WINSURE

National Insurance Company Limited was incorporated in 1906 with its Registered office in Kolkata. Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were amalgamated with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India. After the notification of the General Insurance Business (Nationalisation) Amendment Act, on 7^th August 2002, National has been de-linked from its holding company GIC and presently operating as a Government of India undertaking.

National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India, carrying out non life insurance business. Headquartered in Kolkata, NIC's network of about 1000 offices, manned by more than 16,000 skilled personnel, is spread over the length and breadth of the country covering remote rural areas, townships and metropolitan cities. NIC's foreign operations are carried out from its branch offices in Nepal.

Befittingly, the product ranges, of more than 200 policies offered by NIC cater to the diverse insurance requirements of its 14 million policyholders. Innovative and customized policies ensure that even specialized insurance requirements are fully taken care of.

The paid-up share capital of National is Rs.100 crores. Starting off with a premium base of 500 million rupees (50 crores rupees) in 1974, NIC's gross direct premium income has steadily grown to 4021.97 million rupees (4021.97  crores rupees ) in the financial year 2007-2008.

National transacts general insurance business of Fire, Marine and Miscellaneous insurance. The Company offers protection against a wide range of risks to its customers. The Company is privileged to cater its services to almost every sector or industry in the Indian Economy viz.

Banking, Telecom, Aviation, Shipping, Information Technology, Power, Oil & Energy, Agronomy, Plantations, Foreign Trade, Healthcare, Tea, Automobile, Education, Environment, Space Research etc.

National Insurance is the second largest non life insurer in India having a large market presence in Northern and Eastern India.

The steady growth in premium income has been commensurately matched by profits over the years. As of March 2008, NIC's general reserve stood at 1457.25 million rupees (1457.25 crores rupees) with an asset value of 8867.99 million rupees (8867.99 crores rupees) signaling strong financial fundamentals. No wonder than that NIC has been accorded “AAA/STABLE” financial strength rating by CRISIL rating agency, which reflects the highest financial strength to meet policyholders’ obligations.

Achievements

WE ARE:

        The fastest growing Non-life Insurance Company in India

        The second largest Non-life Insurance Company in India

        Internationally recognized as one of the top 5 General Insurance Companies in the Asia Pacific.

CUSTOMER SERVICE INITIATIVES

         Establishing Connectivity among 1000 offices with in the country

         Facility to get Policy through NET soon

         Tie-ups with leading Banks, Corporate Sectors, State Governments

         Conciliatory Fora for facilitating quick settlement of Motor Third Party claims, Compromise settlement, Lok Adalat and Jald Rahat Yojana.

         Zonal Advisory Committees set up to maintain progress.

         May I help you counters set up at Head Office and all Regional Offices.

         Citizens Charter Commitments being implemented by all offices.

 PRODUCT DEVELOPMENT

        More than 200 products available to cater to the needs of various sectors of the economy.

        Continuous product development to meet emerging needs of society and industry.

        R&D cell set up at Head Office for distinctive product innovation relevant to indigenous conditions and rural masses.

        New covers launched : PARIVAR – Mediclaim for Family, VIDYARTHI-Mediclaim for Students, UCO Medi + Care Bima Policy, Star National Swasthya Bima Policy, VARISTHA Mediclaim for Senior Citizens.

MARKETING (INTERMEDIARIES) DEPARTMENT

·          As a major strategic initiative, National Insurance Company has tied up with commercial banks, Non Banking Financial Institutions, Automobile Manufacturers, NGOs and State Governments for marketing of its Insurance services.

·          Marketing (I) Department as been established at Head Office to provide the required thrust and direction to the business. Strategic Alliances Departments have been created at the Regional and Operating levels to exclusively cater to the Tie-Ups. The RO strategic Alliances coordinator has the overall responsibility of servicing the tie-ups in the Region. The total business from all alliances is budgeted to grow at the rate of 36% to Rs.1070 core in 2006-07 and concerted efforts are being made in this direction.

·          National Insurance Company Limited ranks among the top GLOBAL BUSINESS INSURERS.

·          NIC has been awarded the “AAA/STABLE” financial strength rating by CRISIL. It reflects the highest financial strength to meet policyholders’ obligations.

Mission

• To be the most preferred choice of customers for General Insurance by building relationships and grow profitably

Values

• Leveraging technology to integrate people and processes

• To excel in service and performance

• To uphold the highest ethical standards in conducting our business

Commitment

We will

• In areas coming within competence of General Insurance, respond to all commercially viable general insurance requirements of the citizenry, not hitherto available, within three months from the date on which such a demand is received.
• In areas covered by tariff submit appropriate proposals to the Tariff Advisory Committee with comments within two months.
• Continue to provide customized insurance products for weaker sections of the society at affordable price, within six months from the date of receipt of request for a specific type of cover.
• Establish full and efficient computerized customer information counters at all regional centers, which will be further extended to cover the Divisional and Branch offices in stages.
• Establish more equipped "MAY I HELP YOU" facility to cater to customers' information requirements at the Head Quarters and the Regional Offices.
• Ensure issuance of 90% of documents on a day to day basis.
• Prepare booklets on standard policy covers setting out essential information and make such booklets readily available for purchase at suitable places.
• Organize Zonal Advisory Committees meeting at the four metropolitan cities on a regular basis from time to time to interact with customers and get feedback on insurance services.
• Promote customer education in general insurance by holding workshops in important regional centers.
• Make available to a customer, on request to the Policy issuing office, the status of his claim and/or claim settlement details within 7 working days.
• Settle all claims within a time schedule envisaged hereunder ;

1. Personal line insurance claims within 30 days on completion of all requirements.
2. Property claims within 60 days on completion of all requirements.
3. Liability claims within 30 days on completion of process of law.

• Ensure proper functioning of Ombudsman at the four metropolitan cities to conciliate disputes on personal lines insurance claims.