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On its 106th Foundation Day, New India Assurance, a leader in the non-life insurance sector, unveiled four innovative long-term insurance products across health, motor, and property segments. These new offerings include the New India Bharat Flexi Griha Raksha, a long-term individual property insurance policy extending up to 40 years, and new health insurance options under the New India Mediclaim and New India Mediclaim Floater policies. Additionally, the Return to Invoice Gold Cover motor insurance policy was introduced to cover the complete amount, including registration and premium, in the event of an accident claim.
Key Highlights:
On its 106th Foundation Day, New India Assurance introduced four innovative long-term insurance products. These include the New India Bharat Flexi Griha Raksha, a property insurance policy extending up to 40 years, and enhanced health insurance options under the New India Mediclaim and Mediclaim Floater policies. Additionally, the Return to Invoice Gold Cover motor insurance policy was launched, providing comprehensive coverage, including registration and premium, in case of an accident claim. These new products underscore the company’s commitment to innovation and meeting diverse customer needs in the insurance sector.
Leadership Insights:
Girija Subramanian, the CMD of New India Assurance, emphasized the company’s focus on automation, product innovation, and a renewed emphasis on the retail segment. She highlighted that these efforts align with broader trends in the general insurance industry.
“We are focusing on automation and product innovation this year, with a special emphasis on the retail segment. Our aim is to achieve a premium growth of 12-12.5% this year, up from 7% last year,” said Subramanian.
Strategic Focus:
Subramanian also pointed out that health insurance remains the company’s largest segment, with a premium growth target of 12-12.5% for this year. The company aims to balance its health segment business between corporate and retail at a 50:50 ratio and is in talks with several state governments regarding state health schemes.
“We are committed to expanding our presence in the health segment, which is our largest business, and aim to achieve a 50:50 mix of corporate and retail business. We are also in discussions with several state governments to participate in state health schemes,” added Subramanian.
Technological Advancements:
A significant focus for New India Assurance this year is enhancing automation in the retail business and advancing IT integration, particularly in fraud detection through sophisticated software.
This strategic move by New India Assurance is expected to set new benchmarks in the insurance industry, offering comprehensive and innovative solutions to consumers.
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