Rajiv Kumar, MD and CEO, Universal Sompo General Insurance Co, is bullish about the company’s performance, especially in crop, motor and health insurance segments.
The central government’s decision to accord priority to crop insurance and to introduce the Pradhan Mantri Fasal Bima Yojana (PMFBY) has in fact come in handy for several insurance companies to venture into this hitherto little explored area. For some, crop insurance has become the top earner during 2016-17 financial year. One such insurer is Universal Sompo General Insurance, India’s first public-private partnership insurance company offering general insurance. A joint venture between Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corporation and Japanese insurer Sompo Japan Nipponkoa Insurance, the company now has a definite focus on crop insurance.
“We have done exceedingly well in crop insurance with a business of ₹550 crore during 2016-17,” says Rajiv Kumar, MD and CEO of the company. “Yes, the industry as a whole has gained on account of the new impetus given to crop insurance, especially in the light of the government’s directive to insurance companies, but for us, this business accounted for 40% of our total business, whereas for the industry as a whole, it is about 30%,” he adds.
NEW VISTAD
هذه القصة مأخوذة من طبعة May 2017 من Banking Frontiers.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة May 2017 من Banking Frontiers.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
It's a bank and a brokerage - FinecoBank
FinecoBank of Italy is a highly tech-enabled bank that is a combination of a bank and a brokerage:
A model for cloud adoption - Zurich Cantonal Bank
The bank is had opted for cloud to offer better service to its customers:
RBI Governor urges NBFCs to adhere to fair practices code
The Reserve Bank of India (RBI) Governor has urged Non-Banking Financial Companies (NBFCs) to strictly adhere to the Fair Practices Code, emphasizing sustainable growth and robust risk management in the sector.
Automated, Adaptive, Al-enabled Architecture is a must
Security heads from 2 BFSI companies reveal the key cyberfrauds and strategies to combat them:
Fraudsters too gain ground as real-time payment systems grow
There is a need for the technologies behind the real-time payment systems to gain a march over the methods of fraudsters:
Ethics & Challenges of AI in Cyber security: Navigating the Moral Maze
Even as AI is finding its place in the cyber security domain, an entirely new frontier of ethical challenges awaits.
Bangladesh Finance: 25% faster customer service; 15% higher customer retention
Bangladesh Finance, established in 1999, is a leading financial institution in Bangladesh.
Fino sparkles with technology & brand upshift
Fino Payments Bank started operations in June 2017, providing banking services to mass market customers, who are largely rural-based.
Savington Upshifts: 48% Faster, Churn down 31%
Savington International Insurance Brokers LLC, founded in 2006 by Dev Maitra, is a prominent insurance provider in the UAE.
Zoroastrian Bank: Multiple awards for being the Best
Established in 1927 by Sir Hormusjee Cowasjee Dinshaw Adenwalla, Zoroastrian Bank is a prominent urban cooperative bank headquartered in Mumbai, India.
