The New India Assurance Company Limited

Founded by Sir Dorabji Tata in 1919, The New India Assurance Company Limited has been committed to safeguarding the well-being of the people of India. With unwavering dedication, it has maintained its leadership in the Non-Life business sector for over five decades.

And, in this vast span of time, they have ensured that customers get commendable insurance solutions. In the fiscal year 2022-23, The New India Assurance Company Limited issued 83,87,982 policies and received 25,81,686 claims.

Awards & Recognitions

With an illustrious history, The New India Assurance Company Limited has won several notable awards -

It was honoured with the ‘General Insurance Company of the Year’ award by the India Insurance Summit Awards 2018 for its exceptional performance, customer-centric approach, and overall excellence in the general insurance sector.
It received the ‘Product Innovator of the Year - Title Insurance Policy’ award from the India Insurance Summit Awards 2018 for its pioneering efforts in introducing groundbreaking insurance policies.
The New India Assurance Company Limited was honoured as the ‘Best General Insurer of the Year 2018’ at the prestigious Business Today Financial Awards for its exceptional ability to effectively meet its clients' diverse insurance needs.
It earned the ‘Skoch Award Company of the Year Order of Merit’ in 2018 - highlighting its remarkable achievements and excellence in operations.
The New India Assurance Company Limited was honoured with the ‘Golden Peacock Business Excellence Award’ in 2017 for its outstanding business practices and overall contribution to the growth and development of the insurance sector.
It was also bestowed with the ‘India's Leading Insurance Company - Non-Life Public Sector’ award at the Dun & Bradstreet BFSI Awards in 2017 - recognising its position as a trusted leader in the non-life insurance segment of the public sector.

Claim Settlement Ratio

The Claim Settlement Ratio (CSR) serves as a crucial metric to assess an insurance company's ability to settle claims effectively. In the financial year 2021-22, The New India Assurance Company Limited achieved an impressive CSR of 93.0%.

By evaluating the CSR of an insurance company, you can check its effectiveness in fulfilling its claim obligations. The insurer with a high CSR is considered more credible and reliable - demonstrating their ability to meet their financial commitments on time. It is also important to look at their CSR track record over multiple years to ensure their consistency.

Solvency Ratio

The solvency ratio is a crucial metric that is used to assess the financial strength and stability of an insurance company. It provides insight into the insurer's ability to fulfil claims effectively. According to the regulations set by the Insurance Regulatory and Development Authority of India (IRDAI), insurers must maintain a minimum solvency ratio of 150%. This ensures that insurance companies have adequate financial resources to meet their obligations.

As of March 31st, 2023, The New India Assurance Company Limited boasts a solvency ratio of 187%. This indicates that it has a robust financial position, surpassing the minimum requirement - to handle claim payments and fulfil other financial responsibilities.

Network Hospitals

Network hospitals are those hospitals that have tie-ups with your insurance company to provide cashless treatments. If you get treated in a network hospital, you don’t have to pay for the expenses upfront and the insurer or their designated third-party administrator (TPA) directly settles the hospital bill on your behalf. Your responsibility is only to cover the expenses that are not covered by your policy, such as consumables, administrative fees, registration fees and other similar costs.

The New India Assurance Company Limited has an extensive network of over 5,500+ hospitals that offer cashless treatments. To access the comprehensive list of network hospitals based on your location, you can visit https://www.newindia.co.in/portal/locateUs. This tool allows you to check the number of hospitals in your neighbourhood listed with your insurer as well as whether your preferred hospital is included in their network.

Network Garages

Network garages are those garages that are authorised by your insurance company to offer cashless repairs for your vehicles in case of an accident or damage. In other words, these garages partner with your insurance provider, allowing you to get your vehicle repaired without having to bear the expenses directly. The insurance company handles the bill, while you are only responsible for paying the deductible and any consumable charges that may apply.

The New India Assurance Company Limited has over 3,000+ network garages that provide cashless vehicle repair services. To find the number of garages affiliated with the insurer based on your location, you can visit https://www.newindia.co.in/portal/locateUs. This link can also help you check the number of network garages available in your vicinity.

Customer Services

Toll-Free Helpline
For any assistance, queries regarding your insurance policies or information about The New India Assurance Company Limited's services, you can contact their customer support team by calling their toll-free number 1800-209-1415.
Email
For inquiries, support, or any other communication, you can write to tech.support@newindia.co.in and get the necessary support.

For any doubts, queries, or issues, The New India Assurance Company Limited offers alternative contact options as well -

Twitter: https://twitter.com/NewIndAssurance
Facebook: https://www.facebook.com/NewIndAssurance/