Future Generali India Insurance

Future Generali India Insurance (FGII) Company Limited is a private general insurance company in India.[3] The company is a joint venture between the Future Group and Assicurazioni Generali. It commenced business in September 2000 and achieved break-even in its 6th year of operation. [4] It received an ISO 9001:2008 certification in 2013 [5][6] and ISO 27001:2013 Certification in 2014. The company has tie ups with many banks including UCO Bank,[7] Bank of Maharashtra,[8] Laxmi Vilas Bank[9] and Nainital Bank[10] The company’s portfolio comprises insurance products categorised within Personal, Commercial & Social/Rural Insurance.

Future Generali India Insurance Company Limited
TypeJoint venture
IndustryFinancial services
Founded2000 (2000)
HeadquartersMumbai, India
Key people
Anup Rau (MD & CEO)[1]
ProductsGeneral insurance
Health insurance
Vehicle insurance
Travel insurance
Home insurance
Life insurance
Total assets3,629 Crore (2019)[2]
ParentFuture Group
Generali Group
Websitegeneral.futuregenerali.in
life.futuregenerali.in

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.[11]

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.[12]

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.[13]

The company launched ‘Health Total’,[14] a comprehensive health insurance product in 2015. It introduced a new micro insurance cover, ‘Sukshma Hospicash’ in 2016.[15] In the same year, online exclusive travel insurance products were also launched by the company.[16]

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.[17] 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.[8] It also entered into a tie-up with UCO Bank in March 2017.[18]

In 2016, FGII launched i-MoSS, an application for motor claim surveyors for faster settlement of motor claims.[19]

In 2012, FGII insured the music concert by AR Rahman for Rs 4 crore.[20] By FY 2017, the company issued 372 film insurance policies, including the acclaimed film Bahubali 2, which was insured for a sum of Rs 200 crore.[21]

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[22][23]

In Rs. Crore FY 18-19 FY 17-18
Gross Premium 2,601 1,951
PBT 103 79
AUM 3,629 2,992

Shareholding
The shareholding pattern of the Company as on March 31, 2019 is as below:[24]
Promoters/Shareholders Percentage of Shareholding No.of shares
Future Enterprises Limited 25.50% 206,550,000
Generali Participations Netherlands NV 25.51% 206,550,000
Shendra Advisory Services Private Limited 48.99% 396,703,705
TOTAL 100% 809,803,705

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.[25]
  • 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.[26]
  • Best Implementation of HR Technology by HR Excellence Awards in 2016[27]

References
  1. "Future Generali India Insurance appoints Anup Rau as CEO and MD". The Economic Times. Retrieved 7 September 2019.
  2. "Annual Report 2018-2019" (PDF). Retrieved 27 November 2019.
  3. "FGII CEO speaks about the future of wellness based health insurance". Money Control. 27 April 2017. Retrieved 4 November 2017.
  4. "FGII targets 20% growth in FY15". Business Standard. 17 June 2014. Retrieved 31 October 2017.
  5. "FGII receives ISO certification". Bima Bazar. 19 February 2013. Retrieved 31 October 2017.
  6. "FGII receives ISO". APN News. 18 February 2013. Retrieved 31 October 2017.
  7. "Future Generali India Insurance ties up with UCO Bank". Money Control. 15 March 2017. Retrieved 4 November 2017.
  8. "Future Generali India Insurance ties up with Bank of Maharashtra". Business Standard. 30 January 2017. Retrieved 1 November 2017.
  9. "Centrum, Lakshmi Vilas Bank in wealth management tie-up". Live Mint. 27 February 2017. Retrieved 1 November 2017.
  10. "FGII adds Nainital Bank Ltd to its bouquet of Bancassurance partners in Uttarakhand". Orissa Diary. 23 August 2017. Retrieved 1 November 2017.
  11. "FGII Official Data".
  12. "Future Generali India Insurance launches end-to-end consumer app: FG Insure". Express Computer. Retrieved 7 August 2018.
  13. "Future Generali India launches policy to cover diseases like Malaria, Dengue, Zika virus". Financial Express. Retrieved 24 July 2018.
  14. "Launch of Health Total Insurance Policy". The Times Of India. 29 October 2015. Retrieved 1 November 2017.
  15. "Launch of Sukshma Hospicash". India Infoline. 4 August 2016. Retrieved 1 November 2017.
  16. "Launch of Travel Insurance (sold online only)". Economic Times. 14 June 2016. Retrieved 1 November 2017.
  17. "FGII ties up with 10 banks in Maharashtra". Economic Times. 21 April 2016. Retrieved 1 November 2017.
  18. "UCO Bank, Future Generali tie up". The Hindu Business Line. 15 March 2017. Retrieved 1 November 2017.
  19. "i-moss app for Motor claim surveys". The Times Of India. 1 April 2016. Retrieved 1 November 2017.
  20. "Future Generali insures A R Rahman live concert for Rs 4 crore". Economic Times. 23 May 2012. Retrieved 1 November 2017.
  21. "Baahubali 2 Gets A Rs. 200 Crore Future Generali Insurance Cover". NDTV Profit. 4 May 2017. Retrieved 1 November 2017.
  22. "Annual Report 2018-2019" (PDF). Retrieved 27 November 2019.
  23. "Future Generali India Insurance net profit jumps 50 pc to Rs 118 cr in 2018-19". Business Standard. Retrieved 4 June 2019.
  24. "Future Generali Annual Report, 2019" (PDF).
  25. "FGII extends support to Muktshala". India CSR. 30 November 2016. Retrieved 3 November 2017.
  26. "FGII adopts a village".
  27. "Winner of HR Excellence Award". BW Events.
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