Cholamandalam MS General Insurance and Toyota launch near cashless auto repair and insurance

Chennai, November 18, 2005: Toyota Kirloskar Motor (TKM) and Cholamandalam MS General Insurance Company Limited (Chola MS), a Chennai-based joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group of Japan, have today come together to provide 'point of sale' motor insurance and 'near cashless' claims service for all Toyota vehicles.

Through this tie-up, all Toyota customers would be able to insure their vehicles at the dealer point and avail post-accident, near cashless repairs of insured vehicles at all Toyota Dealerships. Toyota aims to offer its customers hassle-free accident repairs and recovery of insurance claims through Chola MS motor insurance.

Announcing the tie-up, Mr. A Toyoshima, Managing Director, TKM, said, "The alliance with Cholamandalam MS General Insurance Company Limited is in keeping with the Toyota value of 'customer first'. The Toyota customer no longer has to worry about transactional times, survey and locking up of money between repairs and insurance claim. We seek to provide our customers greater convenience by extending Chola MS' advanced know-how on motor user insurance marketing and claims management."

According to Mr. M A Alagappan, Chairman, Chola MS, "We are proud that the fifty-year-old relationship between Toyota and Mitsui Sumitomo in Japan is being extended to India as well. Through the association with Toyota, we are addressing the needs of customers in the most appropriate manner. We assure Toyota customers the best product offer combined with matchless service standards, drawing on the best practices of Mitsui Sumitomo Insurance Group and Murugappa Group."

Speaking on the occasion, Mr. K K Swamy, Deputy Managing Director, TKM, felt that the alliance is another step for making Toyota dealerships a one-stop-shop for customers across India. "Customers look for an insurance environment that provides support and convenience after a mishap, not paperwork and paper trails, more so after their vehicle has met with an accident. The Toyota-Chola MS tie-up provides precisely these advantages, in combination with the 3S dealerships which ensure that the end-to-end post-accident management is handled under one roof," he added.

In his address, Mr. Arun Agarwal, Managing Director, Chola MS said, "We firmly believe that the dictum 'service is the gateway to growth' is the only way to emerge successful in a competitive market arena. In keeping with this principle, Chola MS will offer Toyota customers a range of service benefits, that Mitsui Sumitomo Insurance has been successful in introducing in Japan and many Asian countries like Malaysia, Indonesia, Thailand, & Taiwan. Moreover, Chola MS has a plan to introduce web-based "e-claim" system, which aims to both minimize the claim period dramatically and also give a transparent claims procedure through periodic SMS messages to customers. This would be for the first time in India.

The Toyota-Chola MS edge

	Toyota customers can avail exceptional benefits comprising a guarantee of usage of genuine spare parts to repair vehicles, cashless settlement facility and round-the-clock availability of Chola MS customer service professionals at a toll-free number.
	Additional unique attributes are easy payment methods for renewals and priority repair offered to Chola MS customers. The dealer would also be able to offer the insurance policy, immediately, to the customer, through Chola MS 'e-Policy'.
	Chola MS also plans to introduce web-based "e-Claim" system, which aims to both minimize the claim period dramatically and also provide a transparent claims procedure through periodic SMS messages to customers. This would be the first such initiative in India.
	The customer benefit extends to post accident repairs, as Chola MS will pay the assessed amount to the dealer directly. The whole process works out as a one-stop shop for Toyota customers for their motor insurance needs.
	Overall the process promises to be a hassle-free and convenient service for Toyota customers.

While providing superior and speedy service to customers, the Toyota-Chola MS tie-up will ensure seamless flow of information between insurers and dealers. The service product comes into effect immediately.

About Toyota Kirloskar Motor
TKM is a joint venture between Toyota Motor Corporation and the Kirloskar Group. TKM has invested nearly Rs. 1500 crores in its plant at Bidadi, employing over 2,400 people. The plant started production in December 1999 and has a capacity of producing 60,000 units annually.

Toyota is one of the largest automobile companies in the world. Nearly 7.4 million Toyota vehicles were sold in FY 2004-05, manufactured by 51 plants in 26 countries and marketed through its dealership network in over 170 countries.

Toyota has 4 models - Innova, Corolla, Camry and Land Cruiser Prado - on Indian roads. All the three vehicles are market leaders in their respective segments. TKM sold nearly 42,820 vehicles in FY 2004-05.

All Toyota products have redefined the Indian auto market through their inherent strengths of Quality, Durability and Reliability. The Worlds Best Selling Passenger Car, the Corolla has become the best seller in its segment in India, while the Camry has set a benchmark for and luxury cars in styling and performance in the Indian auto industry. Toyota also launched the Innova - a premium multi-purpose vehicle in February this year.

Toyota has sold more than 7600 units of the Corolla and 26,800 units of the Innova from January - October 2005.

About Cholamandalam MS General Insurance Company (Chola MS)
Cholamandalam MS General Insurance Company (Chola MS) is a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group, Japan. Chola MS offers a wide range of products that include Accident, Engineering, Health, Liability, Marine, Motor, and Property, Travel and Rural insurance for individuals and corporate.
About Mitsui Sumitomo Insurance Company (MSI)

Mitsui Sumitomo is the second largest Insurance Group in Japan, with a Net Written Premium (NWP) of $13.15 billion in 2005. The Company has 733 sales bases, 257 claims handling offices and about 62474 agents throughout Japan. MS also offers its services globally with 52 sales bases in 38 countries and regions overseas. Mitsui Sumitomo Insurance Co. Ltd. was recently awarded the "General Insurance Company of the Year" Award 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.

About Murugappa Group
Cholamandalam is part of the Rs 6250 crore Murugappa Group, one of India's largest family-promoted, professionally managed corporate with over 28,000 employees. A pioneer and market leader in several fields with over 40 manufacturing operations across 12 states in India, the group has a strong presence in farm inputs, engineering and cycles, sugar, abrasives, finance, general insurance, sanitary ware, plantations, bio-products and nutraceuticals.

Contact information

Ruchika Vermani
IPAN, Chennai
Tel: - (+91 44) 2821 7294
E-mail: ruchika@ipan.com