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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 Generali Participations Netherlands N.V.[4] (Generali Group). As of 2022,[update] Generali Group it is the largest insurance company in Italy and ranks among the world's largest insurance companies by net premiums and assets. The company's portfolio comprises insurance products categorised within Personal, Commercial and Social/Rural Insurance.
 | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2006 |
| Headquarters | Mumbai, India |
Key people | Anup Rau (MD & CEO)[1] |
| Products | Health insurance Motor insurance Travel insurance Home insurance Lifestyle Insurance Commercial insurance Social/Rural Insurance |
| Total assets | ₹ 5726.28 (2022)[2] |
| Owner | Generali Group |
| Parent | |
| Website | general |
As of 2022, the company has over 3000 active corporate clients and more than 21,500 agents.[5]
History
editFuture Generali India Insurance (FGII) was established in 2006 with the aim of providing retail, commercial, personal, and rural insurance services to both individuals and corporations to help them manage and mitigate risks. In 2013, the company received ISO 9001:2008 certification, followed by ISO 27001:2013 certification in 2014.[6][7]
FGII has partenered with banks like Bank of Maharashtra, UCO Bank and Bank of India etc to promote motor, home, health, and rural insurance products.[8][9]
In May 2022, Generali completed the acquisition from Future Enterprises of approximately 25 per cent stake in Future Generali India Insurance, and its stake in the JV has now gone up to 74 per cent.[10]
The company has a self-service app, FG Insure, which allows customers to manage their policies, purchase and renew insurance, report claims, and track their status.[11] In 2016, FGII launched i-MoSS, an application for motor claim surveyors for faster settlement of motor claims.[12]
Key people
edit- Anup Rau, Managing Director & CEO[13]
- Devi Dayal Garg, Chief Financial Officer[14]
- Deepak Prasad, Chief Operating Officer[15]
- Ruchika Varma, Chief Marketing Officer[16]
- Abhishek Singh, Chief Bancassurance Officer[1]
- Ashish Lakhtakia, Chief Legal & Compliance Officer and Company Secretary[14]
- M. Raghavendra Rao, Chief Distribution Officer[14]
- Jatin Arora, Appointed Actuary [14]
- Ajay Panchal, Chief Risk Officer [14]
- Milan P. Shirodkar, Chief of Investments [14]
- Ritu Sethi, Chief Internal Audit Officer [14]
- Sunil Wariar, Chief People Officer [14]
Products
editThe company provides a diverse range of insurance, including personal, commercial and social/rural insurance.
In March 2022, it launched health insurance for pet dogs called FG Dog Health Cover, which comes with coverage, including death and funeral, terminal illness, surgery and treatment and pre-hospitalization and post-hospitalization expenses.[17]
In September 2022, the company launched FG Health Absolute, a health insurance product that includes value-added services like tele counseling, webinars on mental and physical health, vouchers for wellness centers, fitness, sports and diagnostic centers and regular health check-ups.[18]
Financials
editFuture Generali India Insurance reported its Gross Written Premium of ₹4,210.35 crore in the financial year 2021–22, while in FY 2020-21, it was ₹3,898.91 crore, a growth of 8%.[19] The company reported a solvency ratio of 166% in FY 2021–22. The Net Promoter Score (NPS), of the company stood at 59.4 in FY 2021-2022.[5]
Shareholding
edit| Promoters/Shareholders | Percentage of Shareholding | No.of shares |
|---|---|---|
| Generali Participations Netherlands NV | 50.506% | 45,69,79,797 |
| Future Enterprises Limited | 0.506% | 45,81,946 |
| Shendra Advisory Services Private Limited | 48.988% | 443,241,962 |
| TOTAL | 100% | 904,803,705 |
CSR initiatives
editIn 2018, Future Generali India Insurance adopted The Human Safety Net (THSN), a global CSR initiative which targets key social issues affecting communities.[20] The company has collaborated with United Way Mumbai to support children from disadvantaged communities.[21] Future Generali India Insurance donated 8,500 masks to the BMC, with message on mental health awareness.[22]
Awards and recognition
editFuture Generali India Insurance has received several awards in recognition of its efforts in various fields. In 2022, the company received the Golden Peacock Award for Excellence in Corporate Governance.[23] In 2021, it was awarded the BFSI Silver Medal at the ET Brand Disruption Awards by The Economic Times.[24] The company was also named the Brand of the Year, receiving 3 Gold, 2 Silver, and 2 Bronze awards at the e4m Health Marcom Awards 2022.[25] It also won a silver award at the ETBrandEquity Shark Awards 2022.[26] For its 2022 annual report, the company received platinum award at Marcom Awards 2022[27] and gold award at the 2022 Spotlight Awards Global Communications Competition by LACP.[28]
References
edit- ^ Panda, Subrata (22 December 2022). "Regulatory changes may bring new dawn for insurers: BFSI Summit panelists". business-standard.com.
