Ritik Gupta
While motor own damage (OD) insurance grew over 10.5 percent for the company against 2.1 percent for the industry, non-motor sales increased 27 percent during the period against a meager 5.9 percent.
Led by pandemic-specific policy sales, mid-sized non-life player Future Generali Insurance Company has discerned its retail health policy sales rise over 106 percent during the first three quarters of the current financial year. Future Generali has sold around 30 lakh pandemic covers (Covid Rakshak and Covid Kavach), which has boosted its retail health sales by over 106.5 percent between April and December, against around 38.3 percent for the industry, its Managing Director and Chief Executive Officer Anup Rau told PTI.
He also asserted that despite claims from pandemic cases, the company had posted a marginal accumulation in net income in the first half at Rs 88.2 crore against Rs 75.6 crore in the year-ago period. The Future Group established the company in a joint venture with the Italian financial services group Generali in 2007.
Rau partly referred to this as the overall improvement in sales, especially fire and motor products, and overall productivity increase despite the lockdown, which has grown in high double digits.
While motor own damage (OD) insurance grew over 10.5 percent for the company against 2.1 percent for the industry, non-motor sales increased 27 percent during the period against a meager 5.9 percent.
Overall, the company thrived close to 10.5 percent, making it the second-fastest-growing player with the market share among private general insurers at 3.8 percent, marginally up from 3.5 percent last year.
He said that for too long, the company had been a motor-only industry, which is a lazy business for any one of us. “Thankfully, our non-motor share has gone up significantly this year– from 70:30 t0 63: 37 now and this will go up further,” Rau added.
Meanwhile, the company has also inaugurated an entirely automated car inspection facility for renewals and claims. Car inspection is nowadays dominated by manual reviews, a people-intensive job leading to delays in the claims and policy issuance process.
Under the artificial intelligence-based inspection process, end-customers take a car’s photos or videos for policy renewals and claim assessment.
