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

Leadership and BeyondConsidering the scale and complexity of the exercise of setting up an ERM structure and embedding it in the dayto-dayfunctional ecosystem of the company, it has been decided to appoint a consultant so as to bring in not onlyoutside experience and expertise but also an outsider’s perspective.CLAIMS MANAGEMENTThe company had kept target of 90% claims settlement in respect of Non-suit Claims. The actual ratio of settlementin respect of Non-suit claims in 2012-13 was 93.34%.However the overall claim settlement ratio including suit claims (comprising mainly of Motor TP Claims) was 84.34%in 2012-13.Number of Claims Outstanding as on 01.04.2012 3,15,373Number of Claims Intimated during 2012-13 16,97,599Number of Claims Settled during 2012-13 16,97,649Number of Claims Outstanding as on 31.03.2013 3,15,323Age-wise classifications of outstanding claims as on 31.03.2013 are given here under:Claims Outstanding for less than three months 82,863Claims Outstanding for more than three months but less than one year 74,727Claims Outstanding for more than one year 1,57,733Total 3,15,323Out of a total 3,15,323 pending claims as on 31st March 2013, 2,01,012 claims are Motor TP claims which arepending at various MACTs across the country.PUBLICITYPublicity plays a vital role in building up company’s brand image and reaching out to the ultimate customer aboutthe company’s products and services.Outdoor Media and Print Media has been effectively used all over the country to promote company’s brand and tothank our Esteemed customers whose trust in the company motivated it to cross Global Premium of `12,500 croreand retain the Top-Most position in General Insurance Business.Advertising in Electronic Media i.e. Television and Radio has been utilized on Pan India basis during nationalfestivals to promote company’s brand by appealing to large mass of audience thus enabling the company to get agreater visibility.Press conferences are organized to apprise the press fraternity of various financial achievements made andmilestones achieved by the company during the year. Wide coverage of these achievements are given in all majorpublications.Hoardings, Glow Signs and Neon Signs have been placed at many major road junctions, highways, railway stationsand airports. Advertisements have also been displayed on transit media like buses, trains keeping in mind thedemography.ANNUAL REPORT47