NEWS & ADVICE : AUTO INSURANCE
United India Insurance to tie up with banks to give boost to premium
By Neelima Shankar
Jun 26, 2012
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The state owned general insurance company (GIC), United India Insurance announced its plans for Kochi region in the current fiscal. The insurer earned a premium income of Rs. 550 crore in FY 2011-12, and has set a target of Rs. 701 crore for the current fiscal.

The insurer is tying up with banks to create channel marketing for its product and has already made an agreement with Syndicate Bank, Canara Bank, South Malabar Gramin Bank and North Malabar Gramin Bank.

The company is also working to strengthen its agent network by upgrading 30 of its micro-branches to branch office level, and would also be adding new branches.

State and central government sponsored Rashtriya Swasthya Bima Yojana (RSBY) was instrumental in the company crossing Rs. 500 crore in premium income for the first time in the region. The company, however, incurred a cumulative loss of Rs. 121 crore over three year period. RSBY offers a Rs. 30,000 cover on medical expenses to below poverty line families.

As a market leader in the region, the company holds 36% of the GIC share and leads the public sector companies in premium income. The company also proposes to introduce new health plans with low premiums for bank customers. The company also plans to introduce new feature of renewal of motor insurance from any center in the country.


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