGIC has been consistently scaling up its IT infrastructure to align itself not only with regulatory changes but also to provide best IT enabled tools to its marketing team and its customers. USGIC has deployed various initiatives like Mobile application (M-POS) for POS channel, Payment integration to digital wallets, System for Crop Insurance & Customer self-service portal etc. Progressing further on the digitization, the company launched a Mobile application for our insured a kind of insurance wallet featuring all insurance related services like viewing and download policy copy , policy renewal, claim intimation, claim status and an agency portal for our Agency force.
USGIC is keen on recognizing tech trends, evaluate the business opportunities, and actively incorporate relevant process and programs into the business model, for outpacing and outperforming market competition. Also, the company will try to deliver simpler, innovative and customer need-based products.
USGI has 152 products that cover 21 in health, 15 under motor business, 17 for point of sales (POS) facility, 21 common service centres specific products along with 213 add-ons of motor products, standard fire and special perils policy.
USGI has already filed with the regulator, super Top-up health and motor extended warranty and is also in the process of filing others products and Add-ons , that would provide a more comprehensive bouquet of products this fiscal.