Mr V Suryanarayanan, Managing Director, Chola MS
Chola MS: Reimagining Today, Reshaping Tomorrow
7th August, Chennai 2024: Cholamandalam MS General Insurance Company Ltd (Chola MS), a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Group (Japan), is reimagining the insurance landscape to achieve breakthroughs that elevate customer satisfaction.
Through its relentless pursuit of excellence, Chola MS has demonstrated a strong Q1 performance with a Gross Written Premium (GWP) of ₹1,945 crore, showcasing an overall 14.3% growth, higher than the other multi-line players in the industry. The return on net worth annualized stands at 20.9% (up from 14.3% the previous year). The Company has increased its investment corpus to Rs.17,056 Crores and enjoys a high multiple of investment corpus to net-worth and GWP.
The solvency ratio stood at 1.92 x, exceeding the regulatory requirement of 1.5 times
The company settled 1.3 lakh claims during Q1 through its extensive network of 15,000+ garages and 12,000+ hospitals.
Highlights:
· Chola MS holds a 3% market share among multi line insurers. It has a 5.37% share in the motor line.
· Commercial Lines Including small and medium enterprises, stands at 16%.
· Group Health Insurance is witnessing an uptick, it stands at 15%. Chola MS is the sole insurer for athletes in the Olympics in association with the Sports Authority of India . We are pleased to inform that we have we have covered 99 number of athletes out of total 117 players in Paris Olympic under GH policy of Sports Authority of India.Both the medallist Ms MANU BHAKER & Mr SWAPNIL SURESH KUSALE are covered under our policy.
· The Personal Accident segment remains stable at 6%.
· Crop Insurance accounts for 3.1% of the entire portfolio.
· Chola MS's multi-channel model ensures a diverse revenue stream. Bancassurance is one of the largest networks with over 30,000 branches PAN India. New partnerships have been established with Bajaj Finance, Mahindra & Mahindra, and repeat renewals with IBL, Union Bank, and more. Chola MS is also tied up with all major private car, two-wheeler, and commercial vehicle OEMs in India, servicing 12000+ dealer network .
· Chola MS is ranked No. 3 among insurers on the Common Service Center platform with an overall wallet share of 16%. The company leads in crop insurance in clusters of Maharashtra and is the lead insurer of West Bengal.
· The agency network is Chola MS's biggest strength, with over 60,000 POSPs PAN India. The company services partners from 198 Chola offices, 301 digitally enabled offices, and 169 virtual offices, with a strong presence in tier 2, 3, 4, and 5 towns in India. In the digital ecosystem, Chola MS is associated with over 10 partners, including insurance brokers and insurtech companies.
· With a deep commitment to innovation and transformation, Chola MS has migrated its private car journey to TCS BaNCS. Through this platform, 32,000 policies have been issued. The ERP's cloud-native architecture enhances performance and customer experience.
The general insurance sector is undergoing significant transformation to better align with evolving customer needs and regulatory changes. Advances in technology, such as data analytics and artificial intelligence, are driving personalized insurance products and enhancing customer experiences. The introduction of parametric insurance products offers quicker payouts based on predefined triggers, providing faster relief to policyholders.
The IRDAI has been instrumental in promoting consumer-centric changes, including simplified customer information sheets to improve policy transparency and cashless treatment options in health insurance. Additionally, innovative offerings like "Pay as You Drive" in motor insurance are emerging, though they are still in the early stages of adoption. These developments reflect a broader industry trend towards more flexible, transparent, and customer-friendly insurance solutions.
Chola MS continues to lead the way in the insurance sector, leveraging its strengths and innovative strategies to adapt to an ever-evolving market. With a strong performance in Q1 and a clear vision for the future, Chola MS is poised to achieve new heights in customer satisfaction and business growth. The company remains committed to protecting lives and reshaping the future of insurance in India.
About Cholamandalam MS General Insurance Company Ltd
Chola MS General Insurance Company Limited, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan, began its operations in 2002. The company has grown consistently to expand its 26 states with over 600+ touch points, and a network of over 15000 garages and 12,000 hospitals. The company has grown to record a Gross Written Premium (GWP) of Rs 6200 crore in FY'23, with a growth of 27.6% over the corresponding period. Chola MS operates with a solvency ratio of over 2.01 times. (regulatory minimum of 1.5 times)
A leading and respected player in the General Insurance space, Chola MS champions the philosophy known as T3 — Trust, Transparency and Technology. Driven by a promise the company has taken — #pledge2protect — 'customer centricity' forms the essence of the brand. Guided by the values and beliefs of the Murugappa Group, the Five Lights (Integrity, Passion, Quality, Respect and Responsibility), Chola MS has been consistently recognised and awarded by the Government of India, international entities and ratings agencies for its insurance service and delivery innovations.
For more details, visit www.cholainsurance.com
About Murugappa Group
Founded in 1900, the INR 547 Billion (INR 54,722 Crores) Murugappa Group is one of India's leading business conglomerates. The Group has 29 businesses including ten listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., CG Power and Industrial Solutions Ltd., Cholamandalam Financial Holdings Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd. and Wendt (India) Ltd.
The Group holds leadership position in several product lines including Abrasives, Technical Ceramics, Electro Minerals, Auto Components & Systems, Power Conversion Equipment, Transformers & Reactors for the Power T&D segment, Solutions for Railways in Rolling Stock & Signalling Equipment, Bicycles, Fertilisers, Sugar, Tea and Spirulina (Nutraceuticals). The Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Rhodius, Parry's, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 59,000 employees.
For more details, visit https://www.murugappa.com/
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