Universal Sompo General Insurance Company
Universal Sompo General Insurance Company Overview
Universal Sompo General Insurance is a joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank Limited, Dabur Investments and Sompo Japan Insurance Inc. The company has its headquarter in Mumbai and acquired 86 branches and 17 zonal offices across the country. It was granted license and certificate of registration from Insurance Regulatory Development Authority of India (IRDAI) in November 2007. Since its establishment, the company has constantly striving to offer a comprehensive and economical insurance protection plan to financially support the customers in the times of crisis.
With 137 approved IRDAI products, Universal Sompo General Insurance provides a gamut of insurance protection tools ranging from Individual Health Policies, Personal Accident cover, Motor & Two Wheeler Insurance, International Travel Insurance & Comprehensive Home Insurance cover. For small and large businesses, the company owns several risk-protection products that financially protect its customers from uncertainties which might hamper their business operations. Besides, the firm also gives Rural Insurance and Cattle Insurance for farmers and rural customers to safeguard their individual wellbeing and primary assets like Tractors, Farming equipment etc.
Universal Sompo General Insurance Company Statistics
Universal Sompo General Insurance has its branch network spread across 86 locations in India. Apart from insurance categories like car insurance, bike insurance, health insurance, and commercial insurance, the general insurance company also caters to the insurance needs of rural and semi-urban markets. The policies for them are designed in a manner that could address the concerns of rural customers and the farming community and help them mitigate potential risks that are susceptible to their individual health, assets and live-stocks and are available to the set of customers through the Common Service Centers (CSC) channel.
The employee strength of Universal Sompo General Insurance Company is more than 1,400 and has a pan India presence through bancassurance channel. Apart from these, the company has added some more exciting figures to its name over the years, which are as follow:
Claim Settlement Ratio
Universal Sompo General Insurance Company Financials
Universal Sompo General Insurance Company has achieved Gross Direct Premium worth Rs. 2,859 crore with growth rate of 1% in the financial year 2019- 20. The company has successfully completed 12 years of operations after receiving certificate of registration from Insurance Regulatory Development Authority of India (IRDAI) in November 2007 and remained one of the profitable insurers consecutively for the last 7 years. The general insurance company has performed well in terms of growth in premium across the general insurance sector in India.
Why Should You Choose Universal Sompo General Insurance?
Universal Sompo General Insurance is loaded with a range of benefits which can be availed by its policyholders by purchasing its plans. Here are a some reasons the denotes the benefits to purchase a Universal Sompo General Insurance policy:
- 24x7 Customer Assistance - The customer support team of the Universal Sompo General Insurance company is available 24x7 to assist its customers. The policyholders can connect with the support staff by calling at 1800-200-5142 anytime and get insurance related help. In addition to this, a live chat facility is also there to solve customer queries instantly.
- Robust Network of Hospitals and Garages - The company acquires a wide network of hospitals and garages. At any of 3,500+ network garages and 4,000+ network hospitals of the company, the policyholders can avail cashless repair services and medical treatment. The strong network of the company makes it easier for customers to utilise the plans.
- Attractive Claim Settlement Ratio - The Universal Sompo General Insurance Company has managed to gain an impressive claim settlement ratio of 82.58% for the financial year 2018-19. This displays the efficient and swiftness of the general insurance company at handling the claim requests which are raised by the policyholders.
- Diverse Range of Insurance Products – The general insurance company offers different types of insurance plans for various categories like motor insurance, health insurance, commercial insurance, bancassurance insurance, etc. Policies of Universal Sompo General Insurance are available at affordable prices, among which around 135 products are IRDAI approved.
Awards and Achievements of Universal Sompo General Insurance Company Limited
Universal Sompo General Insurance has bagged numerous awards and recognitions with its consistent and outstanding performance. Here is the list of some of its awards and achievements:
- Skoch-Order of Merit 2016
- The Fintelekt Insurance Awards 2017
- Best Customer Service Provider of the Year 2016
- BFSI- Personal Line Broking Initiative of the Year
- Claim Service Leader – Medium & Small Category
Universal Sompo General Insurance Product Portfolio
Universal Sompo Car Insurance Policy
Universal Sompo General Insurance provides the coverage for the loss or damage incurred by your car arising out of accident, burglary, theft, fire, self-ignition, riot, strike, terrorism, earthquake, flood, landslide or rockslide, and so on. The car insurance plan also covers the legal liability which you may incur towards a third party for injuries, death and property damage occurred due to an accident with your vehicle. The insurance policy further delivers coverage for compulsory personal accident cover for owner drivers. It also makes various add-on covers available at economical rates to enhance the coverage of policyholders like Nil Depreciation Cover, Return to Invoice, Daily Cash Allowance, Key Replacement, Roadside Assistance, Cost of Consumables, etc.
