Top 10 Players in Insurance Companies in India
Life Insurance Corporation of India
Life Insurance Corporation (LIC) came into existence on 1st September 1956 through the amalgamation of 154 Indian insurance companies, 16 non-Indian companies and 75 provident. The amalgamation was achieved with the help of Life Insurance Act passed by the Parliament in the same year. The LIC was created with the goal of reaching all the insurable people in the country and providing them financial coverage at a reasonable price. In the year 1956, LIC had 5 zonal offices, 33 divisional offices and 212 branch offices. With time there was a need for a branch office at every district headquarter and many branches were opened, which raised the pace of the organization.
LIC now has 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the corporate office. At present, online premium collection facility is being offered in selected cities as LIC has tied up with some banks and service providers. For providing customer satisfaction the organization has introduced various schemes such as ECS, ATM premium payment facility, IVRS, Info centers which are set up in various cities including Mumbai, Bangalore, Chennai, Kolkata, New Delhi, Pune and many more. It has also come up with SATELLITE SAMPARK offices providing easy access to policyholders. LIC has crossed many milestones and set standards for itself fostering unmatched performance.
Bajaj Allianz General Insurance Company Limited
- Holding the money with obligation and using it in the best possible manner in the interests of the policyholder and the community.
- Bringing attractive savings plans and making them easily accessible to the policyholders.
- Giving attractive returns to the people and keeping in mind national priorities.
- Being trustworthy to the customers and develop the spirit of corporate social responsibility.
- Spreading insurance in both rural and urban areas and covering all the insurable persons at a reasonable cost.
- Bringing in plans and policies favorable to the changing environment.
- Providing efficient service and involving people in the organization for their satisfaction.
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany.
Bajaj Allianz General Insurance came into existence on 2nd May 2001, when it got certification of Registration from the Insurance and Regulatory Development Authority. Bajaj Auto has a share of 74%, whereas Allianz has the remaining 26%. In the very first year, the company made a strong position for itself in the industry and was reckoned amongst the top private insurers. The premium income of the company as on 31st March 2006 was Rs. 1285 crores, whereas the profit after tax made was Rs. 52 crores. Bajaj Allianz has a Pan India network covering over 100 towns from Jammu to Thiruvananthapuram and aims to spread its operations in many other cities.
The vision of the organization is to be the first choice for customers, and provide job satisfaction to the employees and create shareholder value. The organization strives to excel in its products and services, providing total customer satisfaction.
Bajaj Allianz serves customers in all areas of General and Health Insurance as well as Risk Management. It has in-depth knowledge of the local market and extensive distribution network with expertise, stability and experience. It has a capital base of Rs. 147 crores, and is allowed to serve both the General and Health insurance.
It has achieved iAAA rating, by ICRA Limited and has the highest claims- paying ability and a stable position in the market. In a 2006 survey, Business World has rated it among the Most Respected Companies, putting it at No.2 position in Insurance sector.
The Company provides the following products under general insurance:
ICICI Prudential Life Insurance Company
- Travel Insurance
- Asset Insurance
- Health Insurance
- Corporate Insurance
ICICI Prudential is a joint venture between ICICI bank and Prudential plc, both having strong operations in their respective countries. ICICI bank is one of the leading banks in India providing quality financial services and Prudential is an international financial service provider headquartered at United Kingdom. ICICI and Prudential have respective shares of 74% and 26%. The Company started operating in December 2000. Currently, total capital with the company is Rs. 18.15 billion.
ICICI Prudential was the first insurance company in India to receive a National Insurer Financial Strength rating of AAA (Ind.) from Fitch ratings. It has been given the honour of being among the Most Trusted Brands in the industry by Economic Times for 3 consecutive years. It has a network of 450 branches, over 1,50,000 insurance advisors and 18 bancassurance partners.
As the organization grows and develops, it keeps introducing new range of products and services and enhancing the quality of plans and solutions given to the customers. The distribution network is one of the best, and is spreading across the length and breadth of the country. As on December 31, 2006, it had made imprints in over 360 cities and towns in India. It has over 1,75,000 advisors across the country, serving clients with full commitment. It has tied up with ICICI Bank, Bank of India, Federal Bank, Lord Krishna Bank, some co-operative banks, NGOs, MFIs and corporates for making inroads into the rural areas.
Insurance Solutions for Individuals: ICICI Prudential Life Insurance offers several novel, customer-centric products for customers at every stage of life. The products and services offered by the organization are in various fields, such as:
Savings & Wealth Creation Solutions
- Premier Life Gold
- LifeLink Super
- Invest Shield Life New
- Cash Plus
- Cash Bak
- Life Time Super & Life Time Plus
- Save 'n' Protect.
