CHAPTER.

HDFC ERGO GENERAL INSURANCE OVERVIEW

HDFC ERGO General Insurance Company Limited is a joint venture between HDFC
Ltd. and ERGO International AG, a Germany-based company that is part of the
Munich Re Group. HDFC holds 51 per cent, and ERGO the other 49 per cent. The
firm operates in 91 Indian cities with over 108 branches and 2,000 staff members.
The Company offers complete range of general insurance products ranging from
Motor, Health, Travel, Home and Personal Accident in the retail space and
customized products like Property, Marine and Liability Insurance in the corporate
space.

HDFC ERGO endeavors to improvise and cater to every need of the modern day
customer with superior customer support service through automated processes.
This helps to provide customers a seamless and hassle-free experience. HDFC
ERGO is expanding its network across the country and is today present in 108
branches spread across 91 cities with an employee base of over 2000
professionals. The Company also has a wide distribution network comprising of
brokers, retail and corporate agents, banc assurance besides its own direct sales
force.

HDFC ERGO has been assigned ‘iAAA’rating by ICRA indicating its highest claim
paying ability. We have been certified with ISO certification for our claim services,
policy issuance, customer servicing and standardization and uniformity of
Information Security processes being followed across all branches & locations.

VISION

our vision is “ To be the most admire insurance company that enables the
continued progress of customers by being responsive to their needs.”

This vision acts as our guiding light and helps all of us be proud of the organization
that we belong to. This happens by earning the respect of both, the customers
and the industry.

HISTORY

In 2002, HDFC Ltd. and ERGO International AG formed a general insurance joint
venture company, named HDFC ERGO General Insurance Company Limited with
its headquarter in Mumbai. Under the agreement, ERGO acquired 26 per cent
share, the rest being held by HDFC. During its initial years the company saw a
slump and recorded an underwritten Gross premium of Rs. 196.78 crores (FY
2006-07) as against Rs. 206.89 crore in the previous year (FY 2005-06). The
company made a strong come back and escalated its GWP to Rs.239.69 crores (FY
2006-07).In 2015, ERGO bought 23% more stake in the HDFC venture, making
them a 49% stakeholder. The firm is a Public Company and is categorized as
Indian Non-Government Company. The company’s authorized share capital is Rs.
6,000,000,000 and its paid up capital is Rs. 5,386,202,600. It received an ISO
Certification in 2010.
In June 2016, the company announced the buyout of the L&T General
Insurance for around Rs 551 crore, this was around 1.1 times the gross premium
of the latter. The merger completed on 23 August 2017

CURRENT FINANCIAL STATUS (FY 2016-17)

The third largest general insurance company in the private sector, the firm has
attained a Gross Written Premium (GWP) of 2,252.4 Crores and Net Written
Premium (NWP) of Rs. 999.1 Crores. Its market share grew from 4% (at the end of
the FY 2015-16) to 4.9% (FY 2016-17). The company sold over 5.5 million policies
through its 114 branches and various channel partners.

PRODUCTS AND SERVICES

 Retail Products - Motor Insurance, Health Insurance, Travel Insurance,

Home Insurance, Personal Accident
 Rural Products - Gramin Suraksha Bima, Parivar Suraksha Bima, Cattle
Insurance, Weather Insurance, Crop Insurance
 Commercial Products - Liability Insurance, Property Insurance, Engineering
Insurance.

ACHIEVEMENTS

 Rated iAAA by ICRA which indicates the firm’s highest paying ability.
 Awarded the Best Insurance Company in Private Sector - General by the
World HRD Congress at ABP NEWS - Banking, Financial Services & Insurance
Awards 2014.
 Awarded the Best General Insurance Company in India by International
Alternative Investment Review (IAIR) in 2013 and 2014
  ICAI Awards for Excellence in Financial Reporting.
 SKOCH Order-of-Merit for Claims Survey Management (CMS) for
qualifying amongst the Top 100-projects in India
 Best Customer Experience Award of the Year (Financial Sector) by
KamiKaze
 ICAI Awards for Excellence in Financial Reporting Annual Report FY 2014-
15 under the Category III – Insurance Sector
 CMS Outstanding Affiliate World-Class Service Award 2015 by Chubb
Multinational Solutions.
 ISO Certification
 HDFC ERGO has been awarded the ISO 9001:2008 certification for their
processes relating to the functions: Operation & Services, Customer
experience Management, Claims Management

 Gold Shield ICAI Awards for Excellence in Financial Reporting for the year
2012-13.
 HR Excellence through technology award at Asia's Best Employer Brand
Awards 2012
 Best Employer Brand Award by IPE BFSI
 Best Investor Education & Category Enhancement – Insurance by UTV
Bloomberg - Financial Leadership Awards 2012

VALUES
One single thing that takes us closer to our vision is our set of values - (SEED)
Sensitivity, Excellence, Ethics and Dynamism.
SENSITIVITY

We will build our business on empathy and an inherent understanding of both our
Internal and external customers’ needs.

EXCELLENCE

We will always strive to offer innovative products and services and endeavor to
set new benchmarks to do things better each time.

