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Royal Sundaram General Insurance Company Limited is a subsidiary of the conglomerate Sundaram Finance. It was licensed in the year 2000 by IRDA (Insurance Regulatory and Development Authority of India). It was the first General Insurance Establishment in the private sector to receive a license from IRDA. It has its headquarters in Chennai.
Formerly, it was known as the Royal Sundaram Alliance Insurance Company Limited. It started as a combined undertaking between Sundaram Finance, which is one of the most prominent names in India’s NBFC (Non Banking Financial Company) paradigm and Royal & SunAlliance Insurance Plc, U.K, which is among the first General Insurers in the United Kingdom.
In the year 2015, in July, Sundaram Finance acquired the equity holding of their European partners thereby taking their investment in the company to 75.90%. The shareholders in India own the remaining 24.10%.
Royal Sundaram provides several ingenious insurance products to customers through direct channels and also through the means of intermediaries and affiliate partners. It serves in the fields of Health Insurance, Motor Insurance, Travel Insurance and Home Insurance, to name a few. It also has a range of customized products for specific domains as firefighting and marine operations. It serves individual customers as well as corporations and legal entities.
Given its diverse portfolio and innovative customer orientation, the company has reported steady growth over the years. According to the quarterly data released on 31st December 2016, the company settled over 87000 claims in the period. For the same period, the net profit was reported at INR 2224.08 lakhs. Year over year, this was up from INR 1880.00 lakhs.
Periodic reports from the company’s media team have denoted substantial growth and market coverage in the northern parts of the country. The company’s exceptional accident and health claim settlements process earned it the reputed ISO 9001-2008 certification. It is known for its customer service and timely delivery, which makes it one of the most reputed names in the insurance domain. It is also attributed with being one of the first companies to introduce cashless claims settlement. It is behind the presence of innovations such as hospital cash in today’s insurance sector.
The company won the “Client Model Insurer Asia Award” for the years 2013 and 2014. The awards were given for its claims management system, which was successful in giving higher productivity and greater customer satisfaction.
The company today has a customer base of over 5.2 million. It has over 1700 employees and a widespread presence in over 115 cities of the country. The most prominent advantage of Royal Sundaram lies in it’s diverse and specialized product portfolio which covers a vast array of consumer requirements and thus makes it a highly sought after insurance service provider in the country.
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Car Insurance |
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Commercial Vehicle Insurance |
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Two Wheeler Insurance |
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Lifeline |
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Smart Cash |
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Lifeline |
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Smart Cash |
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Travel Insurance |
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Gruh Suraksha Home Insurance Plan |
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Individual Personal Accident Policy |
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Business Insurance Services |
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