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    Published On : Mon, May 12th, 2014

    United India Insurance sources other cos for speedy settlements


    This move is aimed at streamlining the process of settlement of claims faster through the Third Party Administrator.

    Nagpur News.

    Chairman-cum-Managing Director of United India Insurance Company Limited Milind Kharat, while speaking exclusively with Nagpur Today, said that many problems exist in settling claims of medical treatments etc. The aspect is affecting health services to the insured persons. In order to streamline this process and to redress many problems like settlement of claims faster, plans to tie-up with three insurance companies namely National Insurance Co. Ltd, Oriental Insurance Co. Ltd and New India Assurance Co. Ltd are afoot to appoint a Third Party Administrator (TPA) to provide cashless facilities to the insurance beneficiaries.

    Kharat further said, “United India Insurance Company Limited is going to empanel several hospitals in the country to increase the network of their services as well as provide better facilities to the insured people.” The CMD, while talking to media on Sunday, said that after his address at the seminar on ‘Dalit Entrepreneurship and New Procurement Policy of Government of India’ hosted by Dalit Indian Chamber of Commerce and Industries (DICCI) Nagpur Chapter has been launched as a part of the 123rd birth anniversary of Dr Babasaheb Ambedkar.

    Milind Kharat, CMD of United India Insurance

    Milind Kharat, CMD of United India Insurance

    Milind Kharat added that the general insurance industry has achieved a business of Rs 78,000 Crores in the last fiscal year by registering a growth of 12 per cent. “United India Insurance Co Limited has done a business of Rs 9,700 crores with the strong network of 60,000 agents and 2,200 offices throughout the country.

    He said that the profit before tax (PBT) of the United India Insurance Company Limited has touched at Rs 633 crore and the profit after tax (PBT) at Rs 528 crore. The company has networth of Rs 5,300 crore.

    He claimed that the company was targeting the SME sector, inspired by the Finance Minister P Chidambaram. He said that except for a few big industries, many SMEs have not taken insurance cover which is the need of the hour. He said that somehow Dalits do not take insurance.

    However, according to him the penetration level of general insurance in the country is very low and can be pegged at 0.7 per cent. He added that there is large room for the general insurance industry to grow and provide a large number of services.

    He said that they are planning to start a special policy which covers all natural disasters and calamities which SME sector often faces, like terrorism, fire, storms, flood and other natural disasters. We will also come out with special premium.

    Kharat said that United India Insurance Company has tied up with 58 banks for providing various insurance services.

    While answering to a query on branches abroad, he added, that they do not have any at the moment, by he aims to start a new branch in Sri Lanka.

    To another query, he said that Rajiv Gandhi Jeevandayi Arogya Yojana has been introduced to provide benefit to people living below poverty line (BPL). In Tamil Nadu, four crore people have been covered.

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