Tata AIG General Insurance Company Limited in India
Tata AIG General Insurance Company Limited is a joint venture between the Tata Group and the American International Group (AIG). Tata AIG General Insurance Company Limited celebrated 16 years of service this year (2016) since it commenced operations on January 22, 2001. The company has made a mark in the industry by launching several innovative products and services over the years.
Under its two main business verticals ie Consumer Lines and Commercial Lines, Tata AIG General Insurance Company Limited offers an extensive range of General Insurance covers that cater to various individual and business insurance needs. The products range from Home insurance, Motor Insurance, Travel Insurance, Health Insurance, Rural-Agriculture Insurance etc for individuals under the Consumer Line vertical, and Property & Business Interruption insurance; D&O, Professional and General Liability Insurance; and special products like Reps & Warranties and Environmental Insurance under the Commercial Lines vertical. Each product offering is backed by professional expertise to help the customer along the entire relationship period. Tata AIG General Insurance Company Limited has an empowered claims team, with a in-house capability of 400 plus experts spread across 90 office in India. The customer service team too, which is the face of the company to the customer, comprises of 450 team members, operating from various offices across India.
Today Tata AIG General Insurance Company Limited’s core strength lies in 3 product categories, ie Travel Insurance, Marine Insurance and Liability and the company aims to be the most preferred General Insurance Company in the industry. In order to achieve its vision of being the most preferred general insurance company, Tata AIG General Insurance Company Limited is increasing its general insurance penetration in India with various significant partnerships with leading business names from varied industries.
Tata AIG General Insurance Company Limited has an Asset Under Management (AUM) of approximate 0.6 billion USD (as of 30th June 2016) and a workforce of about 2833 employees present in 152 branches across India. The company’s products are available through various channels of distribution such as Agency which has a combined strength of 10,328 licensed agents and a very strong Broking channel of 347 licensed brokers. The Bancassurance & Affinity team is responsible for initiating and tapping partnerships with Banks, NBFC's, HFC's and other affinity partners. Tata AIG General Insurance Company Limited is also increasing its online presence and has a strategic initiative called ‘Go Digital’ that facilitates ease of buying Insurance products in the digital world. It makes the process from sale to policy issuance effortless.
To help its distributors significantly increase their insurance knowledge, the company had established the ‘Tata AIG Academy’ in May 2014 with a vision to be a centre of excellence in learning in the General Insurance domain. Its mission is to align the training programs with the strategic business and developmental needs of Tata AIG General Insurance Company Limited as well as to empower employees and partners to succeed in a fast-changing competitive environment.
About Tata Group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising over 100 independent operating companies. The group operates in more than 100 countries across six continents, with a mission 'To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust'. Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2014-15, the revenue of Tata companies, taken together, was $108.78 billion. These companies collectively employ over 600,000 people. Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors and shareholders. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of about $134 billion (as on March 31, 2015). Tata companies with significant scale include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.
Many Tata companies have achieved global leadership in their businesses. For instance, Tata Communications is #1 international wholesale voice provider and Tata Motors is among the top ten commercial vehicle manufacturers in the world. Tata Steel is among the top fifteen best steelmakers and TCS is the second largest IT services company in the world by market cap and profit. Tata Global Beverages is the second-largest tea company in the world and Tata Chemicals is the world’s second-largest manufacturer of soda ash. Employing a diverse workforce in their operations, Tata companies have made significant local investments in different geographies.
In tandem with the increasing international footprint of Tata companies, the Tata brand is also gaining international recognition. Tata companies bring to their customers worldwide a whole host of reputed brands which touch their lives every day. Brand Finance, a UK-based consultancy firm, has valued Tata’s multi-brand portfolio at over $23 billion in 2015.
With its pioneering and entrepreneurial spirit, the Tata group has spawned several industries of national importance in India: steel, hydro-power, hospitality and airlines. The same spirit, coupled with innovativeness, has been displayed by entities such as TCS, India’s first software company, and Tata Motors, which made India’s first indigenously developed car, the Tata Indica and the smart city car, the Tata Nano. Pursuit of excellence has similarly been manifested in recent innovations like the SilentTrack technology developed by Tata Steel Europe and the next-generation Terrain Response, including infrared laser scanning to predict terrain, and Wade Aid to predict water depth, by Jaguar Land Rover.
The Tata trusts, majority shareholders of Tata Sons, have endowed institutions for science and technology, medical research, social studies and the performing arts. The trusts also provide aid and assistance to non-government organisations working in the areas of education, health care and livelihoods. Tata companies themselves undertake a wide range of social welfare activities, especially at the locations of their operations, as also deploy sustainable business practices.
Going forward, Tata companies are building multinational businesses that seek to differentiate themselves through customer-centricity, innovation, entrepreneurship, trustworthiness and values-driven business operations, while balancing the interests of diverse stakeholders including shareholders, employees and civil society.
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About American International Group, Inc. (AIG)
To visit AIG Corporate website, click here