In today’s age of consumerism, insurance requirements have expanded to keep pace with the increasing risks. Today we have wide assortment of risk coverage commencing from ransom to wedding, shops to assets, travel to vehicles etc…. General Insurance companies have willingly catered to these increasing demands and have offered plethora of insurance covers that almost cover anything and everything under the sun.
Hence foreseeing the General Insurance business as a Sunrise Industry, Shriram Group has entered into this business and as a result Shriram General Insurance came into existence. Upto Sept 2012 it was a 74:26 Joint Venture between Shriram Capital Ltd. and Sanlam Limited (South Africa).. SANLAM is a leading Financial Services Group of South Africa with a market capitalization of more than $6 billion, established in 1918 and the Group demutualised in 1998. SANTAM is a part of Sanlam Limited, which is engaged in short-term insurance cluster and is the leading short-term insurance company in South Africa. Since September 2012, the stake of Sanlam Limited (South Africa) has been transferred to Shriram Capital Ltd. The overall team of SGI includes young and vibrant senior executives of insurance domain to handle Underwriting and Claim matters.
The business philosophy of Shriram General Insurance is to serve the largest number of common people (“Aam Admi”). The Group’s continued focus on addressing customer needs, nurturing talent and bringing a home grown technology platform while delivering to the underserved segments of the economy, has ensured strong growth & sustainability for over 3 decades. The Group’s vision is serving to the underserved and creating value at the bottom of the Pyramid.
As far as business growth is concerned, SGI completed a Premium of Rs. 113.75 Crores in its first year of operations i.e. within 8 months, Rs. 416.92 Crores in the Financial Year 2009 – 10 and Rs. 780.89 Crores in the Financial Year 2010 – 11. Hence now SGI has become the fastest growing and most profitable Non-life Insurer of the Country.
SGI is redefining the service parameters of General Insurance Industry by ensuring that each employee understands the Slogan “BE INSURED… REST ASSURED” in its spirit and the customer has an overall pleasant experience. The company is giving special attention to the innovative products and application of latest IT developments in its operations.
SGI has been awarded "Excellence In Growth Award" second consecutive year (2011 & 2012)
Thus, SGI is all set to become the FIRST CHOICE General Insurance Company of India.
Shriram Capital Limited (SCL) is the overarching holding company for the Financial Services and Insurance entities of the Shriram Group, created with the primary objective of optimizing the synergies across the Group’s entities.
SCL, on a consolidated basis, has an overall customer base in excess of 9.5 Million, more than 45,000 employees across 2400 offices, net profit of over Rs.15 Billion with Assets Under Management (AUM) in excess of Rs.60,000 Crores.
SCL is well-positioned to take the Group to the next strategic level through consolidating its position in some of the key businesses like Transportation, Equipment Finance and providing the necessary impetus to grow its Retail Finance businesses.
SCL will also help to grow the Insurance businesses (both Life & General Insurance) in the Group with optimal profit. The strategic reorientation of SCL will help Shriram Group to be a significant and profitable enterprise in various facets of the Financial Services businesses in India and overseas.