31 March, 2011
Chennai, March 31, 2011: Royal Sundaram Alliance Insurance Company Ltd (www.royalsundaram.in ), the first private sector general insurance company to be licensed in India, announced expansion in its distribution network by opening three new branches in Tumkur (Karnataka), Cuddapah (Andhra Pradesh) and Dindigul (Tamil Nadu). The Company continues with its plan to extend its access to semi urban, urban as well as rural areas. With this new addition the Company's network has grown to 86 branches pan India. The newly opened branches will replicate the company''s commitment to provide exceptional services to its customers.
All of the three locations chosen by the Company have been emerging as important business destinations in respective states. Ajay Bimbhet, Managing Director, said, "This move is a part of our geographic expansion strategy in tier II & tier III cities. We are very excited for the possibilities arising due to our strengthened presence here. The branches will enable us to better respond the insurance needs of our growing customer base in the regions. I am confident that our suite of innovative products, strong customer focused culture and high quality underwriting principals will help us meet the customers'' expectations."
The branch design follows a standard template developed by Royal Sundaram to provide customers' comfort and agents' convenience.
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, further added, "We operate on a "Hub and spoke" model. All of these locations have done well in the current year. The teams would now cover their local markets and surrounding locations."
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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