25 July, 2007
Royal Sundaram Alliance Insurance Company has recently expanded its network hospitals to provide cashless access to its health insurance customers across the country. The company has now tied up with 1021 hospitals in India.
In 2001, Royal Sundaram was the first private general insurance company to offer cashless facility in health insurance. This cashless facility was developed after extensive research, which highlighted the difficulties people face when trying to claim hospital bills from insurers. Since inception, the company has registered a significant growth in the health insurance portfolio, servicing individual and group customers across urban and rural India. During 2006-07, the health Insurance portfolio grew by over 90%.
According to Antony Jacob, Managing Director, Royal Sundaram Alliance Insurance, We currently have tie ups with many of the big hospitals in the country. Our aim is to ensure that a Royal Sundaram policy holder and his family benefit from quality treatment at hospitals that share our vision of excellent customer service. To achieve this, we will be further expanding our hospital network over the coming months.
Note to Editors:
Royal Sundaram: Royal Sundaram Alliance Insurance Limited is a joint venture between Sundaram Finance and Royal & SunAlliance, where the former holds 74% and the latter holds 26% of the venture in accordance with IRDA regulations. It is the first Non-Life Insurer to be awarded a licence by the IRDA and currently insures over 1.7 million lives. Royal Sundaram had a paid-up capital of Rs. 140 crores.
Royal Sundarams range of innovative general Insurance products includes Motor, Health, Personal Accident, Home and Travel Insurance for individual customers, distributed through Agents, Bank Partners, Affinities and Brokers. For Commercial clients, Royal Sundaram offers a wide range of specialised and tailored covers including Fire, Marine, Engineering, Liability, Business Interruption and specially designed products for the Small and Medium Enterprise segment. Royal Sundaram has over 670 employees. Its products are distributed in over 150 cities across India.
About R&SA: Royal & SunAlliance is one of the worlds leading multinational insurance groups, listed on the London Stock Exchange and writing business in over 130 countries, with major operations in the UK, Scandinavia, Canada, Ireland, the Middle East and Latin America. Focusing on General Insurance, it has around 24,000 employees and in 2006, its net written premiums were £5.5bn. With an almost 300 year heritage Royal & SunAlliance is the oldest insurance company in the world still trading under its original name.
About Sundaram Finance: Sundaram Finance is an AAA rated, leading Non-Bank Finance Company in India, established in 1954. Sundaram Finance has business operations in Vehicle finance, Home mortgages, Asset management, General Insurance, Business processing and Technology solutions. Sundaram Finance operates with over 167 branches across India and has more than 1500 employees.
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