Chennai, March 6, 2013 : Cholamandalam MS General Insurance Company Limited (Chola MS) today announced that the company has received ISO 9001:2008 certification for processing and settlement of health claims through Chola MS HELP – its health claims service organization from TUV India.
The certification authenticates Chola MS compliance with internationally recognized standards for processing and settlement of cashless and reimbursement health insurance claims and other services offered by Chola MS HELP. The company settled 1.33 lacs health claims during the April-January 2013 period. The average turn round time (TAT) for the cashless approval was 40 minutes and for the reimbursement claim it was around 10 days from the date of submission of documents.
Commenting on the occasion, S. S. Gopalarathnam, MD, Chola MS said, “This certification is a clear demonstration of our commitment to improve the quality and consistency of claims service to our customers. This is an important milestone in our journey towards process excellence leading to business excellence. This is a testimony of robustness of process and consistency of delivery to customers across 93 branch offices and the head office.”
In process of getting the certification, an internal audit program was conducted to understand the existing Quality Management System. Gap analysis was done by the team and followed by a detailed training on the revised process.
The ISO 9001:2008 Certification established by the International Standards Organization is a quality management system that sets a global standard for manufacturing and quality assurance processes. This certification also ensures that a company’s products and services are among the best in the world.
About Cholamandalam MS General Insurance Company (Chola MS)
Cholamandalam MS General Insurance Company Ltd. is a Joint Venture between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. Cholamandalam MS offers a wide range of products that include Accident, Engineering, Health, Liability, Marine, Motor, Property, Travel and Rural insurance for individuals and corporate. The company achieved a GWP of
1346 crores in 2011-12. The company has 92 branches and over 6000 agents across the country.
The company champions a brand philosophy of T3 – Trust, Transparency and Technology. The company has received various awards and accolades; noteworthy amongst them is “Innovation Leader Award 2012” by Fintelekt. The company also received the best insurance company for “In time Claims Settlement for the year 2011-12” in the Rashtriya Swasthya Bima Yojana (RSBY) scheme run by the Ministry of Labour & Employment, Government of India. The company has been awarded “Financial Insights Innovation Award” for innovation in mobile enablement – Claims Survey Process in the recently concluded Asian Insurance Congress held at Singapore.
Visit www.cholainsurance.com for more information about the company and its products.
About Murugappa Group
Founded in 1900, the 22314 Crores (USD 4.4 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including ten listed Companies actively traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Crucible and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence spanning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.
About Mitsui Sumitomo Insurance Company Limited (MSI)
Mitsui Sumitomo Insurance Company Limited is part of MS&AD Insurance Group Holding Inc, the largest Insurance group in Japan, with NPW of JPY 1,269 billion (INR 735 billion) at FY2011-2012. The company has wide international network of 878 facilities spanning 40 countries and regions, centered on the fast-growing Asian region. MS&AD Insurance Group Holdings, Inc was awarded the “General Insurance Company of the Year” award in 2011 at the 15th Asia Insurance Industry Award ceremony as being the most outstanding insurance company in the Asian insurance market during fiscal 2010. MS&AD Group Past Awards were as follows: 2009: Mitsui Sumitomo Insurance Group Holding, Inc. Corporate Social Responsibility Award. 2005: Mitsui Sumitomo Insurance Co., Ltd, General Insurance Company of the Year. MS&AD Insurance Group Holdings was also awarded the 12nd Rank among the world’s Most Admired Companies in the Property and Casualty Insurance field.