- ^ a b "Annual Report 2021-22" (PDF).
- ^ "FGII CEO speaks about the future of wellness based health insurance". Money Control. 27 April 2017. Retrieved 4 November 2017.
- ^ "Future Enterprises sells 25% in general insurance JV; stock hits 5% lower circuit". fortuneindia.com. Retrieved 10 February 2023.
- ^ a b "Here's why non-motor, non-health insurance space is emerging as the next growth drivers". Business Today. 28 September 2022. Retrieved 10 February 2023.
- ^ "FGII receives ISO certification". Bima Bazar. 19 February 2013. Retrieved 31 October 2017.
- ^ "FGII receives ISO". APN News. 18 February 2013. Retrieved 31 October 2017.
- ^ "Future Generali India Insurance ties up with UCO Bank". Money Control. 15 March 2017. Retrieved 4 November 2017.
- ^ "Future Generali India Insurance ties up with Bank of Maharashtra". Business Standard. 30 January 2017. Retrieved 1 November 2017.
- ^ "Generali completes acquisition of 25% stake in Future Generali India Insurance from Future Group". The Economic Times. 7 May 2022.
- ^ "Future Generali India Insurance launches end-to-end consumer app: FG Insure". Express Computer. 7 August 2018.
- ^ "Future Generali India Insurance launches i-MoSS app for motor claim surveys". The Times of India. 1 April 2016.
- ^ "Future Generali India Insurance appoints Anup Rau as CEO and MD". The Economic Times. 7 September 2019.
- ^ a b c d e f g h "Leadership and Key Management". futuregenerali.in.
- ^ "People want wellness benefits, mental health support in health insurance policy: Future Generali COO". The Economic Times. 28 March 2022.
- ^ "Future Generali India Insurance gets Ruchika Varma as CMO". Campaign India. 14 January 2020.
- ^ "Future Generali launches health insurance plan for pet dogs". Livemint. 3 March 2022.
- ^ "FG Health Absolute Policy: Rs 3 lakh to Rs 1 crore health cover for up to 15 family members; check details". The Financial Express. 7 September 2022.
- ^ "Future Generali India aims for 20pc growth in FY23". The Economic Times. 1 September 2022. ISSN 0013-0389. Retrieved 10 February 2023.
- ^ "CSR : Future Generali adopts The Human Safety Net for Families programme". IndiaCSR. 6 September 2018.
- ^ "FGII partners with United Way Mumbai to support children from disadvantaged communities". CSR Journal. 15 January 2022.
- ^ "Future Generali India Insurance Donates 8500 Masks to the BMC with Messages on Mental Health". CSR Mandate. 11 February 2022.
- ^ "Golden Peacock Awards" (PDF). 2022.
- ^ "Winners list". The Economic Times. 2021.
- ^ "Winners". Exchange4media. 2021.
- ^ "Winners list". The Economic Times. 2022.
- ^ "MarCom Awards". enter.marcomawards.com. Retrieved 10 February 2023.
- ^ "LACP 2022 Spotlight Awards Global Communications Competition". www.lacp.com. Retrieved 10 February 2023.