Universal Sompo General Insurance Company (USGIC) on Friday introduced that it’s board of directors have declared a dividend of Rs 25.77 cr, that equals approximately 7 % of its paid up capital to its qualifying shareholders. With a small capital of most effective Rs. 368.18 crore, the corporation has been capable of attain a internet well worth of Rs. 885.Sixty five crore as on 31st March 2019.

The decision to award the dividend turned into announced on the 12th annual wellknown meeting (AGM) that turned into hung on August 23, Universal Sompo General Insurance Company’s, Chairman, O N Singh stated, in a release issued here.

USGIC is the first a success PPP joint project among public region banks, Allahabad Bank and Indian Overseas Bank (IOB), along side Karnataka Bank, Dabur Investment Corporation, and Sompo Japan Nipponkoa Insurance (an entirely owned subsidiary of Japan’s Sompo Holdings).

The Chairman said that with an ordinary increase of 10 % ultimate yr, the corporation is focused on a top class of Rs 3,one hundred crore in FY 2019-20.

O.N Singh, Chairman, Universal Sompo General Insurance stated, “The Company will awareness at developing at 25 % of our Bancassurance channel and will be targeted on new developing business of motor and health”.

Listing out the initiatives undertaken to digitalize USGIC, Singh said the business enterprise has initiated a “live Chabot,” termed as “Aarambh” on its website, that resolves queries concerning motor, health and crop insurances.

He added that USGIC has also partnered with virtual pockets ‘PAYTM’ for premium payments of its new and renewal policies. “To similarly our digitalization drive we’ve released a cell application for our insured and an employer portal for our corporations,” Singh stated.

Singh further stated as part of actively collaborating within the Union government’s Pradhan Mantri Fasal Bima Yojana (PMFBY) scheme, USGIC has included over 65 lakhs farmers in view that its launch in Kharif-2016.

USGIC has been continuously scaling up its IT infrastructure to align itself now not most effective with regulatory modifications however additionally to offer great IT enabled equipment to its advertising and marketing crew and its customers. Hence to hold the pace with the industry, in FY 2018-19 USGIC has deployed various projects like Mobile utility (M-POS) for POS channel, Payment integration to digital wallets, System for Crop Insurance & Customer self-carrier portal and so on. This year progressing in addition on the digitization we released a Mobile software for our insured a kind of insurance pockets proposing all insurance associated services like viewing and down load coverage replica , coverage renewal, claim intimation, claim repute and an organisation portal for our Agency pressure.

USGIC is keen on spotting tech trends, examine the enterprise opportunities, and actively contain relevant process and packages into the business model, for outpacing and outperforming marketplace opposition. Also, the corporation will try to deliver easier, revolutionary and customer need-based products.