This year’s Annual Report pays tribute to our Indo-Italian partnership, showcased through the palatable lens of rich cuisine that is a hallmark of both Indian and Italian cultures. Curated in a cook-book style, each section of the Annual Report is based on different meal courses and interspersed with mouth-watering recipes — one authentic Indian recipe, one authentic Italian recipe and one fusion recipe to celebrate the coming together of both cultures.
INTRODUCTION TO THE COMPANY
Serving India’s Needs with Expertise
Future Generali India Insurance Company Limited (FGII), India’s fastest-growing private general insurance company amongst the Top 10, thrives on the rich experience of the Future Group and the technical expertise of Generali.
Key highlights
121
Branches
20,000+
Agents
3,000+
Corporate clients
1.5 crores+
Policies sold across India
Vision
Our vision is to actively protect and enhance people's lives
Mission
Our mission is to be the first choice by delivering relevant and accessible insurance solutions
Values
- Deliver on the promise
- Value our people
- Live the community
- Be open
MESSAGE FROM THE CHAIRMAN
Thriving in the
'New Normal'
"In line with a dynamic and constantly changing landscape, we are redefining our work processes and speed of innovation. Today, we are a truly customer-led company and have established a platform to evolve and grow. As we scale up to the future opportunities, we will continue to bring in new initiatives and technology to capture new growth possibilities."
G. N. Bajpai
Chairman
MESSAGE FROM THE MD & CEO
Driven by People,
Products and Partnerships
"Following a three-pronged approach, we invested heavily in developing relevant and affordable products, creating a nurturing work environment for our employees, and adopting digital technology to support our agents and partners, which helped expand our customer segments."
Anup Rau
MD & CEO
KEY PERFORMANCE INDICATORS
Delivering Stable and Profitable Growth
FY 2020-21 was a year marked by significant volatility. Our stable performance, despite an overwhelmingly adverse external environment, is a testimony of our strong fundamentals and resilience.
27.26%
27.26%OPERATIONAL HIGHLIGHTS
Creating Value with Foresight and Agility
Motor Insurance
`1351.38 cr
Gross Written Premium
-0.30%
`813.47 cr
Net claims paid
Non-motor Insurance
`2,018.93 cr
Gross Written Premium
21.53%
`293.73 cr
Net claims paid
Health Insurance
`528.59 cr
Gross Written Premium
11.77%
`340.59 cr
Net claims paid
Led by Continuous Innovation
The year under review started amid an unprecedented lockdown and uncertainties arising due to the pandemic. Our primary focus was to ensure the safety and well-being of our employees and intermediaries in these testing times.
FY 2020-21 Key Highlights
Recruited, trained, and deployed 1,700+ new agents/Point-of-Sales Person (POSP)
Recruited, trained, and deployed 1,700+ new agents/Point-of-Sales Person (POSP)
Recruited, trained, and deployed 1,700+ new agents/Point-of-Sales Person (POSP)
Recruited, trained, and deployed 1,700+ new agents/Point-of-Sales Person (POSP)
Building a Strong Network
At FGII, it is our constant endeavour to nurture long-term strategic relationships with banks. We strive to foster new relationships while strengthening our existing partnerships. Our team works with an aim to motivate our partners to cross-sell, up-sell, and consolidate the business.
FY 2020-21 Key Highlights
Successfully renewed Bank of Maharashtra tie-up for next three years
Continue d operations till July with minimum staff due to COVID-19 restrictions
Covered shortfall of first five months in the remaining seven months of the year
Business mix – 92% non-motor and 8% motor
STRATEGIC FOCUS AREAS
Fueling Seamless Operational Synergies
Our growth strategy revolves around the customer and their evolving aspirations. Our ability to seek more opportunities in the retail segment, develop customised solutions, and come up with innovatively designed distribution strategies forms the basis for our way forward.
Expanding Distribution Reach
Focus on Retail Health
Scaling up 2-wheeler business
Technology Transformation
Building a Strong Brand Connect with Customers
Progressing with a People-first Approach
Initiatives in the year
Leaving too soon!
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Inspired by Trust
Our renewal ratio of over 86% shows the high level of customer trust in our products and the quality of services that our teams strive to deliver to our customers.
FY 2020-21 Key Highlights
Gross Written Premium increased by 15% to `752 cr
Increased participation in major accounts
From Global business se gment (GC&C + GEB) 8 new major accounts acquired