Universal Sompo General Insurance Company
 logo of Universal Sompo | |
| Public Private Partnership | |
| Industry | General Insurance |
| Founded | 2007 |
| Headquarters | Mumbai, India |
Area served | India |
Key people | Taketoshi Nagaoka (MD) |
| Website |
universalsompo |
Universal Sompo General Insurance Company Limited is a Public - Private Partnership in Indian General Insurance Industry. It is a company headquartered in Mumbai, Maharashtra, India and is a joint venture between Allahabad Bank, Karnataka Bank, Indian Overseas Bank, Dabur Investments, and Sompo Japan Insurance.
Corporate history
The joint venture has been capitalized with shareholders funds of over 230 cr. including share premium. The company received the Licence and Certificate of Registration from Insurance Regulatory and Development Authority in November 2007.
Three of the Indian partners are banks with a combined asset base of Rs. 3,14,071 crores and over 4000 branches and distribution centers. Also, it is the fourth largest FMCG company in India with over 1.5 million retail outlets.
Sompo Japan Insurance Inc., headquartered in Tokyo, is a Fortune 500 Company with a capital of 70 billion yen, is present in 27 countries - has over 15,000 employees and 69,028 agents and its total premium income for 2006 - 2007 was in excess of (equivalent to) Rs.50,000 cr., twice that of the Indian General insurance industry.
The company is present across almost all product lines, classified into five major classes: Property, Marine, General Accident, Workmen Compensation and Motor. It is the largest property and casualty insurance company in Japan holding a stake of 26% in Universal Sompo General Insurance Company Limited. The “Sompo” in the company's name means “property insurance” in Japanese, though Sompo Japan Nipponkoa offers financial services including life insurance, securities, asset management and venture capital businesses.
Product and Services
Universal Sompo offers Risk Solutions to customer segments including the Rural and Social sector, through varied distribution channels. The company’s insurance products include Health & Critical Illness, Personal Accident & Disability, Home, Motor, Property for individuals, Offices, Shopkeepers Package and other non-life packages for small entrepreneurs, besides Employee Benefit, Operational, Project Insurance, Liability and other special products for Corporates. Universal Sompo provides advice on Risk Management (pre and post loss), Portfolio Analysis and Business Continuity Planning (Business - Non Stop).
Awards & Recognitions
- Universal Sompo ranked fifth among the top 15 non-life insurance companies as per the ICMR- BFM survey.(Business & Economy, November 2011 issue)
- Universal Sompo is the First amongst the general insurance companies to implement the Integrated Grievance Management System – real-time/online grievance reporting system implemented by IRDA for all insurance companies.
- Universal Sompo was conferred with prestigious 94.3 My FM stars of the industry award for excellence in General Insurance in the ceremony held at Taj Lands End, Mumbai on14th February 2015.
- Universal Sompo’s Complete Health Care was rated amongst the Top 6 in the industry for Family Floater Plan by Mint - India’s leading business tabloid.(Ratings and disclosures as on 08th Jan 2015)
External Links
Official Website http://www.universalsompo.com