Cholamandalam General Insurance- Overview
Cholamandalam General Insurance or Chola MS General Insurance has been in the insurance industry for at least a decade and has 2500 employees. In 2011-12 the organization achieved a growth rate of 39 percent. The insurer has been among the quickest in this regard in this country and has 7000 agents.
In the recent years the insurer has received the following awards:
- Quality Management System - ISO 9001:2000 Certificate of Registration in risk management consultancy services in environment, safety and health for corporate in India and outside the country
- Financial Insights Innovation Award in Singapore
- Ministry of Labour and Employment, Government of India - Award for outstanding performance in terms of in-time claim settlement under Rashtriya Swasthya Bima Yojana
Cholamandalam General Insurance Management
The board of directors at Chola MS General Insurance is made up of the following officials:
|SS Gopalarathnam||Managing Director|
|Tsuyoshi Yamane||Whole Time Director|
The management team of the insurer comprises the following:
|Tsuyoshi Yamane||Whole Time Director|
|V Sundar||Vice President (IT)|
|Shivakumar Shankar||Senior Vice President (Retail Insurance)|
|Raymund Lobo||Vice President (HR)|
|M Subramanian||Senior Vice President (Commercial Insurance)|
|R Suresh||Senior Vice President-Claims|
|V Suryanarayanan||Senior Vice President (Finance)|
|A Prabhakaran||Vice President (Operations)|
|R Chandrasekaran||Senior Vice President (Underwriting & Reinsurance)|
Cholamandalam General Insurance Financial Details
Certain financial highlights of Chola MS General Insurance for the initial quarter of 2012-13 may be mentioned as below:
|Domain||Figures in INR thousands|
|Operating profit/(loss) from Miscellaneous Insurance||82,905|
|Income from gross interest, rent, and dividend||80,837|
|Profit on sale of investments||3,166|
|Profit before tax||147,307|
|Provision for taxation||42,371|
|Balance carried forward to balance sheet||104,936|
In 2011-12 the organization recorded Gross Written Premiums of INR 1364.5 crores.
Cholamandalam General Insurance Products and Services
Chola MS General Insurance offers the following products in various segments:
- Health Insurance: Top Up Healthline, Individual Health, Hospital Cash, Family Health, Critical Healthline, Family Healthline, and Individual Healthline
- Home Insurance: Home Insurance, and Home Protect
- Car Insurance: Private Car, Commercial Vehicles, and Chola Protect
- Personal Accident: Chola Accident Protection Plan
- Travel Insurance: Business/Leisure Travel, Corporate Travel Insurance, and Student Travel Insurance
- Health Insurance: Group PA, and Group Health
- Property Crime Insurance: Burglary, Money Insurance, All Risk, Shop Insurance, and Fidelity Guarantee
- Fire Insurance: Industrial All Risk, Fire & Special Perils, and Loss of Profits
- Marine Insurance: Inland Cargo, Export Cargo, and Import Cargo
- Engineering Projects Insurance: Erection All Risk, and Contractors All Risk
- Liability Insurance: Public Liability-Act, Professional Indemnity, Public Liability-Industrial, D&O Insurance, Product Liability, and Errors & Omissions Insurance
- Engineering Operations: Electronic Equipment, Boiler, and Machinery Breakdown
- Health Insurance
- Micro Insurance
- Rashtriya Swasthya Bima Yojana (RSBY) Scheme
- Combined/Composite Product Insurance
- Personal Accident Insurance
- Weather/Input Based Crop against Act of God Perils
- Critical Illness Insurance
- Cattle Insurance
- Tractor/Commercial Vehicle/Motor/Farm Inputs Insurance
- Chola Aarogya Bima Policy
Cholamandalam General Insurance News
Chola MS General Insurance has raised INR 50.05 crores in July 2012. This capital infusion has sufficiently increased its capital base. The money has been generated via issuing rights - the step taken is in accordance to the expansion plans of the insurer for the 2012-13 fiscal.
During March 2012, the net worth of the organization was INR 325.7 crores but now it has gone up to INR 375.7 crores following the capital infusion. The Managing Director of the organization, SS Gopalarathnam, has stated while discussing the growth that in 2011-12 the insurer increased its business by almost 40 percent.
He has stated that the extra capital will be used for expanding and growing the present set-up and the insurer plans to achieve a Gross Written Premium of INR 2000 crores for 2012-13 fiscal. In the first quarter of the year the company has been able to achieve a GWP of INR 400 crores. When seen on a year-on-year basis this represents a growth of almost 25%.
The organization has also won the Innovation Leader Award for 2012 at the Indian Insurance Awards 2012. It has bagged the honor for its Motor Claims Surveyor plan, which is a mobile based program.
Gopalarathnam has expressed pride at the achievement and stated that the company will be working hard to come up with more such platforms, based on technology, to improve the quality of its customer services.
The insurer has also won the best insurance company prize at the "In Time Claims Settlement for the year 2011-12" category in the Rashtriya Swasthya Bima Yojana (RSBY) scheme that is run by the Union Ministry of Labour and Employment.
The award was provided at the National Workshop staged at Ranchi on April 9, 2012 by Mallikarjuna Kharge, the Union Minister for Labour and Employment. Chola MS is the sole entity to have important award for 2 consecutive years. Almost 12 private and public insurers are participating in the RSBY program across different states.
This award is provided for paying off claims in proper time in case of hospitals that offer cashless treatment benefits for people below the poverty line. Claims settlement data provided by nodal agencies in states is taken into consideration for determining the winner along with feedback provided by the hospitals.
Gopalarathnam has stated that since 2008 the insurer has covered 7.4 million BPL families in 35 districts belonging to 5 states.
Cholamandalam General Insurance Office Network
Chola MS General Insurance is headquartered at Chennai but also has 90 offices across India.
Cholamandalam General Insurance Contact DetailsThe contact details of Chola MS General Insurance may be mentioned as below:
2nd Floor, "Dare House",
No.2, NSC Bose Road,
Chennai - 600001, India
Telephone number: 044-3044 5400
Fax: 044-3044 5550
Last Updated on 09/12/2012
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