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Universal Sompo General Insurance Achieved a Net Worth of Rs. 885.65 Crore

Published On Sep 27, 2019, Updated On Oct 29, 2020

Universal Sompo General Insurance Company (USGIC) is the first successful public-private partnership venture. It is the first joint venture between Karnataka Bank, Indian Overseas Bank, Allahabad Bank, Dabur Investment Corporation and Sompo Japan Insurance.

Recently, USGIC announced a dividend of Rs. 25.77 Crore. The company has been able to achieve a net worth of Rs. 885.65 Crore. O.N Singh, Chairman, Universal Sompo General Insurance Company said that in FY 2019-20 the company is targeting a premium of Rs. 3,100 Crore with a growth of 10%.

Universal Sompo General Insurance, Chairman, O.N Singh in a recent release said, “The Company will focus at growing 25% of our Bancassurance channel and will be focused on the new growing business of motor and health.”

Listing out the digitisation activities in USGIC, Singh said that the organisation has started a “live Chabot,” with the name of “Aarambh.” With the help of this, the customer queries regarding health, motor and crop insurances can be resolved.

He also included that the organisation has partnered with ‘PAYTM’ for payment of premium of old and new policies. Singh further added that USGIC is able to cover over 65 lakh farmers under PMFBY (Pradhan Mantri Fasal Bima Yojana) scheme since its launch.

Universal Sompo General Insurance Company has constantly been working on improving its infrastructure, and IT enabled tools to provide seamless and quality services to its marketing team and customers. 

Other than customer self-service portal, payment through digital wallet, a system for crop insurance, the company has recently also launched a mobile application for all insurance-related services for the insured like downloading policy copy, claim intimation, claim status, policy renewal, and also an agency portal for the Agency force.

USGIC is continuously endeavouring to identify technology trends, assess business options, and improve processes and programs to offer best-in-class, innovative and straightforward customer-focused products.

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