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NIACL – Recruitment 2017 | Results, Admit Card & Syllabus

NIACL New India Assurance Co Ltd, today, is a 100 % Govt owned multinational general insurance company operating in 28 countries and headquartered at Mumbai, India. Our global business crossed Rs.18371 Cr. Founded by Sir Dorabji Tata in 1919, we have been market leaders in India in non-life business for more than 40 years. Our Indian business touched Rs 15149.50 Cr in 2014-15. We are the only direct insurer in India rated A-(Excellent – Stable outlook) by AM Best. “CRISIL has reaffirmed its ‘ AAA/STABLE ‘ rating on The New India Assurance Company Limited indicating that the company has the Highest degree of Financial strength to honor its Policyholders obligations”

NIACL Fullform  The New India Assurance Co. Limited
Type Wholly owned by Government of India.
Founded  1919 in Mumbai, Maharashtra, India
Industry General insurance
Headquarters Mumbai, India
Key Person G.Srinivasan – Chairman Cum Managing Director
Products General Insurance which includes Health
Contacts  1800-209-1415
Address  The New India Assurance Co. LTD.87, M.G. Road, Fort, Mumbai 400 001.
Website www.newindia.co.in

 

Indian operations: We have been leading the market, apart from premium, in reserves & net worth for many years. In 2014-15, we also have recorded the highest profit in India among all general insurers. Our Indian operations, today span across all territories through 2097 offices, including more than 1041 micro offices. We have 19,000 employees and around 50,000 tied agents providing insurance services to our customers. We have over 170 products catering to almost all segments of general insurance business. We have provided cover to Petrochemical, oil & energy industries, power & steel plants, aviation fleets, satellites, large projects & infrastructures, SMEs and are present in all forms of the commercial sector. Our retail business is offered through commercial & personal lines of business and we also have range of products in rural, social sector & micro insurance segments. We operate through many B2B avenues including bancassurance, motor vehicle manufacturers, and dealers, MFI & NGOs, Common Service Centers & through affinity programs with corporates & brokers. We also have significant participation in government-run mass insurance schemes.

New India Assurance is on a robust core insurance platform, with a central database and have an integrated grievance management system synchronized with that of the regulator. Our Customer Care department is positioned at all Regional offices. We offer multiple options for the customers to renew the policies and have put in place SMS & E-Mail alerts and information at various trigger points. Our Indian operations have earned many awards & recognitions in 2014-15.

Foreign operations: The Company’s foreign operations have commenced decades back and today it operates in 28 countries through subsidiaries, agency operations, direct branches and associate companies. In addition, New India has also equity participation in Insurance companies in Singapore, Kenya, Saudi Arabia & Jordan. London Branch has been in operations for past 95 years and has a desk at Lloyds and operations in many countries like Japan, Mauritius etc are more than 50 years old. We have a subsidiary company in Trinidad & Tobago, New India Assurance Co Ltd, Port of Spain and another in Nigeria, Prestige Assurance Plc, based out of Lagos. We have equity participation in Kenindia Assurance Co Ltd, Nairobi, WAFA Insurance (SICCI) in Saudi Arabia, India International Insurance Pte. Ltd in Singapore and Asian Reinsurance Corporation, Bangkok.

Other promoted companies: New India Assurance Co Ltd is the co-promoters of Agriculture Insurance Company of India & GIC Housing Finance Ltd. We are also in the process of setting up a common TPA in the Health insurance support services segment jointly, with other Government owned insurers.

History: Incorporated on July 23rd, 1919 Founded by the House of Tata Founder member – Sir Dorab Tata. Nationalized in 1973 with a merger of Indian companies.

Present Position: Gross premium ( in India) of Rs.15149.50 Cr.in the year 2015-16 as against Rs. 13209 Cr. in the year 2014-15. Assets Rs.62880 Cr. as on 31st March 2016. A network of Offices-31 Regional Offices, 6 Large Corporate Offices, 448 Divisional Offices, 583 Branches, 27 Direct Agent Branches and 1041 Micro Offices. Rank No. 1 in the Indian market. The largest Non-Life insurer in Afro-Asia excluding Japan. First Indian non-life company to reach Rs. 18371 Cr. gross premium. Global Reinsurance facilities. Overseas presence in countries like Japan, U.K, Middle East, Fiji, and Australia.

International Presence: Overseas operations commenced in the year 1920. New India Assurance is operating in 28 Countries as on 2015-16 comprising of 19 Branch Offices in 9 Countries, 7 Agency Offices in 6 countries & 3 Subsidiary Companies in 7 Countries. The Overseas Gross premium (foreign) for the year 2015-16 is Rs. 3222 Cr as compared to Rs. 2841 Cr in the year 2014-15.

Strengths: Largest number of Offices – In India and Abroad Trained and technically qualified staff 2221 fully computerized offices across India. “A-” (Excellent) rating by A.M.Best & Co (Europe) First domestic company to be rated by an International Rating Agency Rating based upon following factors: Superior capital position Strong operating performance Strong market position and Only company to develop significant International operations, long record of successful trading outside India.

Pioneers:

  • The first company to set up an Aviation Insurance Department in 1946.
  • The first company to handle the Hull Insurance requirements of the Indian Shipping Fleet.
  • The first company to establish its own Training School.
  • The first company to introduce the concept of ‘Model Office Training’.
  • The first company to create the department in Engineering insurance.
  • Pioneer in Satellite insurance.

Vision

  • To be the most respected trusted and preferred Non-life Insurer in the Global markets we operate.

Mission

  • To develop General Insurance Business in the best interest of the community.
  • To provide Financial Security to Individuals, Trade, Commerce & all other segments of the Society by offering Insurance products & Services of High Quality at affordable Cost.

Values

  • Highest priority to Customers needs
  • High standards of Public Conduct
  • Transparency in operations

Culture

  • Courtesy and Caring
  • Initiatives and Innovation
  • Integrity, Trustworthiness, and Reliability
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