United India Insurance Company Limited
United India Insurance Company Limited, established in 1938, is a renowned insurance company in India. In 1972, the general insurance business in India was nationalised, and United India played a significant role in this transformation. It combined forces with 12 Indian insurers, Indian operations of 5 foreign-based insurers, 4 cooperative insurance societies, and the general insurance operations of the southern region of LIC of India.
Since nationalisation, United India Insurance Company Limited has experienced remarkable growth. It offers a wide range of insurance products, catering to diverse needs, from covering bullock carts to satellites. Recognised for its expertise in designing and implementing complex insurance policies for large customers, it has pioneered insurance services to rural communities, making insurance accessible to the masses.
In the fiscal year 2022-23, United India Insurance Company Limited issued over 90,65,571 policies and received over 46,14,549 claims.
Awards & Recognitions
United India Insurance Company Limited has achieved notable recognition for its innovations in the financial services sector. Here are some of them –
At the Finnoviti 2012 Awards hosted by Banking Frontiers and Glocal Infomart Private Limited, it received two Finnoviti Awards.
One award for its innovation in the product category, specifically for the Super Top-Up Medicare Policy.
The second award recognised United India Insurance Company Limited's innovation in the community-sased claims settlement process.
United India Insurance Company Limited started its platinum year with another remarkable achievement. It was honoured as the “General Insurer of the Year - Public Sector” for the second consecutive year at the Financial Leadership Awards 2012 presented by Bloomberg UTV.
Claim Settlement Ratio
The Claim Settlement Ratio (CSR) is a crucial indicator used to assess an insurance company's ability in processing and settling claims. In the fiscal year 2021-22, United India Insurance Company Limited achieved an impressive CSR of 88.2%.
When evaluating an insurance company, it is important to consider its CSR as it provides insights into its efficiency and effectiveness in handling claims. Additionally, reviewing an insurer's CSR over multiple years is recommended to ensure a consistent and reliable track record.
The solvency ratio is a critical metric used to assess the financial stability and strength of an insurance company. It determines the insurer's capacity to fulfil their obligations. As per the guidelines established by the Insurance Regulatory and Development Authority of India (IRDAI), insurance companies must maintain a minimum solvency ratio of 150% to ensure adequate financial resources to honour their claim commitments.
Unfortunately, United India Insurance Company Limited currently has a solvency ratio of only 12% as of March 31, 2023. This indicates a relatively weak financial position, with limited resources available to meet their financial commitments.
Network hospitals have partnership with insurance companies to provide you with the convenience of cashless medical treatments. This means that you can avail of treatments at these hospitals without making any upfront payments and the insurance company or their designated third-party administrator (TPA) will settle the medical bill. However, it is important to note that certain expenses, such as consumables, administrative fees, registration fees, and similar charges, may have to be borne by you.
United India Insurance Company Limited has an extensive network of 5,600+ hospitals that offer cashless treatments. To find the network hospitals based on your location, visit https://uiic.co.in/en/tpa-ppn-network-hospitals. This link will assist you in determining the number of hospitals in your area listed with your insurer as well as whether your preferred hospital is part of their network.
Network garages are authorised by your insurance company to provide vehicle repairs in the event of accidents or damage. Since these garages have formed a partnership with your insurance company, you need not pay for the repair costs upfront. Instead, the insurance company takes care of the bill, while you will only be responsible for paying the deductible and any applicable consumable charges.
United India Insurance Company Limited takes pride in its extensive 3,100+ network garages. To find the network garages listed with the insurer based on your location, you can visit https://uiic.co.in/en/garage-details. Using this link, you can also check the number of network garages available in your area.
For any queries or support regarding your insurance policies or other important information, you can reach out to United India Insurance Company Limited via their toll-free number 1800-425-33333.
United India Insurance Company Limited also provides email support. You can ask any questions, seek assistance, or discuss any concerns by sending an email to email@example.com.
In case you have doubts, queries, or issues, United India Insurance Company Limited offers alternate contact option to connect with them –