27 April, 2015
Chennai: Royal Sundaram Alliance Insurance Company Limited (referred to hereafter as Royal Sundaram), India’s first private sector non-life insurance company, today announced the promotion of its Chief Operating Officer Mr. MS Sreedhar, to the role of Managing Director. The necessary approval from IRDA has been received.
Sreedhar joined Royal Sundaram in 2000 and since then has assumed various leadership roles within the organisation. He succeeds Mr. Ajay Bimbhet, who retired after a seven and a half year tenure as Managing Director.
Sreedhar started his Insurance career with United India Insurance Company in 1980. During his decade long association with the company, he assumed many roles. He later joined General Insurance Corporation of India in 1990 and was part of the Investment team there. He then joined the Sundaram Finance Group in 1994, working in several capacities including as CFO and Secretary in Sundaram Newton Asset Management Company.
Sreedhar has been with Royal Sundaram since its inception in the year 2000. He was the first CFO and Secretary of the Company and later elevated to the post of Chief Operating Officer. He has more than 3 decades of experience in the general insurance industry.
Sreedhar is a Company Secretary by profession and a Fellow Member of the Insurance Institute of India.
Commenting on the development, Mr S Viji, Chairman, Sundaram Finance said, "Sreedhar has more than three decades of experience in the Indian general insurance industry and has led the company through various challenges during the past 15 years. His extensive knowledge and insights into the business, understanding of the customer’s preferences and ability to inspire through actions make him the natural choice for the Managing Director's job. Given the emerging opportunities in the Indian general insurance sector, Sreedhar is well-placed to steer Royal Sundaram to the next stage of growth."
Commenting on his appointment, Mr. Sreedhar said, “Being with the company since its inception has enabled me to understand the nuances and opportunities that this business offers in a much better way. I am happy to be given an opportunity to lead the Company. Royal Sundaram has always been focussing on profitable growth, encouraging a culture of professionalism and placing the customer at the centre of everything we do. In the wake of the new Insurance Laws (Amendment) Act 2015, the industry is poised for greater growth, innovation in products and expansion of the distribution channels leading to improved penetration. We will be targeting to tap into all these emerging opportunities to fuel our growth.”
About Royal Sundaram
Royal Sundaram Alliance Insurance Company Limited is the first private non-life Insurance Company licensed to operate in India. It is a joint venture between Sundaram Finance Limited and Royal & SunAlliance Insurance plc, UK, with the former holding 49.9% and the latter 26% of the equity share holding. The other Indian Shareholders hold the remaining 24.1% of the equity stake.
Royal Sundaram offers a range of innovative general Insurance products which includes Motor, Health, Personal Accident, Home and Travel Insurance for individual customers. The Company’s Accident & Health claims process received ISO 9001-2008 certification for effective customer service delivery. For Commercial clients, Royal Sundaram offers a wide range of specialised insurance covers in Fire, Marine, Engineering, Liability and Business Interruption risks. Royal Sundaram also offers specially designed products to the Small and Medium enterprises and Rural customers. Royal Sundaram currently has over 5 million customers, 1700 employees and its products are distributed in over 180 cities across India, through Agents, Distribution Partners, Affinity Partners and Brokers.
About Sundaram Finance
Sundaram Finance Ltd. incorporated in 1954 has grown today into one of the most trusted financial services groups in India. Today, the activities of the group span savings products like Deposits and Mutual Funds, Car and Commercial Vehicle Finance, Insurance, Home Loans, Software Solutions, Business Process Outsourcing, Tyre Finance, Fleet Cards, Tractor Finance and Mutual Funds R&T. Sundaram Finance has a Nation-wide presence with 560 branches and over 5000 employees.