Universal Sompo Two-Wheeler Insurance Policy
Universal Sompo Two-Wheeler Insurance Policy offers coverage for vehicles that are used for social, domestic and pleasure purposes and even for professional purposes. The coverage given by the company policy is to cover the loss or damage incurred by the two-wheeler vehicle arising due to accident, fire, explosion, burglary, theft, riot, malicious act, terrorism, earthquake, typhoon, rockslide, etc. The cover extends its coverage to cover you against financial and legal liabilities towards a third party for personal injury and property damage arising out of an accident with the involvement of your vehicle. The insurance cover also gives coverage for compulsory personal accident cover for owner drivers. However, there are some add-on covers available with the insurance plan that you can opt for increasing your coverage.
Universal Sompo Health Insurance Policy
Universal Sompo health insurance plans are meant to take care of the most of the medical expenses that you may incur during any medical emergency. The company provides several health insurance plans like Complete Healthcare Insurance, Super Healthcare Insurance, Hospital Cash Insurance Policy, Senior Citizen Health Insurance Policy, Critical Illness Insurance Policy etc. Universal Sompo health insurance plans provide coverage for various medical situations such as in-patient hospitalisation, daycare procedures, ambulance charges, domiciliary hospitalisation, etc. The policyholders can avail any of the plan up to their sum insured, which is the maximum amount of claim that is allowed per policy for every year. However, you can opt for available add-on covers to enhance coverage of your plan and enjoy more benefits by paying a little extra premium.
Universal Sompo Commercial Insurance Policy
When it comes to commercial insurance, it involves a blend of insurance plan which offers coverage for different commercial categories. Different insurance categories under this segment of insurance are Shopkeeper’s Insurance Policy, Office Package Policy, Machinery Breakdown Policy, Industrial All Risk Insurance, Burglary Insurance Policy, Standard Fire and Special Perils Policy, Marina Cargo Open Transit Policy, Public Liability Insurance Policy and so on. Universal Sompo General Insurance offers these commercial insurance plans at reasonable prices. These insurance covers are designed differently to offer you protection from the damages and losses arising due to fire, earthquake, riot, burglary, breakdown of business equipment, and so on.
Universal Sompo Rural Insurance Policy
The general insurance company provides different types of insurance covers for rural insurance which includes Cattle Insurance Policy, Householder’s Insurance Policy, and Pradhan Mantri Fasal Bima Yojana Policy. These insurance plans are designed to cover animals like Cows, Buffaloes, Bullocks, Sheeps and Goats which are utilised for commercial purposes against the risk of permanent total disablement or death due to an accident or any diseases. To cater household contingencies, the firm has offered plan by combining a number of situations like fire allied perils damaging building contents, burglary, electrical equipment, etc. The PMFBY policy is also included in this segment which is designed to provide financial assistance to farmers from suffering crop loss or damage arising out of unforeseen incidents and stabilizing the farmer’s income to assure their farming process to continue.
Universal Sompo General Insurance Company Distribution Network
Universal Sompo General Insurance Company attains a network of 111 offices which are spread across the country. The network range of offices are segregated as 1 corporate office, 17 Zonal offices, 86 branches, 5 agent training institutes and 2 policy processing centers that are available in all major cities in the nation. The company has planned to employ 1000 active agents in the coming year to ensure profitable growth in the firm.
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Universal Sompo General Insurance FAQs
What are the types of insurance plans offered by Universal Sompo General Insurance?
Universal Sompo General Insurance Company provides a range of insurance covers that comprise car insurance, two-wheeler insurance, health insurance, commercial insurance and rural insurance.
What is the claim settlement ratio of the Universal Sompo General Insurance Company?
The Claim Settlement Ratio of Universal Sompo General Insurance Company was registered 82.58% for the financial year 2018-19.
How many hospitals and garages are there in the network of Universal Sompo General Insurance?
Universal Sompo General Insurance holds a network of more than 3,500 garages and above 4,000 hospitals in its network, where policyholders can avail vehicle repair and medical treatment.
Can I select any hospital or garage of my choice out of the network of the company?
Yes, you are free to reach any garage or hospital out of the network of the insurance company. However, there will be no cashless facility and you will have to make the full payment to the hospital or garage and submit those bills and receipts to the firm for the processing of reimbursement claims.
How can I contact Universal Sompo General Insurance to get my queries resolved?
You can connect with Universal Sompo General Insurance by calling at the toll free number 1800-200-5142 or by sending us an email on email@example.com. However, you can also reach the nearest branch of Universal Sompo General Insurance Company for any assistance.