ETHICS

We will honor our commitments and be transparent in our dealings with all our
stakeholders.

DYNAMISM

We will be pro-active with a "can do" approach.

To make our vision a reality, we are committed to sow the SEED of our values and
nurture it daily. Our ethical approach and high levels of integrity enable us to
'continue the tradition of trust' we have inherited from our parent company HDFC
Ltd.We ensure that it reflects in every task we perform, every decision we take. It
helps us to work as a team towards creating and sustaining value for all our
stakeholders, namely Customers, Business Partners, Re-insurers, Share-holders
and most importantly, Employees.
KEY PERSONS

List of Key Persons of HDFC ERGO General Insurance Company Limited as per
Guidelines for Corporate Governance for insurers in India issued by IRDAI vides
circular No.: IRDA/F&A/GDL/CG/100/05/2016 dated May 18, 2016.

Name of Key Designation

Person
Mr. Ritesh Kumar Managing Director and CEO
Mr. Mukesh Kumar Executive Director
Mr. Anuj Tyagi Executive Director
Mr. Samir H. Shah Member of Executive Management & CFO
Mr. Ankur Bahorey Member of Executive Management & Group Head - Retail
Business Group
Mr. Mehmood Member of Executive Management & Group Head -
Mansoori Operations, IT, Online Business & Marketing
Mr. Abhiranjan Chief Investment Officer
Gupta
Mr. Dayananda V. Company Secretary and Head – Legal & Compliance
Shetty
Mr. Puneet Sudan Appointed Actuary
HDFC ERGO - BOARD OF DIRECTORS

Mr. Deepak S. Parekh

{Chairman}
Mr. Deepak S. Parekh (DIN: 00009078) is the Chairman of the Company and its
holding company - Housing Development Finance Corporation Limited (HDFC),
India’s premier Housing Finance Company. He is a fellow of The Institute of
Chartered Accountants (England & Wales). He joined HDFC in a senior
management position in 1978. He was inducted as a Whole-time Director of HDFC
in 1985 and was appointed as its Managing Director (designated as 'Chairman') in
1993 and continued to be appointed as such from time to time. He retired as the
Managing Director of HDFC with effect from the close of business hours on
December 31, 2009.
OTHER DIRECTORS OF HDFC ERGO
Mr. Keki M Mistry Mr. Arvind Mahajan
Mr. Anuj Tyagi Dr. Jagdish Khattar
Mr. Bernhard Steinruecke Ms. Renu Sud Karnad
Mr. Alexander Ankel Mr. Alexander Ankel
Mr. Mehernosh B. Kapadia Mr. Mukesh Kumar
CUSTOMER REVIEWS
 CRITICAL ILLNESS INSURANCE CUSTOMER REVIEWS
Customer Review Summary
Average Rating: 4.4 (Based on 4282 ratings)
 HEALTH SURAKSHA INSURANCE CUSTOMER REVIEWS
Customer Review Summary
Average Rating: 4.4 (Based on 22869 ratings)

 PRIVATE CAR INSURANCE CUSTOMER REVIEWS

Customer Review Summary
Average Rating: 4.4 (Based on 164512 ratings)

 TWO WHEELER INSURANCE CUSTOMER REVIEWS

Customer Review Summary
Average Rating: 4.3 (Based on 161049 ratings)

 HOME INSURANCE CUSTOMER REVIEWS

Customer Review Summary
Average Rating: 4.3 (Based on 5241 ratings)

 STUDENT SURAKSHA INSURANCE CUSTOMER REVIEWS

Customer Review Summary
Average Rating: 4.3 (Based on 530 ratings)
  TRAVEL INSURANCE CUSTOMER REVIEWS
Customer Review Summary
Average Rating: 4.2 (Based on 23896 ratings

 PERSONAL ACCIDENT INSURANCE CUSTOMER REVIEWS

Customer Review Summary
Average Rating: 4.4 (Based on 99487 ratings)

HDFC ERGO GENERAL INSURANCE CO. LTD DISTRIBUTION NETWORKS

HDFC ERGO General Insurance Co. Ltd has a Multichannel Distribution network.
Its product is also available online through its own website and insurance
aggregators. HDFC ERGO has a large network in india across 71 cities and multiple
branches in some cities. The company has a large basket of product to meet the
different insurance requirements of individuals and company. HDFC ERGO
General Insurance Company has been expanding its presence across the country
and is today present across 71 cities and 78 branch offices with an employee base
of over 950 Professionals.
COMPANY HIGHLIGHTS AS PER ANNUAL REPORT 2016-2017

 3rd largest General Insurance Company in private sector.

 Gross Written Premium grew on combined basis at 25% for the last 5 years.
 Overall market share grew to 4.9% in the current year.
 Largest player in personal accident lines in the industry.
 iAAA rated by ICRA (an associate of Moody’s Investors Service)
indicating highest claims paying ability.
 ISO 9001: 2008 certification for its Claim Services, Policy Issuance and
Customer Services.
 Spread across 114 branches in 91 cities and a close knit family of 2600+
professionals.
 Company continues to be compliant on Solvency Ratio.
 Servicing more than 5.5 million policies