Mumbai: Universal sompo General Insurance, a joint venture between banks and Japanese insurer Sompo, is gearing up for a high-growth second innings after merging with its original promoter Allahabad Bank. Indian Bank, Part of the new strategy is to integrate with Indian Bank’s systems for distribution. The general insurer is also taking the help of Cover Genius, a start-up in which Sompo recently acquired a stake to integrate the system with e-commerce and other distributors.
Talking to TOI, Sharad Mathuri, MD & CEO, said the company is taking the help of management consulting firm BCG for integration of the company’s systems with Indian Bank. “We have used the COVID period to transform the company. We have digitized the ecosystem and are able to underwrite and distribute through partners using digital assets,” said Mathur.
According to MathurSompo’s investment in Cover Genius enables the company to embed insurance with partners and use its service to sell small ticket insurance, such as extended warranties. Flipkart and travel cover in Makemytrip. “In addition to Sompo’s investment in insurance technology, we have been able to leverage their support in reinsurance and global relationships with Japanese businesses,” he said.
In future, the company plans to expand its health insurance portfolio and reduce the share of its crop insurance portfolio. “We have come out with five variants of our health insurance plans, which provide comprehensive medical cover,” he said. The company has shifted health administration internally and only uses third-party administrators for group cover.
Sompo is the largest shareholder in the company after increasing its stake to 34% in 2018 and Indian Bank is the largest domestic shareholder with 28% stake. Indian Overseas Bank of which 18% and Dabur about 12%. Karnataka Bank is the third lender with a minority stake.
Talking to TOI, Sharad Mathuri, MD & CEO, said the company is taking the help of management consulting firm BCG for integration of the company’s systems with Indian Bank. “We have used the COVID period to transform the company. We have digitized the ecosystem and are able to underwrite and distribute through partners using digital assets,” said Mathur.
According to MathurSompo’s investment in Cover Genius enables the company to embed insurance with partners and use its service to sell small ticket insurance, such as extended warranties. Flipkart and travel cover in Makemytrip. “In addition to Sompo’s investment in insurance technology, we have been able to leverage their support in reinsurance and global relationships with Japanese businesses,” he said.
In future, the company plans to expand its health insurance portfolio and reduce the share of its crop insurance portfolio. “We have come out with five variants of our health insurance plans, which provide comprehensive medical cover,” he said. The company has shifted health administration internally and only uses third-party administrators for group cover.
Sompo is the largest shareholder in the company after increasing its stake to 34% in 2018 and Indian Bank is the largest domestic shareholder with 28% stake. Indian Overseas Bank of which 18% and Dabur about 12%. Karnataka Bank is the third lender with a minority stake.