Chennai, 5th November, 2009: Cholamandalam MS, General Insurance Company Limited(Chola MS), a joint venture between Rs.15,907 crores (USD 3.14 billion) Murugappa Group and Mitsui Sumitomo Insurance of Japan, today launched ‘Instant Electronic Cover Note’ service for motor insurance customers. This initiative is an attempt to reduce policy issuance turnaround time, documentation and enhance customer convenience and safety in the issuance of Cover Note at the point of sale.
Commenting about the launch, Mr. S.S Gopalarathnam, Managing Director, Cholamandalam MS General Insurance Company Ltd, said “E-Cover Note has been developed keeping in mind the fast paced lifestyle of our customers and intermediaries. It aims to offer Instant, error-free Cover Note to the customers at the click of a mouse. It avoids physical documentation and hence reduces policy issuance turnaround time and also enhances transaction safety. This initiative builds on our theme of customer centricity and will lead us to many such initiatives in near future.”
Chola MS has developed an internet based centralized portal which will facilitate the designated intermediaries like Bancassurance partners and Motor dealers to instantly generate and issue the cover note to the customer from any location. This will avoid the need for physical documents to be transported from the intermediaries to head office for policy issuance. The system will use the data to generate policy and hence improve turnaround time. There are system based checks and validations in the portal to ensure the correctness of the cover notes issued.
Chola MS has activated ‘Instant E-Cover Note’ at all 113 branches across India.
About Cholamandalam MS General Insurance Company (Chola MS)
Cholamandalam MS General Insurance Company Ltd. is a Joint Venture between the USD 3.14 billion 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.
About the Murugappa Group
Headquartered in Chennai, the Rs. 15,907 crores (USD 3.14 billion) Murugappa Group is one of India’s leading business conglomerates. Market leaders in diverse areas of business including Engineering, Abrasives, Finance, General Insurance, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, its 29 companies have manufacturing facilities spread across 13 states in India. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees. The Group has forged strong joint venture alliances with leading international companies like DBS Bank, Mitsui Sumitomo, Foskor, Cargill and Groupe Chimique Tunisien has consolidated its status as one of the fastest growing diversified business houses in India.
About Mitsui Sumitomo Insurance Company (MSI)
Mitsui Sumitomo is the second largest Insurance Group in Japan, with a Net Written Premium (NWP) of 12.39 billion USD in 2008. The Company has 729 sales bases, 257 claims handling offices and about 59000 agents throughout Japan. MS also offers its services globally with 63 sales bases in 38 countries and regions overseas. Mitsui Sumitomo Insurance Co. Ltd. was awarded the “General Insurance Company of the Year” Award in 2005 at the 9th Asia Insurance Industry Award ceremony held in Singapore. This has been awarded to MSI for being the most active non-life insurance company and for reaching the top of the foreign non-life insurers in the region.
For Further Information, Please Contact:
Associate Vice President
Marketing and Corporate Communications
Cholamandalam MS General Insurance Company
Tel: 044 30445430
Cell: +91 9382809420
Email : firstname.lastname@example.org
Associate Vice President
Tel: 044 28515294