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20 Mar 2019, Edition - 1345, Wednesday

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Coimbatore

New India Assurance to invest Rs 500 cr for technology upgradation

Covai Post Network

New India Assurance, a leader in non-life insurance, planned to invest about Rs 400-500 crore in digital technology upgradation, Chairman and Managing Director G Srinivasan told mediapersons here today.

“The company has secured about 15 per cent insurance through digital means and we are expecting it to grow in future years,” he said. Technology upgradation had become necessary for growth of the company. Convenience and easy processing made the digital route a preferable option for many.

The company was big player in the cyber insurance sector. “Currently, the major buyers of our cyber insurance are financial institutions,” Srinivasan said. The company was looking at adding 10,000 new agents and currently had 17,000 across the country.

The CMD felt that though awareness about insurance was increasing, it would take at least another 10 years for the country to be fully insured.

The company recently concluded Rs3 lakh crore insurance business of Reliance industries, for a premium of Rs.725 crore. It also bagged the health insurance scheme in Rajasthan.

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