Tag: HDFC Ergo

HDFC Ergo crosses ₹10,900 cr in gross premium income

Banking & Finance

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HDFC Ergo General Insurance Company has crossed ₹10,900 crore in gross premium income on year to date basis in February 2021, covering more than 1.5 crore lives.

The growth during the pandemic has been facilitated by HDFC Ergo’s largest distribution network of 1.40 lakh agents among other channels, Mehmood Mansoori, President – Shared Services & Online Business, HDFC Ergo General Insurance told media on Wednesday.

The year 2021 is expected to be the year of hope, he said, adding that the company has recently launched campaign `21ReasonsWhy’ with a motto to establish itself as a ‘One-Stop-Shop’ for all the insurance needs of their customers.

“Our campaign focuses on educating consumers about their financial well-being and the importance of insurance to deal with any unforeseen situations,” Mansoori said.

The digital initiatives company has been taking for the last few years have been positively impacting the business.

Not only has the sales process been entirely in digital mode with over 97 per cent of retail policies issued digitally, but the self-help tech platform has empowered customers to avail more than 80 per cent of the services virtually in a self-service mode.

The company recently launched the AI tool IDEAS (Intelligent Damage detection Estimation and Assessment Solution) for motor claim settlements that support instant damage detection and calculation of the claims estimate for the surveyors to help in motor claims settlement in real-time.

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Pent-up demand will come back: HDFC Ergo

Banking & Finance

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HDFC Ergo General Insurance remains optimistic about growth prospects for the general insurance sector and believes that improvement has already been evident in the third quarter of the fiscal.

“If one looks at only the third quarter data, then motor premiums have increased, private car registrations, two-wheeler registrations are back. So, next year, all the pent-up demand will come back and we will see a good year for the industry. And ,of course, we will be riding the good economic growth,” said Anurag Rastogi, President, Chief Actuary and Chief Underwriting Officer, HDFC Ergo General Insurance.

In an interaction with BusinessLine, Rastogi noted that the Covid -19 pandemic has turned health insurance into a pull product.

“As offices open up and people come to normalcy and start moving around, we see demand picking up. Look at the third quarter separately and retail health insurance has grown by 30 per cent,” he said, adding that this is fairly healthy growth.

“January, February and March is the peak period when health insurance is sold and this quarter will give some idea as to what we should expect from the coming year,” he further said.

Non-life insurers reported a 6.7 per cent growth in January this year to ₹ 18,488 crore compared to ₹17,333.7 crore in the year ago period.

Rastogi also said insurance companies are well prepared to deal with any possible second wave of Covid cases in the country.

“Insurance companies can never relax. We are prepared for whatever happens and will continue to honour our commitments to our customers,” he said.

When asked about the merger of HDFC Ergo Health Insurance (formerly known as Apollo Munich Health Insurance) with HDFC General Insurance, Rastogi said it will help scale up operations and improve delivery of products and services to customers.

“It is a union of two good institutions coming together. It brings together the knowledge of health insurance of HDFC Ergo Health Insurance, which was a wonderful institution with good products, systems and the financial strength of HDFC Ergo General Insurance,” he said.

The two had announced the completion of the merger in November 2020.

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