R ARIVANANTHAM
CHENNAI, MAY 4
Tamil Nadu-based Cholamandalam MS General Insurance Company Ltd (Chola MS), a joint venture with Japan’s Mitsui Sumitomo Insurance Group from the house of Murugappa conglomerate has registered a Profit Before Tax of Rs 264 Crores in FY23, a whopping rise of 249 percent over last year’s Rs 106 crores, said Managing Director V Suryanarayanan here on Thursday.
- Growth rate raises to 27.6% with gross written premium (GWP) of Rs 6,200 Cr in FY 2023: D V Suryanarayanan, MD
- We are planning to re-enter the Rs 25,000 crore crop insurance business after a gap of three years: MD
- The company has set an aspiring goal of strengthening its digital offerings and is embarking on a journey of transforming its legacy systems and investing on data analytics.
- Chola MS ended March 2023 with a net worth of Rs 2,160 Crore and a solvency ratio of 2.01 times (regulatory minimum of 1.5 times).
- The Company has grown its investment corpus to Rs14,715 Crore and enjoys high multiples of investment corpus to net-worth and GWP.
The company ended March 2023 with a net worth of Rs. 2,160 Crore and a solvency ratio of 2.01 times (regulatory minimum of 1.5 times). It has grown its investment corpus to Rs 14,715 Crores and enjoys high multiples of investment corpus to net-worth and the company has achieved a gross written premium (GWP) of Rs 6,200 Crore, a growth of 27.6% (as against industry growth of 16.2%).
Addressing media after a long gap of 4 years, V Suryanarayanan, Managing Director, Chola MS, said, “We are humbled by this growth and we would like to thank our policyholders, business partners, reinsurers, shareholders and the regulators for their continued trust, support, encouragement and patronage. In FY 2023-24, Chola MS will continue to grow ahead of industry to step up on its present market share of 2.87% amongst multi line players.”
“The company would strengthen all its distribution channels and embrace new lines of business to meet market expectation. The company has set an aspiring goal of strengthening its digital offerings and is embarking on a journey of transforming its legacy systems and investing on data analytics which would profoundly change the way it engages with its customers and partners,’’ he added.
He also said that the Chola MS has a market share of 5.3% in motor line of business and 4.9% market share in personal accident line of business. In fire line of business the company grew by 33%. It has strong and long standing bancassurance partnerships with government owned banks, private banks, small finance banks and rural banks. It also operates on most major automobile OEM insurance programs and has an agent / POSP network of 50,000+. Over the years, Chola MS has grown consistently to expand its physical presence in 26 states with over 600+ touch points, serving over 34 million customers.
We have settled over half a million claims in FY23 across lines of business through its network of 14,500+ network garages & 11,000+ hospitals as we continue to uphold our brand promise – #pledge2protect.
AI-based technology for motor claims
In digital front, the company adopted the use of Artificial Intelligence in its motor claims servicing through its SAHAI application for motor damage assessment and easy claims settlement. 94% of motor claims settled through this application stands testimony to hassle-free claim settlement. This has enabled the claim estimate through AI-based technology could reach the service point within 8 to 10 minutes, he added.
The accuracy rate of AI-based estimation for motor accident claims was 93 per cent, critical accident claims would be settled through manual assessment, Suryanarayanan said.
Replying to a query, he said, “We are planning to re-enter the Rs 25,000 crore crop insurance business after a gap of three years. The Chola MS has participated in the tender process for offering crop insurance in two states.”
Launched Mobile App
In line with its brand message ‘Simple Hai’, the company recently launched a mobile app – ‘Chola MS’ – a unified customer app serving all insurance and wellness needs.
Naoki Takeda, Whole-time Director, S Venugopalan, Chief Financial Officer and other top officials were present at the press conference.
