Cholamandalam MS General Insurance Company Ltd. (Chola MS), the leading insurance player in the industry, has reached an astounding milestone of completing 20 years. In its 20 years of operations, Chola MS has earned the trust of its business partners and policyholders on its claims servicing.
Being a leading and respected player in the General Insurance space, their employees operate with the philosophy of T3 - Trust, Transparency which is aided by Technology. 'Customer centricity' is the brand's essence and it has taken a promise, #pledge2protect.
On this momentous occasion of completion of 20 years of service to its policyholders, V Suryanarayanan, Managing Director, Chola MS said, "We would like to thank our policyholders, business partners, reinsurers, employees and shareholders for their continued trust, support, encouragement, and patronage. A special word of thanks to the Regulator for setting the direction for Insurance penetration in the country accompanied by several enablers in the areas of distribution, product approvals and digitization."
"In the half year ended Sep-2022, Chola MS grew by 30 per cent over the corresponding period to attain a GWP of Rs 27.69 billion, Investment corpus of Rs 139.3 billion and a solvency ratio of 2.10 times. Chola MS is poised to grow bigger in size & market share, stronger in its profitability and solvency even as we continue uphold our brand promise - #pledge2protect," added the Managing Director.
Chola MS began its operations in 2002 and has consistently grown to expand its presence in over 600 locations. It has a customer base of over 25 million and services its customers with its network of over 12,900 garages and over 10,500 hospitals. The company, which is a joint venture between the Chennai headquartered Murugappa Group and Mitsui Sumitomo Insurance, Japan has grown to record a Gross Written Premium (GWP) of Rs. 48.24 billions in FY 22.
Chola MS has bancassurance relationships with PSU banks, private banks, small finance banks and many NBFCs/HFCs. Chola MS is also privileged to work with several automobile OEMs and with all leading broking entities in the property and motor space. The company is represented by over 50,000 agents / Point Of Sale Persons.
Chola MS continues to invest in technology upgradation and its latest offering is the new mobile app, 'Tune in with Chola MS' which is a one-stop destination for all insurance and wellness needs. It has also adopted the use of Artificial Intelligence in its motor claims servicing through its SAHAIapplication for motor damage assessment and easy claims settlement.
Chola MS General Insurance Company Limited is a Joint Venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan.
Chola MS offers a wide range of insurance products that include Motor, Health, Property, Accident, Engineering, Liability, Marine, Travel and Crop insurance for individuals and corporates. In FY 2021-22, the company achieved a Gross Written Premium (GWP) of INR 48241 million. Chola MS currently has 156 branches and over 40,000 intermediaries across the country.
Chola MS champions a brand philosophy called T3, which stands for Trust, Transparency and Technology. It has also been consistently recognised and awarded by the Government of India, international entities and ratings agencies for its insurance service and delivery innovations.
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Founded in 1900, the Rs 547 Billion (Rs 54,722 Crores) Murugappa Group is one of India's leading business conglomerates. The Group has 29 businesses including ten listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., CG Power and Industrial Solutions Ltd., Cholamandalam Financial Holdings Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd. and Wendt (India) Ltd.
The Group holds leadership position in several product lines including Abrasives, Technical Ceramics, Electro Minerals, Auto Components & Systems, Power Conversion Equipment, Transformers & Reactors for the Power T&D segment, Solutions for Railways in Rolling Stock & Signalling Equipment, Bicycles, Fertilisers, Sugar, Tea and Spirulina (Nutraceuticals). The Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Rhodius, Parry's, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 59,000 employees.
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( With inputs from ANI )
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