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NIACL Assistant - SPLessons
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NIACL Introduction

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NIACL Introduction

shape Introduction

  • New India Assurance Co. Ltd. (NIACL) is an established brand for over 100 years. It is known for providing excellent service, and this has made it a market leader.

  • At present, calculated from the gross premium collection including the foreign operation, this public sector general insurance company is the largest in India.

  • Since it has established its international operations, it has expanded its presence in Japan, Australia, and the UK for decades.

  • The product offerings provided to full customers are diversified according to one's needs. It has managed to establish and maintain a strong relationship with the customers and reinsurers.

  • The distribution network is expansive and multi-channel.

  • The information technology infrastructure remains intact for uninterrupted services.

    • shape History

    SPLessons

    shape Products

    Products Offered Details
    Motor Insurance This product offers insurance of all types of commercial vehicles, two-wheelers, and private cars. It has been designed following the Motor Vehicles Act of 1988, and therefore, the insurance certificate so issued must be carried in the vehicle.
    Health Insurance Insurance is offered according to the needs of the party. There are schemes specifically designed for an old aged person, cancer patients, universal health insurance, and many more.
    Travel Insurance The insurance is available for frequent corporate travelers to ensure the medical expenses incurred by them outside India. The premium is payable in rupees and claims have to be settled abroad in foreign currency.
    Rural insurance This covers a vast range of risks for assets in rural areas. The products include; cattle cart insurance, duck insurance, honeybee insurance, plantation insurance, Gobar gas insurance, and many such aspects.
    Marine Insurance A pioneer in the field, various schemes cover different types of risks depending on their nature. The product covers the risk related to water regarding cargo, shipping, and travelers.
    Miscellaneous There are many aspects attached to this product. There are fire and allied perils, burglary and housebreaking, pedal cycling and many more.

    shape Structure

    Operational Structure of NIACL
    Designation Name of the Executives
    Chairman-cum-Managing Director Mr. G. Srinivasan
    Director, General Manager Mr. Hemant G. Rokade, Mr. C Nara,bunathan
    General Manager Mr. S Pradhan, Ms. Tajinder Mukherjee, Ms. S N Rajeswari, Mr. Ranjit Gangadharan, Mr. R M Singh, Mr. J K Garg, Ms. Gouri Rajan Dinakaran, Ms. J. Jayanthi, Mr. Anjan Dey, Mr. Anant Upadhyay
    Financial Advisor Mr. C Narambunathan
    Chief Financial Officer Ms. S N Rajeswari
    Chief Vigilance Officer Mr. Anant Upadhyay
    Deputy General Manager Mr. I Victor Amaldoss, Mr. A P Vasudeva, Mr. S R Shreeram, Mr. S P Sinha, Mr. Rajesh, Ms. Rekha Gopalakrishnan, Mr. P S Arora, Mr. R C Kumaria, Mr. Rajaram H M
    Appointed Actuary Mr. Sharad Ramnarayan
    Company Secretary Ms. Jayashree Nair
    Overall the company is well equipped with the gems belonging from different fields and expertise. There are 13 General Managers, 35 Deputy General Manager, 147 Chief Manager, 414 Managers, 1035 Deputy Managers, 1845 Assistant Manager, and 4219 Administrative Manager.
    It is important to note that the organizational structure is not biased. The organization is also keen on hiring female professionals. Selection of employees is purely made on the basis of their eligibility and ability. Here is a list of employees in terms of gender:
    SPLessons

    shape Awards

    Awards & Achievements
    • It is for these reasons the company was rated excellent A by AM Best Company in 2007. CRISIL rated the company as stable in 2014.

    • NIACL is a pioneer in many fields. It was the first company to set up an Aviation Insurance Department in 1946. The department looked exclusively at the insurance and products offered for the players of the aviation industry.

    • NIACL is also the first company in India to handle Hull Insurance requirements of the Indian Shipping Fleet. NIACL is pioneer in India to set up satellite insurance.

    • NIACL has been a pioneer to establish its own training school and introduced the concept of ‘Model Office training'.

    • The standards of public conduct are high because of the transparency in operations. They are committed to making apt policy documents and claim procedures clear and complete.
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