Kotak Mahindra General Insurance Company Limited
Kotak Mahindra General Insurance is dedicated to serving the growing non-life insurance sector by offering high-quality products and exceptional customer service. As a 100% subsidiary of Kotak Mahindra Bank Limited, one of India's fastest-growing banks, Kotak General Insurance was established in 2015 to meet the increasing demand for non-life insurance in the country. It prioritises customer service, quality, and innovation in everything it does.
The company’s goal is to cater to a wide range of customers and regions, providing a variety of non-life insurance products including motor insurance, health insurance, home insurance and commercial insurance. Through customised products and services, advanced technology, and digital infrastructure, it strives to deliver a unique value proposition to its customers. In the fiscal year 2022-23, Kotak Mahindra General Insurance Company Limited received 1,15,233 claims and issued a total of 28,49,779 policies showcasing its commitment to serving your insurance needs.
Awards & Recognitions
Kotak Mahindra General Insurance Company Limited has been recognised with several prestigious awards and some of the notable ones include –
Amiable Insurer in the Non-life Insurance - Compact category at the Economic Times Annual Insurance Summit and Awards 2022.
Editor's Choice Best Consumer Experience Initiative at the InsureNext Awards 2022.
Marketer Company of the Year at the India Insurance Summit & Awards 2020.
Bronze award at the ANA ECHO International Awards 2020, USA, for Consumer Services.
Silver award at the Brand Equity Shark Awards 2019 for the best consumer insights campaign.
Silver award at the India Digital Media Awards 2019 for gender parity - recognising their commitment to creating a more equitable society.
Two silver awards for Best Consumer Engagement and Best in Financial Service.
Three bronze awards for Best Use of Social Media, Innovative Use of Technology, and Best in Consumer Services.
Claim Settlement Ratio
The Claim Settlement Ratio (CSR) is a key metric that evaluates how well an insurance company handles and settles insurance claims. In the fiscal year 2021-22, Kotak Mahindra General Insurance Company Limited achieved an impressive CSR of 81.7%.
A good Claim Settlement Ratio demonstrates the company's reliability and ability to provide financial assistance in times of need. By considering an insurance company's CSR, you can assess its efficiency and effectiveness in handling claims. It is also essential to review the insurer's CSR performance over multiple years. This is because an insurance company that consistently maintains a high claim settlement ratio is considered the most dependable.
The solvency ratio is a crucial measure used to evaluate the financial strength of an insurance company and assess the insurer's ability to fulfil its claims obligations. According to the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI), insurance companies are required to maintain a minimum solvency ratio of 150%. This ensures that insurers have sufficient financial resources to meet their financial obligations.
Kotak Mahindra General Insurance Company Limited maintains a solvency ratio of 183% as on March 31, 2023. This demonstrates that they have a robust financial position, with resources well above the minimum requirement.
Network hospitals are those hospitals that have a tie-up with the insurance company, to provide cashless medical treatments. This means you don't have to worry about paying upfront for medical expenses. Instead, the insurance company or their designated third-party administrator (TPA) will settle the hospital bill directly. You would only need to cover any expenses not covered by your policy, such as consumables, administrative fees, registration fees, and similar charges.
At Kotak Mahindra General Insurance Company Limited, we have established a vast network of 7,700+ hospitals that offer cashless treatments. And, you can find the network hospitals based on your location by visiting https://www.kotakgeneral.com/network-locator/hospital-network. With this link, you can also check whether your preferred hospital is listed with the insurer and how many hospitals in your area are included in their network.
Network garages are those that have a partnership with an insurance company to provide authorised vehicle repairs in case of accidents or damage. In that case, the insurance company handles the bill, and you only need to pay the deductible and any applicable consumable charges.
Kotak Mahindra General Insurance Company Limited offers over 4,000+ network garages. These garages enable you to get your vehicle repaired without any cash transactions. And, you can find the number of garages listed with the insurer based on your location and check the number of network garages available in your area by visiting https://www.kotakgeneral.com/network-locator/garage-network.
For prompt assistance on your insurance policies, address any questions, and get detailed information about its services, you can easily reach out to Kotak Mahindra General Insurance Company Limited's customer support team by calling their toll-free number at 1800-266-454.
Whether you have inquiries, require support, or need to discuss any concerns, you can also reach out to Kotak Mahindra General Insurance Company Limited by sending an email to firstname.lastname@example.org
In case you have doubts, queries, or issues, Kotak Mahindra General Insurance Company Limited provides alternative contact options for you to connect with them: