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Kotak Mahindra General Insurance announced that it has been granted the certificate of registration (Form IRDA/R3) to commence business as an Indian Insurance company.
With this, the company has completed all registration formalities required by the regulators said the company in a release issued today. Kotak General Insurance has received permission to underwrite all classes of General Insurance business (Including Health Insurance).
Gaurang Shah, President – Asset Management, Insurance and International Business, Kotak Mahindra Bank Ltd., said, “It is a momentous occasion for us at Kotak Mahindra Group to receive the license on the eve of our 30th anniversary. Kotak General Insurance is a 100per cent subsidiary of Kotak Mahindra Bank Ltd., which makes the Company the only bank promoted general insurance company without a foreign joint venture partner.”
Shah added, “As per industry estimates, General Insurance market in India is currently at Rs. 84,000 crore premium per annum and has been growing at a healthy rate of 15% for the last five years. With the addition of General Insurance business, Kotak Mahindra Group with existing presence across banking, wealth management, life insurance, broking, mutual funds and alternate asset management will be able to offer the complete range of financial products and services to our retail and wholesale customers. The merger of ING Vysya Bank with Kotak Mahindra Bank has also given us a larger customer base and an increased geographical footprint of more than 650 locations and 1280 branches. Our knowledge and experience across the BFSI spectrum generates excellent cross synergies in our operations. We hope to leverage this advantage in our General Insurance business to the benefit of our customers and stakeholders alike.”
Mahesh Balasubramanian is the Chief Executive Officer of Kotak General Insurance. He brings with him over two decades of cross functional experience in financial services. Balasubramanian has spent over a decade with Kotak Mahindra Group. He was an integral part of the team that helped grow the consumer bank and its branch network.
Balasubramanian said, “With increasing distribution network of Kotak Mahindra Group, growing brand equity and consumer franchise, we believe that we will be able to leverage synergies and add significant value to our general insurance business. Being a new entrant, we will have opportunities to embrace new technologies and developments in the digital world to provide innovative products and solutions, which will deliver superior customer experience.”
“We have already put together a team of experienced people both from the industry and from within Kotak Group. All critical functions have already been staffed. We have also filed our initial set of products with the regulators and are awaiting approval. The team at Kotak General is expeditiously working towards a launch by the year end”, Balasubramanian added.
Kotak General Insurance will initially focus on the retail side of the business comprising Motor Insurance, Health Insurance, Home Insurance and Travel Insurance. The company will soon expand into the commercial lines of business, which includes Fire, Burglary, Marine, etc.
At inception, Kotak General Insurance Company Ltd. has been capitalised at Rs. 135 crore.
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