Future Generali India Insurance

Future 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. In 2013, the company received ISO 9001:2008 certification, followed by ISO 27001:2013 certification in 2014.[4][5]

FGII has formed partnerships with banks such as Bank of Maharashtra, UCO Bank and Bank of India etc to offer motor, home, health, and rural insurance products.[6][7] In 2022, Generali increased its stake in FGII to 74% through the acquisition of a 25% stake from Future Enterprises.[8]

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.[9] In 2016, FGII introduced i-MoSS, an app for motor claim surveyors, aimed at improving the speed of motor claim settlements.[10]

As of 2022, Future Generali has over 39 lakh customers in 134 locations across India. They settled around 3.81 Lakh claims in 2020–2021. They have over 3000 active corporate clients and more than 21,500 agents. [1]

The company has a self-servicing app – FG Insure, which helps customers manage their policies, buy and renew their insurance policies, report claims and track claims.[11]

• Anup Rau, Managing Director & CEO[12]
• Devi Dayal Garg, Chief Financial Officer[13]
• Deepak Prasad, Chief Operating Officer[14]
• Ruchika Varma, Chief Marketing Officer[15]
• Ashish Lakhtakia, Chief Legal & Compliance Officer and Company Secretary[13]
• M. Raghavendra Rao, Chief Distribution Officer[13]
• Jatin Arora, Appointed Actuary [13]
• Ajay Panchal, Chief Risk Officer [13]
• Milan P. Shirodkar, Chief of Investments [13]
• Ritu Sethi, Chief Internal Audit Officer [13]
• Sunil Wariar, Chief People Officer [13]

The company provides a diverse range of insurance, including personal, commercial and social/rural insurance. In September 2022, the company launched Health Absolute, a health insurance product that gives customers access to 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.[16] 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 July 2018, the company launched "Future Vector Care – Group", an insurance policy that provides financial support in battling vector borne diseases like Malaria, Dengue, Zika virus.[18]

The company launched ‘Health Total’,[19] a comprehensive health insurance product in 2015. It introduced a new micro insurance cover, ‘Sukshma Hospicash’ in 2016.[20] In the same year, online exclusive travel insurance products were also launched by the company.[21]

Future Generali India Insurance reported its Gross Written Premium of ₹4,210.35 crore in the financial year 2020–21, while in FY 2019-20, it was ₹3,898.91 crore, a growth of 8%. The net profit grew by 11% to Rs.119.33 crore in the financial year 21-22. The company has serviced over 35 lakh policies in FY 2021–22. It reported a solvency ratio of 166% in FY 2021–22.[1] It registered Gross Written Premium of Rs.2,601 crore in the financial year 2018–19 from Rs.1,951 crore in FY 2017–18, a growth of 33%. Net profit grew by 50% to Rs.118 crore in the financial year 18–19. The company has serviced more than 18 lakh policies in FY 18–19. It reported a solvency ratio of 154% in FY 2018–19[22][23]

Their CSR unit is called Sneh which focusses on health, education and environment. Their major initiatives include village adoption, desktop donation drive, anti-tobacco awareness workshop, autism awareness, financial literacy workshop and self-defense education for women. The company extended its support to ‘Muktshala’ – a residential facility to restore the educational rights of 80 tribal children of migrant workers at Mahad in Raigad district of Maharashtra.[24] FGII has adopted a village in Palghar district of Maharashtra to provide access to sanitation, clean drinking water, adult education and vocational training to the 132 tribal families residing in the village.[25] It won Best Implementation of HR Technology by HR Excellence Awards in 2016[26]

In 2018, Future Generali India Insurance adopted The Human Safety Net (THSN), a worldwide CSR effort addressing crucial social concerns impacting communities.[27] The company has collaborated with United Way Mumbai to aid children from disadvantaged communities.[28] In response to the COVID-19 pandemic, Future Generali India Insurance also donated 8,500 masks to the BMC, promoting mental health awareness.[29]

Future 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.[30] In 2021, it was awarded the BFSI Silver Medal at the ET Brand Disruption Awards by The Economic Times.[31] 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.[32] It also won a silver award at the ETBrandEquity Shark Awards 2022.[33]

• Official website