Universal Sompo General Insurance is a private-public partnership venture in the Indian general insurance industry, The joint venture is between two nationalized banks namely Allahabad bank and Indian Overseas Bank, one private sector bank in Karnataka bank, Dabur Investment Corp- a leading FMCG company and Sompo Japan established in Tokyo which is a Fortune 500 company with a capital of 70 billion Yen.Universal Sompo offers health & critical illness, personal accident & disability, domestic, and motor insurance among other form sof insurance. The company obtained the Licence and Certificate of Registration from Insurance Regulatory and Development Authority in November 2007.
USGI started operations in 2007 and has shown tremendous growth since its inception because of the customer-centric products that it has offered which boast of high level of personalized features.
It has an extensive channel of 113 branches and 17 zonal offices across India and has a dedicated customer care helpline for resolving the queries of its customers.
Universal Sompo has a Gross Written Premium (GWP) of Rs 903.79 Crores for the year ended March 31 2016.The company sold over 1.6 million policies and settled over 1 lakh claims as on March 31, 2016.
USGI offers an impressive product portfolio catering to individuals, corporate and SMEs as well. Their custom made policies match the requirements of individuals and families. These can be backed up by add-on covers.
- Emergency and planned hospitalizations are covered by the company under cashless benefits. At network hospitals you need to produce the health card. At non- network hospitals, an upfront payment can be made which can later be claimed on producing relevant documents and bills
- Pre-authorization might be required from the organization for certain situations.
- All documents ought to be submitted within 10 days of the affected person’s discharge.
The claim can be accepted or rejected primarily based on the policy in addition to documentation provided.
Universal Sompo General Insurance Pvt Ltd received the License and certificates of registration from IRDA (Insurance Regulatory and Development Authority of India) in November 2007. It's a first of its kind company formed through a public - private partnership. It's a joint venture between Allahabad Bank , Indian Overseas Bank, Karnataka Bank Ltd, Dabur Investment Corporation and Sompo Japan. Sompo Japan Insurance Inc. is a Fortune 500 enterprise with a capital of 70 billion yen, headquartered in Tokyo. The corporation has its presence in 27 international locations.
The joint venture has been capitalized with shareholder’s fund of over 230 crores together with proportion premium.
Three of the Indian partners are leading banks with a blended asset base of Rs.92,602 crores and over 4000 branches and distribution facilities plus the 4th largest FMCG organization in India with over 15 million shops. The JV companions amplify their significant distribution reach and patron base for soliciting bouquet of non-life insurance products.
Universal Sompo has about 102 IRDA approved products in its basket and it operates on a pan India basis through 113 Branches and 17 Zonal offices.
Universal SompoHealth Insurance, Universal Sompo Travel Insurance, Universal Sompo Motor Insurance, Universal Sompo Two-Wheeler Insurance, Universal Sompo Student Travel Insurance are some of the key products offered by the company. Universal Sompo has a dedicated 24*7 helpline no. 1800 200 5142, to assist customers for intimating a claim with the company.
Drawing upon the financial potential and distribution reach of Indian partners and aided by insurance expertise of Sompo Japan, the company aims at offering innovative and custom designed products to customers across various regions through varied distribution channels.
The bouquet of coverage products consists of health, critical illness, personal accident, motor, property, Shopkeepers package and different non-life packages for small businesses.
Customer service : The company intends to help the customers in covering their monetary loss arising out of the incidence of a covered peril.
The 24 hours helpline and customer care center are always there to help the customers avail the benefits.
Company responsibility : The company is committed towards each of its key stakeholders, customers, personnel, enterprise partners, regulators, shareholders in providing a non-biased and complete insurance product.
You must have a look at the various plans being offered by the company as its one of the most trusted companies in the insurance sector and you will for sure find the exact kind of product that your were looking for.
Universal’s Motor insurance is basically a policy that people usually look for. The reason behind the same is the law of mandatory liability policy. Basically, in India, it is mandatory to have a motor insurance policy if you own any kind of vehicle. Without a valid motor insurance, it is illegal to drive on the roads of India. Under the Motor insurance Act, the government of India has made it compulsory to carry a valid motor insurance policy if you own a vehicle whether it is for personal or commercial use.
The Universal Sompo Motor i]Insurance company is offering a wide range of effective products. These products will really help you in getting the needful coverage in case of emergency.
It basically offers coverage on vehicles that are used for personal and business reason as well. With this plan, you will get the needful coverage that will offer the financial assistance to you and your vehicle against several types of incidents.
Basically two wheeler insurance policy offer coverage to that vehicle that is highly used for domestic, personal and for professional purpose.
One more effective plan by the Universal Sompo Motor insurance that offers wide coverage to the vehicle which is used for carrying passengers.
This plan covers vehicle that people use for carrying goods or is used by the insured, insured's employees for such purposes.
It provides coverage on the vehicles which are used by insured or insured’s employees for definite purposes.