Tag: Universal Sompo General Insurance Co. Ltd

Business World

Universal Sompo General Insurance Co Ltd partnered with Tata Motors Insurance Broking & Advisory Services

Sep 14, 2020 by Gouri Achary 0 Comments #Road Side Assistance services, #Tata Motors Insurance Broking & Advisory Services, #Universal Sompo General Insurance Co. Ltd

Mumbai, September 14, 2020: The partnership with Tata Motors Insurance Broking & Advisory Services Ltd shall provide customers with the additional choice of insurers. Universal Sompo is equipped with the latest technology like AI-powered motor claims intimation, a deputation of survey within 10 minutes through AI and paper-less claims settlement process which shall not only reduce TAT for claims settlement but shall also lead to customer delight.

Universal Sompo uses a mobile app for Spot Survey and Live Video Streaming for assessment of loss. These tech-enabled facilities further enhance efficiency in the whole service proposition. Company is committed to service and making coverage available even in remotest locations, ensuring increased insurance penetration in the country.

Besides this, Universal Sompo shall also provide Road Side Assistance services to the customers keeping their vehicle on the road. The services include – Minor roadside repair, Rundown of battery, Flat tyre services, Key services, Fuel assistance, Express shipment of spares, Towing of disabled vehicle – in case of Accident or Break down, Pick up of vehicle in case of disability of driver, Medical or Legal coordination and Relay of messages in an emergency.

Business World

Universal Sompo General Insurance Co. Ltd Q1 FY21 PAT up by 165% at ₹ 46.21 Cr

Sep 2, 2020 by Gouri Achary 0 Comments #Health Insurance, #Marine Insurance and Motor Insurance loss, #Personal Accident Insurance, #Universal Sompo General Insurance Co. Ltd

The Board of Directors of Universal Sompo General Insurance Co. Ltd approved its Unaudited Financial Results for the quarter ended June 30th, 2020.

Universal Sompo General Insurance Co. Ltd reported PAT of ₹ 46.21 Cr in Q1 FY21 (growth of 165% as compared to Q1 FY20), which was better than expected performance. The GDPI of the company rose by 16.62% to ₹ 418.62 Cr in Q1 FY21.

The loss ratio improved by 2.58% to 78% as compared to Q1 FY20 at 80.58%. This was mainly due to an improvement in Health Insurance, Personal Accident Insurance, Marine Insurance and Motor Insurance loss ratio. The combined operating ratio improved by 7.16% to 101.41% (Q1 FY20 was 108.57%). The Company reported a healthy growth of 25.34% in its investment income to ₹ 56.38 Cr as compared to ₹ 44.98 Cr in Q1 FY20 last year. Shareholder net worth increased by 4.59% in Q1 FY21, while the solvency ratio stands at 2.21 times.

Health Insurance remains a key growth driver for the company. It is important to note that Motor Insurance profitability is improving, and the company has signed up some great digital alliances with many notable partners.

Apart from introducing a Covid-19 specific health product on a Group platform during the quarter, the company has also begun to promote Arogya Sanjeevani, standardized health product formulated by IRDAI.