Business

Chola MS celebrates 20th year anniversary

Chola MS started operating in 2002 and steadily expanded to establish a presence in more than 600 places.

Cholamandalam MS General Insurance Company Ltd (Chola MS), has completed 20 years, an achievement.

In 20 years, Chola MS has gained the respect of policyholders and business associates for the quality.

Being a prominent player in the general insurance industry, staff members operate on (Trust, Transparency, and Technology) guiding principle. The brand’s core value is “customer centricity,” and it has adopted the pledge #pledge2protect.

“We would like to thank our policyholders, business partners, reinsurers, employees, and shareholders for their continued trust, support, encouragement, and patronage on this momentous occasion of completion of 20 years of service to its policyholders,”

said Mr. V Suryanarayanan, managing director of Chola MS.

The regulator deserves appreciation, for creating the environment for insurance penetration, and supporting it with a variety of enablers. In the fields of product approval, distribution, and digitization.

“Chola MS increased by 30% over the comparable period in the half year that ended in September 2022 to reach a GWP of Rs. 27.69 billion, an investment corpus of Rs. 139.3 billion, and a solvency ratio of 2.10 times. Chola MS is poised to expand in size and market share, strength in profitability, and solvency even as we continue to maintain our brand promise, #pledge2protect”.

The Managing Director continued,

Chola MS started operating in 2002 and steadily expanded to establish a presence in more than 600 places. It serves its over 25 million consumers through a network of over 12,900 garages and more than 10,500 hospitals.

A joint venture between the Murugappa Group, headquarters in Chennai, and Mitsui Sumitomo Insurance, Japan, the company has expanded to record a Gross Written Premium (GWP) of Rs. 48.24 billions in FY 22.

With PSU banks, private banks, small finance institutions, and numerous NBFCs/HFCs, Chola MS has bancassurance connections.

Chola MS has the honour of working with various vehicle OEMs and all top brokers in the real estate and automotive industries. More than 50,000 agents and point-of-sale personnel represent the organization.

The newest service is new mobile app, “Tune in with Chola MS,” which is a one-stop shop for all insurance, wellness needs. Chola MS continues to invest in technology advancement.

Through the SAHAI application for easy claim settlement, it has also implemented the use of artificial intelligence in its automotive claim processing.

About Cholamandalam MS General Insurance Company Ltd

A joint venture between Japan’s Mitsui Sumitomo Insurance Company Limited and the Murugappa Group is called Chola MS General Insurance Company Limited.
For individuals and businesses, Chola MS provides insurance products, including as motor, health, property, accident, engineering, liability, marine, travel insurance.
The company generated a Gross Written Premium (GWP) of INR 48241 million in FY 2021–22. Currently, Chola MS has 156 locations nationwide and employs more than 40,000 middlemen.
The T3 brand philosophy, which stands for Trust, Transparency, and Technology, is promoted by Chola MS.
Additionally, for its innovations in insurance service and delivery, it has constantly received recognition and awards from the Government of India, and from foreign organisations, ratings agencies.

About Murugappa Group

Largest corporate empires, the INR 547 Billion (INR 54,722 Crores) Murugappa Group, was founded in 1900. The Group operates 29 companies, including 10 that are listed and traded on the NSE and BSE.
Abrasives, technical ceramics, electro minerals, auto components & systems, power conversion equipment, transformers & reactors for the power T&D segment, solutions for railways in rolling stock & signalling equipment, bicycles, fertilisers, sugar, tea, and spirulina are just a few of the product categories in which the Group holds leadership positions (Nutraceuticals).
The Group and well-known companies including Yanmar & Co., Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, and Compagnie Des Phosphat De Gafsa have solid collaborations in place (CPG). Geographically, the Group spans all of India as well as six continents.
The Murugappa stable includes well-known brands as BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Rhodius, Parry’s, Chola, Gromor, Shanthi Gears, and Paramfos. The Group employs more than 59,000 people and promotes a professional environment.
This article was shared with Prittle Prattle News as a Press Release.
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