Kotak General Insurance Company

Kotak Mahindra General Insurance is a 100% subsidiary of Kotak Mahindra Bank Ltd., which is India’s leading bank. The general insurance company commenced in 2014 but got the approval from Insurance Regulatory and Development Authority of India (IRDAI) to commence insurance business in the year 2015. It was established to render services to the growing non-life insurance sector in India. Since its establishment, the company has managed to attain a national footprint of 13 branches spread across India.

The Kotak Mahindra General Insurance aims to focus on customised insurance products, state of the art technology and digital infrastructure to differentiate itself in the general insurance industry. The general insurance company is dedicated to cater more and more diverse customer segments & geographies by delivering an array of non-life insurance products like Motor, Health, Home and Commercial. The company’s customer service, quality products and innovative solutions are the significant factors behind its success.

Kotak General Insurance Company Statistics

In continuing with the general insurance company’s philosophy to provide a diverse range of insurance products, the firm has introduced 17 new products including 7 motor products, 1 health product, and 9 commercial products. Besides, the company has also launched 4 health products in the micro insurance space. The operational capabilities of the company have scaled up from issuing 16,455 policies in 2018 to 128,983 policies in 2019, thereby taking the total policies issued in financial year 2018-19 to 7,37,435 opposite to 252,125 issued policies in financial year 2017-18.

Kotak General Insurance managed to reach out to over 6 million audiences on social media platforms for imparting their insurance offerings. The firm believes in following a proactive approach for swiftly and easily settlement of claims. To make this happen, the company owns an extensive network of garages and hospitals to offer cashless services to our customers. With technology platforms and innovative processes, the firm could expedite the claims process for the benefit of customers. Here are some figure subject to these elements:

Kotak General Insurance Company Financial

Kotak General Insurance Company registered a growth of 12.96% as a whole, where the private sector (excluding standalone health insurance companies) grew by 24.73%. The general insurance company grew its direct premium from Rs. 185.4 crore in financial year 2017-18 to Rs. 301.1 crore in financial year 2018-19 registering a growth of 62%. The company gained a Gross Written Premium (GWP) of around Rs. 303 crore in the financial year 2018-2019 compared to Rs. 188 crore of the financial year 2017-2018. These are moral boosting figures for a newly launched general insurance sector and impressive numbers for its investors and customers.

Why Should You Choose Kotak General Insurance?

Kotak General Insurance tends to offer the priority to its customers and offers exceptional offerings and quality customer support which ultimately delivers huge benefits to its policyholders. Some advantages that you can avail by choosing Kotak General Insurance plans:

1. Trust of Brand – Being a subsidiary of Kotak Mahindra Bank Ltd., the Kotak General Insurance has got stability and trust in the legacy. The company serves the growing non-life insurance requirements of India customers with its quality products, active customer service, and innovative techniques. Strong management practices and a team of experienced professionals sets this company apart which it has gained from its parent organisation.
2. Diverse Product Range – The company owns the philosophy of having a diverse range of products to serve a large segment of the society. Kotak General Insurance has got many products in its bucket for different categories like health insurance, motor insurance, travel insurance, marine insurance, home insurance and so on. This diverse range of insurance products enable the firm to fulfill different types of customer requirements.
3. Online Insurance Renewal – With the online renewal facility, the general insurance company offers an easy way out for policyholders to continue to avail their insurance plans. When it comes to the policy renewal process, the customers are just required to select their insurance policy, enter its policy number, their mobile number and date of birth to initiate the process. After this, they can pay for the policy after making required modifications.
4. Easy Claim Registration – In an insurance plan, claim is the ultimate benefit for which it is purchased. Hence, the easier its procedure will be, the happier the customers will be. The company has made its claim registration process very simple which just needs a policy number, product name, basic details of policyholder like name, mobile number etc., and brief of incident to initiate the process.
5. Digitally Enabled Processes - During the time of emergency, insurance policyholders seek fast processes to receive instant services and coverage. On this note, the company has developed digitally enabled procedures for its policyholders to speed up the insurance processes by avoiding the cumbersome paperworks to request any service or initiate any process. With advanced technology, customers can also keep the track of their requests.

