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The New India Assurance Company Limited

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The New India Assurance Company Limited

Overview:

Incorporated on July 23rd, 1919 Founded by the House of Tata Founder member - Sir Dorab Tata. Nationalised in 1973 with merger of Indian companies.

Gross Premium (in India) of Rs. 5017.20 crores in the year 2006-2007, as against Rs. 4791.49crores in the year 2005-2006. Assets Rs. 27444.57crores as on 31st March 2007. Network of Offices-26 Regional Offices, 393 Divisional Offices, 614 Branches and 34 Direct Agent Branches. Rank No. 1 in the Indian market. Largest Non-Life insurer in Afro-Asia excluding Japan. First Indian non-life company to cross Rs. 5000 crores Gross Premium. Global Re-insurance facilities. Over-seas presence in countries like Japan, U.K, Middle East, Fiji and Australia.

Overseas operations commenced in 1920. Operations in 24 countries in the year 2004-05. Network of 19 Branches, 12 Agencies, 2 Associate companies and 2 Subsidiary companies in the year 2004-05. Overseas Premium of Rs. 892.35 crores in the year 2004-05, which accounts for more than 80% of total overseas premium in India.

Largest number of Offices - In India and Abroad Trained and technically qualified staff 1068 fully computerised offices across India. "A-" (Excellent) rating by A.M.Best & Co (Europe) First domestic company to be rated by an International Rating Agency Rating based upon following factors: Superior capital position Strong operating performance Strong market position Only company to develop significant International operations, long record of successful trading outside India.

   *   First company to set up an Aviation Insurance Department in 1946.
   * First company to handle the Hull Insurance requirements of the Indian Shipping Fleet.
   * First company to establish its own Training School.
   * First company to introduce the concept of 'Model Office Training'.
   * First company to create department in Engineering insurance.
   * Pioneer in Satellite insurance.

Our Mission

   * To develop general insurance business in the best interest of the community.
   * To provide financial security to individuals, trade, commerce and all other segments of the society by offering insurance products and services of high quality at affordable cost

Our Values

   * Highest priority to customer needs.
   * High standards of public conduct.
   * Transparency in operations.

Our Commitment to the citizens

   * We will respond to all commercially viable general insurance requirements of the citizens, including products for weaker sections of the society at affordable price within three months from the date on which such a requirement is received.

   * We will ensure issuance of 100% of documents within a period of seven days.

   * We will ensure that prospectus of the various insurance products are provided to the customers and the extent of coverage is explained for his choosing the appropriate product. A written proposal will be obtained from the insured wherever necessary and accordingly the policy will be prepared.

   * We will settle all claims within a time schedule envisaged hereunder:

     A. Personal line insurance claims within 30 days on completion of all
     requirements.

     B. Property claims within 30 days on completion of all requirements.

     C. Liability claims within 30 days on completion of process of law.

   * We will promote customer education in general insurance products/services by holding workshops in various centers.

   * We will open a customer service cell in all ROs/DOs in addition to the existing 'May I Help You' counters.

   * We will set up proper grievance redressal mechanism in every operating office and will educate the clients about the same including the system of grievance redressal thorough ombudsman.

   * On request to the policy issuing office, we will make available to a customer, the status of his claim and/or claim settlement details within seven working days.

   * We will adhere to the IRDA guidelines in protecting the policyholders' interest.

All the above services and commitments will be honoured without the citizen having to pay any gratification/bribe.

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