SGI eyes masses’ insurance market
by Chino Leyco
July 5, 2014 , Manila Bulletin’s online website
SGI Phils. General Insurance Co., Inc., formerly Monarch Insurance Co. Inc., has vowed to make insurance products in the Philippines available to common masses with the help of the largest insurance player in South Africa.
Parimal Bhattacharya, SGI president and chief executive, said he believes insurance must be made available to common masses and should not be limited as a protection for the rich only.
“We want to live up to our corporate Vision, which is – to be the most trusted and preferred non-life insurer of a common man. Writing risks may be our business, but our end product is Claims. SGI Phils. might ask a few probing questions while underwriting but will be extra supportive for the policy holder at the time of claim,” Bhattacharya said.
Earlier, SGI Philippines received the approval from the Securities and Exchange Commission, Insurance Commission and also from the Bureau of Internal Revenue (BIR) to rename Monarch Insurance.
SGI Philippines is an initiative of Indian Conglomerate SHRIRAM Group and Sanlam Group.
The Indian group is a leading conglomerate in its country and engaged in a variety of industry and financial services including retail lending, consumer durables finance, truck finance, chit funds, project engineering, manufacturing, Life and Non-life insurance, software consulting, Energy, stock broking and real estate.
Currently, the group has over 45,000 employees and operating through 2,400 branches with a customer base of 9.50 million and manages funds of over $16 billion in the business of financial services including life insurance and general insurance.
Meanwhile, SGI Philippines said it is committed to follow the directives of the insurance commission and adhere strictly to the law of the Philippines.
The company’s mission, as handed down by the mother company Shriram Group, is to provide the insurance services of high quality at affordable cost and achieve customer ecstasy by providing needed innovative products using latest technology.
Based on paid up capital, SGI Philippines is now ranked within the top 10 insurance companies in the country.
More noteworthy is the commitment of the Shriram Group of India to keep SGI Philippines ahead of capital requirement to ensure that the company will have 0strength of leverage to maintain better treaty and retention levels, and also enable to have larger capacities on the various lines that it carries.
“It cannot be denied that strength and stability always inspire confidence and trust. SGI Philippines has both and is ready and more than willing to take on a larger share of the insurance market,” the company said.
SGI products include property insurance to casualty lines, engineering and floaters insurance, marine cargo, motor insurance, bonds, personal accident and health coverage.
“Already carrying almost all lines of insurance products in its portfolio, it also aims to add Hull insurance and Aviation in the very near future,” the company said.
Realizing the unique geographical structure, SGI Philippines said it is adding more regional centers nationwide to cater to the corporate and retail customers in the various parts of the country.
“Through the effective employ of advanced information technology, there would be an effective and efficient delivery of financial and insurance services nationwide. With proper training and human resource and organizational development and training, exceptional quality service and customer satisfaction will be a priority,” the company said.