Awards and Achievements of Kotak General Insurance Company Limited

The Kotak General Insurance has been widely acknowledged for its services in the market with several achievements since its commencement. Some of its awards are listed below:

• Marketer company of the year – India Insurance Summit & Awards 2020
• ANA ECHO International Awards 2020, USA – Bronze, Consumer Services
• Brand Equity Shark Awards 2019 – Silver, best consumer insights campaign
• India Digital Media Awards 2019 – Silver, Special award for gender parity
• DMAi ASIA ECHO AWARDS 2019 - Best consumer engagement & Best in financial service
• DMAi ASIA ECHO AWARDS 2019 - Best use of social media, innovative use of technology & best in consumer services

Kotak General Insurance Product Portfolio

Kotak Motor Insurance Policy

Kotak General Insurance offers coverage for different types of vehicles ranging from car, two-wheeler, passenger carrying vehicles, goods carrying vehicles and miscellaneous vehicles against their damages and losses incurred due to accident, theft, man-made disasters, and natural calamities. The general insurance provides difference insurance plans comprising third party insurance to cover financial liabilities towards third parties, own-damage insurance to give coverage to your own vehicle and comprehensive insurance to cover you against third party as well as own-damage expenses.

Under the commercial vehicle insurance plans, the company provides coverage for third-party legal liabilities, natural and man-made disasters, coverage to electrical and non-electric accessories, no claim bonus, cashless services at network garages and so on.

Kotak Health Insurance Policy

Kotak health insurance policies are framed to suit the insurance needs of a variety of people. Most of these insurance covers offer coverage to the insured individuals for pre and post hospitalisation where some plans also include a maternity benefit. Some attractive features of Kotak health insurance plans are hospital cash benefit, daily cash benefit, home nursing facility, convalescence benefit, compassionate visit, air ambulance cover and so on. Different types of health insurance policies provided by the general insurance company are Kotak Secure Shield, Kotak Health Care, Kotak Accident Care, Kotak Health Premium, Kotak Super Health Super Top Up and so on.

The company extends its coverage to employer and employee groups and non-employer and employee groups like educational institutes, travel companies, banks, and so on. The premium of this policy is decided by the employer and based on the size of the group and coverage opted. The group insurance plans offered by the general insurance company are Kotak Group Accident Care, Kotak Group Health Care, Kotak Group Secure Shield, Kotak Group Accident Protect, Kotak Group Hospital Cash and Kotak Group Smart Cash.

Kotak Home Insurance Policy

Kotak Home Insurance Plan is a simplified insurance product designed for individual homeowners. This product covers loss or damage to home structure and its contents against standard fire & special perils, earthquake, burglary and theft. This insurance comes with an option to extend its insurance coverage for your home structure up to an additional period of 5 years and additional cover of rent for alternate accommodation. Individuals who are the owners of the property can buy a home insurance policy for building and contents.

Apart from these, Kotak General Insurance offers some more insurance covers like Kotak Contractors All Risks Insurance, Kotak Contractors Plant and Machinery Insurance, Kotak Shop Secure, Kotak Marine Cargo Insurance and so on.

Kotak General Insurance Distribution Network

Kotak General Insurance has significantly ramped up its bancassurance and multi-distribution network through several intermediaries. The firm has been able to scale premium across digital and non-digital channels in financial year 2018-19 and managed to maintain its claim ratio and control its expenses through underwriting principles and cost management. The general insurance company continues to focus on automation and increasing the share of digitally issued policies and plans to build its commercial portfolio to scale up its health insurance business in the coming year. In a quick time span, the firm managed to establish its 13 branches across the country with a wide network of 1,300+ cashless garages and 4,000+ cashless hospitals.