TATA AIG General Insurance Company Limited
TATA AIG General Insurance Company Limited, founded in 2000, is a joint venture between the TATA Group and American International Group (AIG), specializing in various insurance products and headquartered in Mumbai, Maharashtra, India.
Company Overview
TATA AIG General Insurance Company Limited is a joint venture between the TATA Group and the American International Group (AIG). Founded in 2000, the company operates in the insurance industry and has established itself as a significant player with a team size of 11,217 employees. The headquarters is located in Mumbai, Maharashtra, at Peninsula Business Park. TATA AIG is recognized among the top 25 Best Workplaces in the BFSI category in 2023 and has been featured as one of India's Top 100 Best Companies to work for.
Insurance Products
TATA AIG offers a comprehensive range of general insurance products, including Motor Insurance, Travel Insurance, Health Insurance, Home Insurance, Business Insurance, and Lifestyle Insurance. The company provides specialized products such as Reps & Warranties and Environmental Insurance under its Commercial Lines vertical. Additionally, TATA AIG offers a Personal Accident Cover of up to ₹15 lakhs with its car insurance plans and has a network of over 11,000 hospitals for health insurance.
Market Presence
As of March 31, 2023, TATA AIG recorded a Gross Written Premium of 15,423 Crores and aims to be a leader in the general insurance industry by 2025. The company has a distribution network of over 89,000 licensed agents and operates with 221 offices across India. It has issued over 1 crore policies in the last year and served over 5 crore customers since its inception. TATA AIG also has a strategic initiative called 'Go Digital' to enhance the online purchasing experience for insurance products.
Specialties and Coverage
TATA AIG specializes in various types of insurance, including motor, travel, health, home, business, and lifestyle insurance. The company provides travel insurance that covers over 200 destinations and includes COVID-19 coverage for international travel. For motor insurance, TATA AIG offers up to 13 add-ons for enhanced protection and has a network of over 7,500 garages. The company also caters to small and medium enterprises (SMEs) with tailored insurance solutions.
Financial Performance
As of March 31, 2024, TATA AIG reported an Asset Under Management (AUM) of approximately Rs. 26,854 Crores. The company has established a strong financial foundation, contributing to its growth and ability to offer a wide range of insurance products. Its strategic initiatives and extensive network of licensed brokers and bancassurance partners further support its market position.