Universal Sompo General Insurance Celebrates Its 15th Foundation Day

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MUMBAI: Universal Sompo General Insurance celebrated its 15th Foundation Day. Established in 2007, Universal Sompo General Insurance Company Limited is a joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corp, and a leading general insurer from Japan, Sompo Japan Insurance Inc.

At Universal Sompo, the customer is the focal point of all decisions related to delivering products, services, and experiences creating customer satisfaction, loyalty, and advocacy. The company is focused on crafting a culture that prioritizes the customer, making them the central point for every decision. On the foundation day, the company held a session on customer centricity where employees explained its importance and their ability to understand customers’ situations, perceptions, and expectations.

Over the last 15 years, the company has been growing steadily. Since FY09, Gross Direct Premium sourced by the company has grown at a CAGR of ~39%. USGI achieved break-even accumulated profitability and is on the path to achieving underwriting profits on a sustainable basis.

Universal Sompo has covered over 10 million policyholders in the last couple of years. It has rapidly increased motor insurance penetration in H1 FY23 clocking a YoY growth of ~125%. Its market share in the motor segment has grown from 1.5% to ~2.85% in H1 FY23. The company has reported positive underwriting results in H1 FY23.

Speaking during the event Sharad Mathur, MD & CEO, of Universal Sompo General Insurance said “On the occasion of Foundation Day, I would like to thank all our policyholders, shareholders, channel partners, service providers, employees, and all stakeholders, who contributed to company’s success. We at Universal Sompo, have always strived to offer superior value to our customers and have been persistently enhancing our capabilities to perpetually win their confidence. This philosophy drives us to offer Innovative and Customised Risk Solutions across customer segments including the rural and social sectors, utilizing varied distribution channels.

The company has a product line extending across business segments like motor, health, personal accident, fire, engineering, marine, liability including cybersecurity including Pradhan Mantri Suraksha Bima Yojana (PMSBY), and crop Insurance under Pradhan Mantri Fasal Bima Yojana (PMFBY).

Mathur further commented “The company is focused towards continuously finding new avenues to reaching customers—increasingly, through various digital and tech-enabled traditional channels and focusing on fostering trust-based relationships over the long term. At Universal Sompo, it is our constant endeavor to provide need-based customized insurance solutions to the customers that bring them peace of mind and safeguard their interests in case of any uncertain events”.

The 15th Foundation Day also witnessed the launch of a new health product called ‘A Plus Health Insurance Policy.’ The product is a comprehensive health insurance cover having a slew of new features, including Diabetes and Hypertension covered from day one.

Apart from customers, the company is also taking care of its social responsibility. With its recent initiative wherein, it adopted a Tung village, in the Maval sub-district of Maharashtra. Universal Sompo donated INR 50 Lac in developmental activities in the village. The village developmental project was launched recently at a public function. The project primarily aims to educate the women in the village on digital literacy and farm animal (veterinary) treatment. To boost enterprise, women from the village will be trained to utilize digital platforms like Google Pay, and YouTube, along with various social media platforms, creating employment. The project also aims to equip 60% of the households in the village with solar lights, helping 200 families with reduced electricity bills.

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