Financial Year 2012-13 (27 MB) - The New India Assurance Co. Ltd.

Leadership and BeyondPROJECT NEW ENERGYCompany’s Business re-engineering initiatives, “New Energy”, contributed significantly to its diverse businessoperations. As part of our de-layering strategy, the Large Corporate and Brokers Cells were linked directly to thecorporate office. The business verticals of Agency augmentation, brokers interfaces and claims hubs are givenclear directions and monitored closely for customer services. The Performance Management wing of the NewEnergy continued to set key performance indicators for multi functions. The Magazine, New Energy, continued tocarry highlights of results, various articles by top management and business owners, photos of events and otherrelevant contents, communicating to every level of employees.CUSTOMER CAREThe company has renamed Grievance department as Customer Care department with effect from 3rd December2012. In a bid to redress customer grievances quickly and effectively, company has nominated dedicated CustomerCare Officers, at all our Regional Offices to handle grievances. The company’s corporate cell is headed by a ChiefManager, Regional Office headed by Regional Manager/Manager and every Divisional/Branch Manager is alsoresponsible for handling complaints from customers. Grievance Redressal Committee is constituted at Head Officeand all Regional Office levels.In the year 2012-13, 13 Retail Customer meets were held successfully at various Regional Offices. The plan is tohold at least one Retail customer meet at all the Regional Offices. The performance of the company for the year2012-13 with respect to Grievance disposal ratio is 97% as below :Outstanding grievances as on 01.04.2012 301Registered (from 01.04.2012 to 31.03.2013) 5824Resolved (from 01.04.2012 to 31.03.2013) 5928Outstanding as on 31.03.2013 197ENTERPRISE RISK MANAGEMENTThe task of risk management has become a very complex one for any organization in today’s fast changing worldand this all the more so for an organization like this company whose function itself is to provide risk solutions forthe risks faced by its customers.The company has decided in 2011-12 to set up a full-fledged Enterprise Risk Management system guided by twodevelopments. The first one was the regulatory directive to set up efficient ERM system in all insurance companies.The second was the growing realization that in the interconnected global financial markets of today where criseshave severely impacted some major insurance companies too, a company of New India’s size and scale withdiverse global exposures has to think beyond the traditional risk control systems that the company has been usingtill now.The company has a designated Chief Risk Officer who reports to the Risk Management Committee of the boardof the company. During the year 2012-13, all the major line of businesses and departments have conducted adetailed study of their own operational risks, identified risk areas, put forth solutions and action plans to manageand mitigate these risks. The Risk Management Committee of the board will do a comprehensive evaluation of thisexercise at the beginning of 2013-14.ANNUAL REPORT45