- Life Link Super Pension
- Forever Life
- Immediate Annuity
- Life Time Super
- Education insurance - Smart Kid
Group Insurance Solutions
ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees.
ICICI Lombard General Insurance
- Group Immediate Annuities
- Group Term Plan
- Group Superannuation Plan
- Group Gratuity Plan
ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited. ICICI bank is India's second largest bank; Fairfax is Canada-based, engaged in general insurance, reinsurance, insurance claims management and investment management. ICICI Lombard General Insurance Company commenced its operations in general insurance business in August 2001.
ICICI Lombard is India's number one private insurance company; it is also the first general insurance company to be given certification of ISO 9001:2000. The company provides simple and fast documentation, fast claims settlement, online policy issuance, and comprehensive product line.
It has also been given iAAA rating by ICRA for having highest claims paying ability. In the very first year of operations, it was able to reach financial breakeven and achieve underwriting breakeven in the second year. Security is provided through encryption and it is the first company to provide digitally signed documents. It has been honored as the most Customer Responsive Company by the Economic Times. Times of India has designated it as the Best Housing Insurance in the Smart Living Awards by 360 degrees. It has also been awarded Gold Shield for "Excellence in Financial Reporting". It is among the top three companies to be awarded the "General Insurance Company of the Year" at the 10th Asia Insurance Industry Awards.
- Industrial All Risk
- Fire and Special Perils
- Electronic Equipment Insurance
- Fidelity Insurance
- Consequential Loss (Fire) Insurance
- Tea Corp Insurance
- Burglary Insurance
- Group Personal Accidents
- Health Insurance
- Contractors' All Risk
- Contractors' Plant & Machinery
- Erection All Risk
- Performance Guarantee
- Director's & Officers Liability
- Product Liability
- Workmen's Compensation
- Event Insurance
- Product Liability
Birla Sun Life Insurance Company Limited
- Senior Citizen Overseas Travel
- Individual Overseas Travel
- Corporate Overseas Travel
- Domestic Travel
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between Aditya Birla Group and Sun Life Financial Inc. BSLI started functioning in March 2001 after getting the certificate of registration from IRDA.
Birla Sun Life Insurance Company Limited introduced unit Linked Life Insurance Solutions in India. Within a short span of time it was able to establish itself as a leading player in the Private Life Insurance Industry. It has been innovative and come up with customer-centric products to provide safety and services. The company has web-enabled IT systems for better customer services and a strong distribution channel which is easily approachable. The company shows corporate governance and a high degree of transparency in all business practices. It has professional knowledge and global expertise of Aditya Birla Group.
Birla Sunlife Insurance has been providing first class financial solutions to its customers and has been amongst the top three private sector life insurance companies.
Its mission is to be amongst the top players in the eyes of customers and the first choice of insurance and retirement solutions to individuals and groups. These innovative solutions are linked with global and technical expertise and are deployed by a multi channel distribution network and enhanced technology.
The company aims at keeping all people associated with it - customers, clients, stakeholders and employees- happy and fully satisfied. It wants to provide value added products and services to the customers, job satisfaction to employees and highest returns to the shareholders.
Qualities like integrity, commitment, passion, and speed are the core values of the company. The products offered by the company are:
- Premium Back Term Plan
- Birla Sun Life Term Plan
- Simply Life
- Flexi Save Plus
- Supreme Life
- Life Companion
- Flexi Cash Flow
- Prime Life
- Flexi Save Plus
- Flexi Secure Life Retirement Plan II
TATA AIG General Insurance
- Critical Illness Plus Rider
- Term Rider
- Waiver of Premium
- Critical Illness Rider
- Critical Illness - Woman Rider
- Accidental Death and Dismemberment Rider
Tata AIG General Insurance Company Ltd. is a joint venture between Tata Sons and American International Group, Inc. (AIG). The Tata Group is holding 74 per cent stake and the rest 26 percent is held by AIG. The company has got the expertise, knowledge and strength of both the organizations.
Tata AIG General Insurance Company was founded on January 22, 2001. It offers general insurance in various categories, such as automobile, home, personal accident, travel, energy, marine, property and casualty and specialized financial solutions.
Jamsetji Tata founded Tata Group in 1860s. It has an estimated turnover of around US $ 14.25 billion. It has spread its operations in various fields such as steel, power, hotels, airlines, software services, communications, etc. Some of its major projects have been Tata Tea, Tata Steel, Tata Chemicals, Titan, Tanishq, Voltas, Westside and Tata Motors. Its imprints are made on the telecommunication and technology sector. Regarding telecommunications, it is the largest international long distance service provider. Approximately two- third of the equity of Tata Sons is held by a host of national institutions in science and technology, medical services and performing arts. By combining the ethical values with business acumen and fulfilling its commitment to the nation, it has become one of the largest groups in India.
