New India Assurance upbeat on growth prospects

New India Assurance Company holding a formidable share in Indian Insurance market expects the momentum of high growth to continue for some more time with increasing insurance penetration, according to its Chairman and Managing Director G Srinivasan.

“The company is focussing on retail business and on digital technology in a big way,” he told.

New India recently concluded Rs.3-lakh crore insurance business of Reliance Industries and bagged the health insurance scheme of the State of Rajasthan covering four crore people with a premium income of Rs.1,200 crore. The company also concluded a deal with Deccan Aviation, which made a re-entry into the regional air space.

In the bancassurance space, the company has tied up with three banks in the public sector — Bank of India, Punjab National Bank and Canara Bank — and two private banks — South Indian Bank and Bandhan Bank. This would further accelerate the insurance major’s growth, he said.

About 15 per cent of business is secured through digital means and this is expected to grow rapidly in the coming months. The company has invested Rs.400-500 crore during the current fiscal in technology.

“We are a big player in the cyber insurance segment, providing cover to major financial institutions,” he said, before hinting at its proposed entry into the title insurance segment.

Property developers opt for title insurance cover to ensure that title deeds are clear. This is expected to become mandatory for developers, considering that many States have already digitised their land records. “We will be rolling out tailor-made title covers soon,” he said.