HDFC ERGO General Insurance Company

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HDFC ERGO General Insurance Company Limited
IndustryFinancial services
HeadquartersMumbai, Maharashtra, India
Key people
Mr. Ritesh Kumar MD
ProductsGeneral insurance
Health insurance
Vehicle insurance
Travel insurance
Home insurance
Accidental insurance
Commercial Insurance
Rural insurance
RevenueIncrease ₹56.06 billion (US$790 million) (2020)[1]
Decrease ₹4.6 billion (US$64 million) (2020)[1]
Decrease ₹3.3 billion (US$46 million) (2020)[1]
Total assetsIncrease ₹25.42 billion (US$360 million) (2020)[1]
Number of employees
3,899 (2020)[1]
ParentHDFC (51%)
Ergo Group (49%)
Websitewww.hdfcergo.com

HDFC ERGO is a 51:49 joint venture firm between HDFC and ERGO International AG, one of the insurance entities of the Munich Re Group in Germany operating in the insurance field under the BFSI sector. The company offers products in the retail, corporate and rural sectors. The retail sector products are health, motor, travel, home, personal accident, and cybersecurity policy. Corporate products include liability, marine, and property insurance. Rural sector caters the farmers with crop insurance and cattle insurance.

History[edit]

HDFC Ltd. And ERGO International AG formed a joint venture firm named HDFC ERGO General Insurance Company Limited. ERGO became a 49% stakeholder in the Company in 2015. In June 2019,HDFC announced plans to acquire 51.2 per cent stake in Apollo Munich Health Insurance and later merged it with its general insurance arm, HDFC ERGO.[2]

In 2020, HDFC Ergo Health Insurance( earlier known as Apollo Munich Health Insurance)[2] merged with the company after the receipt of final approval from the Insurance Regulatory and Development Authority of India (IRDAI) making it the second-largest private insurer in the accident and health insurance business.[3] With this merger, the company's product suite expanded to over 50 in this segment.[2]

In May 2021,Housing Development Finance Corporation (HDFC),had entered into a share purchase agreement for sale of 44,12,000 equity shares of Rs. 10 each, representing 0.62% of the issued and paid-up share capital of HDFC ERGO, in accordance with the direction of Reserve Bank of India to reduce its shareholding in the latter to 50% or below, and subsequent to this HDFC ERGO would cease to be a subsidiary company of HDFC.[4]

Technology[edit]

The firm's website has an AI-based chatbot DIA which can answer many of the queries. HDFC ERGO General Insurance has adopted the Robotics process automation and voice analytics to improve customer experience. With these technologies, the company claims to process health insurance in 15 minutes and issues Health and Motor Insurance Policies to the customers within 5 minutes through the digital platforms. A mobile application, the Insurance Portfolio Organiser (IPO) app, has also been built and offers its services based on geo-location.[5][6][7] [8][9][10][11] The company is aiming to transform itself into an ‘AI-first company’, wherein over 30% of customer service requests is handled by artificial intelligence (AI) and more than 50% of customers are using the digital platform to avail of any service after becoming policyholders.[12]

References[edit]

  1. ↑ 1.0 1.1 1.2 1.3 1.4 "HDFC ERGO General Insurance Company Ltd. Financial Statements" (PDF). hdfcergo.com.
  2. ↑ 2.0 2.1 2.2 "Merger of HDFC ERGO Health Insurance with HDFC ERGO General Insurance complete". businessline. 13 November 2020. Retrieved 12 May 2021.
  3. ↑ Kaul, Abhinav (19 November 2020). "HDFC Ergo Health, HDFC Ergo General merger: How will it impact customers?". mint. Retrieved 12 May 2021.
  4. ↑ "HDFC to divest 0.62% stakeholding in HDFC ERGO". Business Standard India. 10 May 2021. Retrieved 13 May 2021.
  5. ↑ "Board of Directors & Key Persons - HDFC ERGO General Insurance Company".
  6. ↑ "History of HDFC ERGO Health (formerly Apollo Munich)".
  7. ↑ "Apollo Munich: Healthy profits from Unhealthy People".
  8. ↑ "HDFC ERGO Insurance App – Apps on Google Play".
  9. ↑ "HDFC ERGO General Insurance to seek IRDAI nod to merge with ERGO Health".
  10. ↑ "HDFC ERGO General Insurance Company - The Economic Times".
  11. ↑ "HDFC-Apollo Munich Pact Underlines deals trend in Health Insurance, but Risks Abound".
  12. ↑ "HDFC ERGO General Insurance using AI in most areas of ops". The Financial Express. 29 April 2021. Retrieved 13 May 2021.

External links[edit]

  • {{URL|example.com|optional display text}}

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