American International Group, Inc. (AIG) is the leading international player in insurance and financial services. Its network spreads across 130 nations. AIG member companies serve all types of customers, be it commercial or individual. AIG is among the leading insurers and the largest underwriter of insurance. Aircraft leasing, financial products and trading are some of the services offered by AIG. AIG has a global expertise of fulfilling the customer-centric needs. It has specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's stock has been listed in the New York Stock Exchange as well as stock exchanges in London, Paris, Switzerland and Tokyo.
The organization caters to individuals, small businesses and corporates. Individual plans include motor, home, accident & health and travel insurance, whereas corporate plans include accident & health, travel, energy, property, marine and liability plans.
New India Assurance Company
Sir Dorab Tata founded New India Assurance Company on 23rd July 1919. It has 1068 offices comprising of 26 regional offices, 393 divisional offices and 648 branches with more than 21,000 employees.It is one of the largest Non- Life insurers in Afro- Asia and the first one to cross Rs. 5,000 crores of Gross Premium. It has a global network expanding in countries like Japan, U.K., Middle East, Fiji and Australia. Its international operations started in 1920 and have spread across 24 countries having a network of 19 branches, 12 agencies, 2 associate companies and 2 subsidiary companies. The company contributes 80% of total overseas premium in India.The company has a highly qualified staff, which excel in both expertise and knowledge and are trained to provide satisfaction to the customers. It is the only company able to establish strong relationships overseas and has a record of successful trading outside India. The performance has been outstanding and the company has been able to maintain a strong position in the market.
It has been the pioneer in various fields such as:
- Setting up an Aviation Insurance Department in 1946.
- Handling the complete insurance requirements of the Indian Shipping Fleet.
- Introduced its own Training School.
- Pioneering the concept of 'Model Office Training'.
- Creating department in Engineering insurance.
- Satellite insurance.
The company wants to develop itself as the best general insurance company in the industry. It is concerned about the society and community, and provides financial security at reasonable prices. The company gives utmost importance to customer needs and there is transparency in its operations. Some of the policies and schemes introduced by the company are:
IFFCO Tokio General Insurance
- Public Liability Policy
- Jewellers Block Policy
- Pravasi Bharatiya Bima Yojana Policy
- Universal Health Insurance Scheme
- Fire Policy
IFFCO Tokio General Insurance is a customer-centric company aiming to be easily accessible and approachable to all sections of society. It offers products and services that provide quality at reasonable cost. The organization has the deep knowledge of IFFCO and thus developed a business plan that has both stability and integrity.
It has set global standards for itself and is the only private general insurance company in India to make 5 consecutive years of experience. ITGI has been one of the few companies to show underwriting profits within four years of operations.
The company focuses on delivering creative solutions to its customers. IFFCO Tokio General Insurance has 273 employees present in 68 cities, dedicated to give full satisfaction to the customers. It is the first company to underwrite mega policies for a fertilizer and automobile client.
The Oriental Insurance Company Ltd.
The Oriental Insurance Company Ltd. (OICL) is one of the general insurance companies under the support of the General Insurance Corporation (GIC) of India. It came into existence in the year 1947 and is one of the oldest organizations in India. It caters to all sections and sectors ranging from MNCs to rural sector. The headquarters of the company are situated at Delhi and it has 21 Regional Offices, 311 Divisional Offices and 635 Branch offices.
It has a team of hard working employees, having the talent to take the company to new heights. Also the company shows concern for both the employees and customers. It provides special covers for large projects like power plants, steel plants and chemical plants.
It believes in actively participating in economic growth by being a dynamic organization catering to the society with full commitment and efficiency. The main objectives of the company are to serve the insurance needs of the entire community, provide services at reasonable cost, make optimum utilization of the funds, maintaining global standards, minimization of losses and retention of business.
HDFC Standard Life Insurance Company Limited
HDFC Standard Life Insurance Company Limited is one of the first companies to be licensed by IRDA to operate in the Insurance sector. The company came into existence on 14th August 2000. Both Crisil and ICRA have honored it with AAA Ratings. Similarly Moody's and Standard and Poors have also honoured it AAA ratings. HDFC holds 81.4% share in HDFC and the remaining 18.6% stake is with Standard Life. It integrates the strong expertise and stability of Standard Life and HDFC.
It is one of the most trusted companies; it is easily accessible and approachable, offering value services to its customers.
The company aims to provide:
- Innovative products to cater to different needs of different customers
- Customer service of the highest order
- Use of technology to improve service standards
- Value for money for customers
- Increasing market share
- Professionalism in carrying out business
The values ingrained in the company are to provide financial security to policyholders, maintain trust and keep innovating to establish it as a unique player.