Universal Sompo General Insurance Company Limited is a reputable insurance company founded in 2007. It is a joint alliance between Indian Bank, Indian Overseas Bank, Dabur Investment Corporation, Karnataka Bank Limited, and Sompo Japan Insurance Inc., a top general insurer of Japan. It provides a diverse range of products tailored to meet the needs of various customer segments. Its offerings encompass retail, rural, SME, and corporate sectors, with a comprehensive range of insurance products that include health insurance, motor insurance, travel insurance, and commercial insurance.
Universal Sompo General Insurance Company Limited’s vision is to establish itself as a market leader in its chosen domain by earning the confidence of its customers through superior value. It also strives to continuously enhance its services, ensuring customers receive exceptional benefits and satisfaction.
During the financial year 2022-23, Universal Sompo General Insurance Company Limited successfully issued 27,91,804 policies and received 23,12,317 claims.
Universal Sompo General Insurance Company Limited has received several notable awards and accolades for their impressive contributions to the insurance industry -
The Claim Settlement Ratio(CSR) is a vital measure used to assess the effectiveness of an insurance company in processing claims. In the financial year 2021-22, Universal Sompo General Insurance Company Limited had a Claim Settlement Ratio of 81.6%.
Analysing the CSR of an insurance company provides valuable insights into its efficiency in handling claims. A high claim settlement ratio underscores its commitment to prompt and effective claim settlement, establishing its reliability and trustworthiness. It is important to evaluate the insurer's Claim Settlement Ratio track record over the past few years , as it helps to know if they have met their claim obligations consistently.
The solvency ratio is a crucial measure used to evaluate the financial strength and stability of an insurance company. It provides valuable insights into the insurer's capacity to meet their claim commitments and financial obligations.
In compliance with the regulations set by the Insurance Regulatory and Development Authority of India (IRDAI), insurers are mandated to maintain a minimum solvency ratio of 150%. This ensures that they have adequate financial resources to fulfil their obligations effectively.
As of March 31, 2023, Universal Sompo General Insurance Company Limited has a solvency ratio of 173%. This signifies that it has a healthy financial position with ample resources to meet its claim liabilities and other financial commitments.
Network hospitals are those hospitals that have partnership with insurance companies to provide cashless treatments. If you avail of medical services at a network hospital, you need not pay for the expenses upfront and the insurer or their designated third-party administrator (TPA) will directly settle the hospital bills on your behalf. And, you will only be liable for the expenses not covered by your insurance policy, such as consumables, administrative fees, registration fees, and other similar charges.
Universal Sompo General Insurance Company Limited boasts a network of over 10,534+ hospitals that provide cashless treatment services. To find network hospitals based on your location, visit https://www.universalsompo.com/cashless-hospitals/Locate-branches . This tool allows you to check the number of hospitals in your area listed with your insurer as well as whether your preferred hospital is included in their network.
Network garages are authorised by insurance companies to provide cashless repair services in the unfortunate event of an accident or damage to your vehicles. These garages ensure that you can have your vehicles repaired without paying for the expenses upfront. The insurance company will take care of the repair expenses, and you are only required to pay the deductible and any consumable charges that may apply.
Universal Sompo General Insurance Company Limited takes pride in its extensive network of over 3,500+ garages. To find the number of garages affiliated with the insurer based on your location, you can visit https://www.universalsompo.com/cashless-hospitals/Garages . It also provides you with the information regarding the number of network garages available in your vicinity.
If you have doubts, questions, etc, you can also connect them via their alternate contact channels -
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