United India achieves Rs.5,000-cr premium mark in 2009-10
April 1st, 2010 - 6:29 pm ICT by IANSChennai, April 1 (IANS) Government owned non-life insurer United India Insurance Company is likely to close last fiscal with a premium income of Rs.5,100 crore up from Rs.4,277 crore earned in 2008-09.
“We have crossed the Rs.5,000 crore premium mark last fiscal. For the first time in our history we have crossed this magic figure,” a United India official told IANS Thursday on the condition of anonymity.
The city-based United India is the second non-life insurer in the country to cross this mark after New India Assurance Company Ltd.
The official said all the business lines contributed to the growth.
“The health insurance business grew by 35 percent followed by marine 30 percent, miscellaneous (burglary, home and others) 20 percent, motor 16 percent and fire 15 percent,” the official said.
Since the start of last fiscal, United India has been on the growth path which the officials attribute to the implementation of business process reengineering (BPR) project called Unisurge.
“Nearly Rs.560 crore out of around Rs.800 crore new business can be attributed to the implementation of BPR,” said the official.
United India had hired Boston Consulting Group (BCG) to suggest measures for revamping its operations.
Some of the recommendations were opening of specialised corporate branches, thrust on retail business, focusing on automobile dealers and one man offices and activating the agency force.
The insurer till date has opened seven large branches to serve corporate accounts and insurance brokers.
These large branches will have direct access to United India’s head office here skipping two layers to speedy action.
According to the official, the seven large corporate branches fetched the company a fresh premium of around Rs.150 crore last year.
He said the motor dealers and bancassurance channels brought a total of Rs.160 crore premium while the individual agency force brought in Rs.250 crore.
Disagreeing that the company is playing a price game to gain market share, he said: “We will not be able to achieve underwriting break-even (premium minus claims being neutral) in three years time if we are into a price war,” he remarked.
United India is planning to double the number of claims hub to 30 this fiscal which is expected to reduce the time taken for settling claims.
- United India targets Rs.8,000 crore premium income - May 03, 2011
- Non-life insurers post 19 percent growth in April - May 31, 2011
- Bharti Axa hopeful of signing a bancassurance deal in 2011 - Nov 30, 2010
- United India Insurance targets Rs.8,000 crore premium - Nov 10, 2011
- Non-life insurers log 27 percent business growth in May - Jun 25, 2011
- Chola MS General targets Rs.1,400 crore premium in 2011-12 - Jun 02, 2011
- Aegon Religare targeting Rs.500 crore premium in 2010-11 - Oct 08, 2010
- Shriram General posts underwriting profit - Jun 16, 2010
- United India to cross Rs.8,000 crore premium - Feb 14, 2012
- United India logs nearly 18 percent growth - Oct 22, 2009
- Indian Bank to raise $500 mn for overseas operations - Jul 29, 2011
- Chola MS targets Rs.900 crore premium in 2010-11 - Jul 16, 2010
- Shriram Life to tap clients of group companies - Jan 12, 2011
- Yamaha to set up Rs.1,500 crore plant in Tamil Nadu - May 14, 2012
- Future Generali to open 100 new branches - Jun 30, 2010
Tags: automobile dealers, bancassurance, boston consulting group, business lines, business process reengineering, crore, growth path, health insurance business, india insurance, individual agency, insurance brokers, life insurer, magic figure, new india assurance, new india assurance company, new india assurance company ltd, retail business, rs 250, rs 800, speedy action