Tata AIG General Insurance Company Limited
Tata AIG General Insurance Company Limited, a coalition between the Tata Group and American International Group (AIG), has become well-known in the insurance industry by creating many new and exciting insurance products and services over the years. It was established in the year 2001 and continues to dominate the insurance market, ever since. It has two main areas of business: consumer lines and commercial lines.
Within these areas, Tata AIG General Insurance Company Limited offers a wide range of general insurance options that meet the different needs of individuals and businesses. Under the consumer lines, it provides home insurance, car insurance, travel insurance, health insurance , rural-agriculture insurance, etc. Under the commercial lines, it offers property and business interruption insurance, as well as D&O (Directors and Officers), professional and general liability insurance, and specialised products like reps & warranties and environmental insurance.
Each product that the company offers is supported by expert knowledge to assist customers throughout their entire relationship with the company. Its goal is to become the preferred choice for general insurance in the industry. To achieve this vision, Tata AIG General Insurance Company Limited is expanding its presence in the general insurance market in India through important partnerships with well-known businesses from various industries.
In the financial year 2022-23, a total of 1,24,53,895 policies were issued and over 18,25,958 claims were received during the same period.
Awards & Recognitions
Tata AIG General Insurance Company Limited has received some notable awards for its amazing accomplishments -
At The Economic Times - Human Capital Awards (HCA) 2022, the company won the silver award for excellence in creating a culture of continuous learning and upskilling.
It got a bronze award at The Economic Times: Human Capital Awards (HCA) 2022 for its excellent social initiatives.
Also, it won the prestigious Digital Insurer of the Year Award at the DigFin Innovation Awards 2021.
Claim Settlement Ratio
The Claim Settlement Ratio (CSR) is the proportion of claims an insurer settles compared to the total number of claims received in a financial year. Tata AIG General Insurance Company Limited has a claim settlement ratio of 83.2% for the financial year 2021-22.
CSR helps you understand how well an insurance company is likely to handle your claims. To really assess an insurance company's claim-settling ability, it is a good idea to look at its CSR over the past few years. If a company consistently maintains a good CSR track record over the years, it is a sign that they are trustworthy and reliable.
The solvency ratio is a measure of the financial health of an insurance company. It helps you understand an insurance company's ability to pay claims and measure its financial stability. According to the regulations set by IRDAI (Insurance Regulatory and Development Authority of India), insurers must maintain a minimum solvency ratio of 150%. This ensures they have enough funds to cover potential claims and obligations.
Tata AIG General Insurance Company Limited has a solvency ratio of 194% for the period ending on March 31, 2023. This means that it has good financial strength to handle its claims and meet its commitments.
Network hospitals have a special agreement with the insurance company to provide cashless facilities. This means that if you visit a network hospital for treatment, you may not have to worry about running around for cash to pay for your treatment. And, your medical bill will be directly settled by the insurer or the TPA.
So, instead of paying the entire bill yourself, you will only have to pay for certain expenses that aren't covered by your policy including consumables, administrative fees, registration fees, and such.
Tata AIG General Insurance Company Limited has a robust network of 7,200+ hospitals to provide cashless treatments. To find network hospitals based on your location as well as the number of hospitals in your area that are affiliated with the insurer's network, visit https://www.tataaig.com/servicing/locator/hospital-locator.
Network garages are those garages that have a partnership with the insurance to provide cashless vehicle repair services in case of accidents or damages. When you choose to repair your vehicle at a network garage, you won't have to bear the expenses yourself. Instead, the insurance company will handle the bill, and you will only need to pay the deductible and any applicable consumable charges.
At Tata AIG General Insurance Company Limited, you can benefit from their extensive network of over 5,400+ network garages. To find the network garages based on your location, you can visit https://www.tataaig.com/servicing/locator/garage-locator. This link will also provide you with information about the availability of network garages in your area.
If you need any kind of assistance, feel free to reach out to Tata AIG's customer support team at 1800-266-7780.
For any questions or concerns, you can easily get prompt support by sending an email to email@example.com.
If you have queries, concerns, etc. you can reach out to the Tata AIG team by using alternate contact options such as -