16 June, 2011
Karur, June 16, 2011: Royal Sundaram Alliance Insurance Company Ltd (www.royalsundaram.in ), the first private sector general insurance company to be licensed in India, today inaugurated its new branch in Karur located about 70 kms from Trichy (Tamil Nadu). The newly opened branch is in tune with the Company's policy to expand its network and provide exceptional services to its customers. The Company continues planning to extend its access to semi urban, urban as well as rural areas enters in the coming years.
Karur district is one of the textile hubs of Tamil Nadu. The branch would service Karur and adjoining areas like Kulithalai, Pallipatti and Aravakurichi.
The new branch is located at No. 12, V V Towers, 1st Floor, Shop no 2, Kovai Road, Karur - 639002. The branch design follows a standard template developed by Royal Sundaram to provide customers' comfort and agents' convenience. The branch would be headed by R Sivaramakrishnan.
The company's expansion strategy is based on the "Hub and spoke" model, where in a mature branch expands its reach deeper by sourcing business from the smaller adjoining locations. This is done by strengthening relationships with local dealers, agents and associates. Once these areas start generating substantial business, these are converted into standalone branches.
Ajay Bimbhet, Managing Director, said, "This move is a part of our geographic expansion strategy in tier II & tier III cities. Karur has high potential and generated substantial business in the current year and we expect higher growth. We have already established relationship with leading dealers and partners and fully geared to respond better to the insurance needs of our growing customer base in the region."
Royal Sundaram has a decade of experience in dealing with a wide spectrum of industries and extensive industry knowledge, Royal Sundaram is well placed to offer valuable insight and insurance solutions tailored for the commercial segment such as `Industrial all risk', other classes of Property and Engineering, Marine/ Cargo, Group Health Cover and Commercial Vehicles. In the retail segment, the Company offer wide range of covers at competitive premiums for products such as Motor, Health, Personal Accident, Home, Home Content and Travel insurance.
About Royal Sundaram Royal Sundaram Alliance Insurance Company Limited is a joint venture between Sundaram Finance and RSA Insurance plc, UK, where the former holds 74% and the latter holds 26% of the equity. Royal Sundaram is the first private non-life Insurance Company licensed to operate in India.
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, over 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, 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.
About RSA With a 300 year heritage, RSA is one of the world's leading multinational quoted insurance groups. It has the capability to write business in over 130 countries and major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe. Focusing on general insurance, it has around 23,000 employees and, in 2010, its net written premiums were £7.5 billion.
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