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The pioneer crosses another landmark UII tops in premium growth Operational efficiency will boost profit Promise of quantum growth A sunshine industry GI flourishes in high growth states A boost to insurance industry… There’s more to it than 49% LIC stays unaffected by competition GI premium income to cross Rs 100,000 crore... 3 year policies would do good Risk must cover the ‘burning cost’
 
Operational efficiency will boost profit

Reporting a healthy premium for the half year ended 30 September 2015, Chennai headquartered United India Insurance (UII) Company expects to record a premium income of Rs 11,800 crore with a profit after tax of Rs 600 crore which is double of the PAT last year. Growing at 11.7 per cent ahead of the industry growth of 11.2 per cent, motor and health segments which grew at 14 per cent and 22 per cent respectively had triggered the growth.

The company’s balance sheet last year had suffered due to two main calamities, the Hud Hud cyclone that hit Andhra Pradesh had 1106 claims worth Rs 872 crore and the floods at Jammu and Kashmir had claims worth Rs 344 crore. This half year had been quite calm. But the recent heavy rains that lashed Tamil Nadu had caused severe damage to property and life. Till 20 November, UII has received around 130 claims for Rs 110 crore.

Through effective claims management, the claims ratio has been contained at 83.52 per cent during the half year. “We have started working backwards from the customer request and stipulated strict turnaround times to service claims,” said Milind Kharat, Chairman cum Managing Director.

Thanks to the recent insurance schemes launched by the Prime Minister Modi, several people are brought under the insurance cover. UII covered 2 crore people under the scheme. “Though several awareness programmes are conducted, the penetration of general insurance as percentage of GDP is just 0.78 per cent,” pointed Kharat.

UII has been successfully implementing the TN Chief Minister’s Health insurance scheme for four years and it has been extended for the next year also. It has also been awarded the TN Government Pensioners Health Insurance Scheme covering 622,445.

UII has a strong presence in rural and social sector. More than 50 per cent of the business is from this sector. To make strong footprints, the company plans to increase its agents force to 50,000 from the present 42,351 and also 1050 employees to service the growing business and customer needs. As part of insurance inclusion several micro offices are planned in Tier 4 towns and below.

To enhance customer servicing and to be in-line with technology, the company has rolled out core solution across all offices by which anytime, anywhere payment is made feasible. A mobile app for insurance payout is also on the cards.

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