Future Generali India Insurance aims to achieve 100 per cent insurance coverage in the State of Sikkim by 2027
BY PAYEL KAR
Future Generali India Insurance (FGII), one of India’s leading private general insurance players, aims to achieve 100 per cent insurance coverage in Sikkim by 2027, almost two decades earlier than the rest of the country. The company, which operates across various segments including crop, corporate, SME and individual line of business, has also come up with customised products “resonating” with the people of Sikkim.
According to Anup Rau, Managing Director & CEO, Future Generali India Insurance Company Ltd, Sikkim, which hasa literacy rate of nearly 91 per cent, has an appreciation for the need of insurance and hence it is eminently possible to achieve the target of 100 per cent insurance in the State by 2027.
“We are the Lead Insurer for the state of Sikkim and are very keen to make this a success. We have got a lot of cooperation from local officials; government authorities and we are very encouraged with the response. IRDAI has set a vision of Achieving Insurance for All by 2047 and the target we have taken on ourselves and we discussed this at the meeting today morning with officials from other insurance companies – is to achieve 100 per cent insurance coverage in Sikkim by 2027, that is two decades before the rest of the country. We believe this is eminently possible,” Rau said at a select interaction with media here on Friday.
FGII is keen to participate and come up with products that can help boost the local economy for example tourism. “Whenever we get an opportunity to work with the government,we can look to extend insurance coverage for tourists coming in or whatever other options available. We are open to customising products which could resonate with people in Sikkim and localise them accordingly,” he said.
The company has rolled out custom-madeproduct priced at Rs 149/ which offers comprehensive coverage upto Rs 4 lakh for four coverages including personal accident, death or disability due to accident, children’s education in case of death of the earning member and home and burglary insurance. It is working with Gram Panchayats in Sikkim to generate awareness around the product. There are 197 Gram Panchayats in Sikkim which falls under six districts. The company has so far covered three districts namely Namchi, Pakyong, Gangtok in terms of generating awareness. It is looking to cover two more districts by the end of this month.
The company is in talks with Urban Development Authority in Sikkim to identify all pucca dwellings so as to sensitise them about the need for house insurance.During financial year 2024-25, the company has sold close to 21,000 policies.
“There are three things which are important to enhance penetration – product, awareness and third is the presence of intermediary. We are continuously working on coming up with products and generating awareness. On the distribution front, we are currently using the bank distribution network but we are also setting up our agency network in the State. Once Bima Vahak comes in, it will become easier for us to distribute the products. I am fully confident that we will be able to cover 100 per cent population in Sikkim,” he added.
