Future Generali India InsuranceCompany Limited is a private general insurance company in India. The company is a joint venture between the Future Group and Assicurazioni Generali. It commenced business in September 2007 and achieved break-even in its 6th year of operation. It received an ISO 9001:2008 certification in 2013 and ISO 27001:2013 Certification in 2014. The company has tie ups with many banks including UCO Bank, Bank of Maharashtra, Laxmi Vilas Bank and Nainital Bank The company’s portfolio comprises insurance products categorised within Personal, Commercial & Social/Rural Insurance.
Presence and distribution
As of 2019, Future Generali has over 16 lakh customers in 125+ locations across India. They settle over 2.34 Lakh claims in 2018-2019. They have around 2,000 active corporate clients and over 6,000 agents. The company launched a self-servicing app - FG Insure which helps customers manage their policies, buy and renew their insurance policies, report claim and even track claims. In July 2018, the company also launched "Future Vector Care - Group", an insurance policy that will provide financial support in battling vector borne diseases like Malaria, Dengue, Zika virus. The company launched ‘Health Total’, a comprehensive health insurance product in 2015. It introduced a new micro insurance cover, ‘Sukshma Hospicash’ in 2016. In the same year, online exclusive travel insurance products were also launched by the company. In April 2016, the company tied up with 10 medium and small-size banks in Kolhapur and Sangli districts, aimed towards increasing rural insurance penetration. In January 2017, the company entered a corporate agency tie up with Bank of Maharashtra to promote motor, home, shopkeeper and rural insurance products at the 1,896 branches of the bank. It also entered into a tie-up with UCO Bank in March 2017. In 2016, FGII launched i-MoSS, an application for motor claim surveyors for faster settlement of motor claims. In 2012, FGII insured the music concert by AR Rahman for Rs 4 crore. By FY 2017, the company issued 372 film insurance policies, including the acclaimed film, which was insured for a sum of Rs 200 crore.
Products
The company provides a diverse range of insurance, including personal, commercial and social/rural insurance.
Financials
Future Generali India Insurance registered Gross Written Premium of Rs.2,601 crore in the financial year 2018-19 from Rs.1,951 crore in FY 2017-18, a growth of 33%. Net profit grew by 50% to Rs.118 crore in the financial year 18-19. The company has serviced more than 18 lakh policies in FY 18-19. It reported a solvency ratio of 154% in FY 2018-19
In Rs. Crore
FY 18-19
FY 17-18
Gross Premium
2,601
1,951
PBT
103
79
AUM
3,629
2,992
CSR Initiatives
Their CSR unit is called Sneh which focusses on health, education and environment. Their major initiatives include village adoption, desktop donation drive, anti-tobacco awareness workshop, autism awareness, financial literacy workshop and self-defense education for women.
The company extended its support to ‘Muktshala’ - a residential facility to restore the educational rights of 80 tribal children of migrant workers at Mahad in Raigad district of Maharashtra.
FGII has adopted a village in Palghar district of Maharashtra to provide access to sanitation, clean drinking water, adult education and vocational training to the 132 tribal families residing in the village.
Best Implementation of HR Technology by HR Excellence Awards in 2016
