Royal Sundaram General Insurance Co. Limited (formerly known as Royal Sundaram Alliance Insurance Company Limited), a subsidiary of Sundaram Finance, is the first private sector general insurance company in India to be licensed in October 2000 by the Insurance Regulatory and Development Authority of India. The company was initially promoted as a joint venture between Sundaram Finance, one of the most respected non-banking financial institutions (NBFCs) in India and Royal & SunAlliance Insurance plc, UK, one of the oldest general insurer in the UK. In July 2015, Sundaram Finance acquired the 26% equity holding from Royal & SunAlliance Insurance plc. Consequently, the entire 100% equity holding is now held by Sundaram Finance (75.90%) and other Indian Shareholders (24.10%).
Royal Sundaram has been providing innovative general insurance solutions to individuals, families and businesses directly as well as through its intermediaries and affinity partners. The company offers Motor, Health, Personal Accident, Home and Travel Insurance to individual customers and offers specialised insurance products in Fire, Marine, Engineering, Liability and Business Interruption risks to commercial customers. Royal Sundaram also offers specially designed products to the small and medium enterprises and rural customers as well.
Royal Sundaram’s Accident and Health claims process received ISO 9001-2015 certification for effective customer service delivery. The company has also won the "Celent Model Insurer Asia Award" for 2013 and 2014 for developing an intelligent claims management system to improve staff productivity and increased customer satisfaction.
Some of the other achievements are
The first private insurer to tie up with banks (affinity partners) for selling retail products and also to offer co-branded credit cards
The first insurer to introduce cashless mode of settlement for health claims
The first private insurer to introduce innovative health products like Hospital Cash
The first insurer to introduce in-house Motor Assessors (IMAs)
Sundaram Finance, a Non-Banking Finance Company, is one of the most respected financial services companies in India. It finances the entire range of commercial vehicles, passenger cars, construction equipment & tractors.
The Group's operations also extend to Insurance, Asset Management, Home loans, Business Process outsourcing and Infotech Solutions. Sundaram Finance has a nationwide presence with over 500 branches and over half a million customers and depositors who are serviced by over 2500 employees. Sundaram Direct, its retail distribution arm offers multiple choices of various financial products like, loans, life & general insurance, mutual funds, deposits etc., to its customers through out India.
Board Of Directors
In the news
Insurance must come first
Hindustan Times - 31 July, 2018
Buying health insurance while travelling abroad
Hindustan Times - 14 June 2017
Floater plans can secure health of the whole family
The New Indian Express - 25 June 2018
Home insurance covers damage to neighbours
Business Standard - 20 June, 2018
Royal Sundaram Launches 'Family Plus- The 5G Health Insurance Plan'
24 April, 2018
Highly customisable health insurance plan covering upto 19 members in a family with individual sum insured ...