Latest News on Royal Sundaram
A travel insurance policy for just 45 paise: Understanding IRCTC’s travel insurance policy and its significance
As train travel remains a vital part of Indian mobility, the Indian Railway Catering and Tourism Corporation (IRCTC) offers an optional travel insurance feature that is often overlooked. For just 45 paise, which is less than a rupee, passengers can enjoy a comprehensive travel insurance coverage that includes accidental death, permanent total disability, permanent partial disability, hospitalization due to injury, and transportation of mortal remains. The coverage kicks in as soon as a passenger boards a train with a valid e-ticket and covers the entire journey, including boarding and disembarking from the train.
The insurance policy provides a payout of up to ₹10 lakh in the event of accidental death or permanent total disability, and up to ₹7.5 lakh for permanent partial disability. Additionally, hospitalization expenses due to injury are covered up to ₹2 lakh, and transportation of mortal remains is covered up to ₹10,000. The insurance policy is available to Indian residents who travel on a valid IRCTC e-ticket, and the 45 paise premium includes a base premium of ₹0.38 and an IGST charge of ₹0.07.
After booking their tickets, passengers will receive a separate email from the insurance company partnered with IRCTC, and they must provide their nominee details directly to the insurer. Some of the insurers include United India Insurance Co. Ltd., Liberty General Insurance, and Royal Sundaram General Insurance, among others. This micro-insurance scheme is not a reimbursement-based model, and beneficiaries receive a direct payout in the event of death or disability. Hospital expenses are also reimbursed up to a specified limit.
Despite the affordability and benefits of this insurance scheme, awareness about it remains surprisingly low. With over 2 crore passengers traveling by train daily, accidents can and do happen, and this insurance policy can provide financial protection to passengers and their families. By opting for this travel insurance, passengers can ensure that their families are protected from financial ruin in the event of an unforeseen accident. Therefore, it is essential to check the box for travel insurance when booking a ticket on IRCTC, as it can be a smart and valuable investment for just 45 paise.
Scorching Summers Ahead: Why Your Car Needs Summer Protection Cover Against Heatwave Damage
As the Indian summers continue to intensify, with over 200 heatwave days recorded in 2023, car owners are advised to take proactive steps to protect their vehicles from the extreme heat. Prolonged exposure to high temperatures can lead to expensive repairs and safety hazards, affecting the battery life, tyre pressure, and engine performance. To mitigate these effects, car owners can take several precautionary steps, including parking in the shade, ventilating the car before driving, checking coolant and engine oil levels, monitoring tyre pressure, using protective covers, and regular battery checks.
Royal Sundaram’s Summer Protection Cover offers comprehensive protection for vehicles against heat-related damages. The policy covers damages resulting from fire incidents, including those caused by self-ignition, and provides protection for the engine and cooling system. Additionally, the policy covers tyre damage, battery and electrical component protection, and interior and exterior damage reimbursement. However, it is essential to note that wear and tear due to heat may not be covered, and car owners should consider inquiring about add-ons or specific coverage options.
The importance of insurance in protecting vehicles from extreme weather conditions cannot be overstated. With heatwaves expected to intensify in the coming years, investing in a Summer Protection Cover can ensure the longevity and resilience of vehicles, providing peace of mind for car owners. Royal Sundaram’s Car Insurance policies offer a range of benefits, including fire and self-ignition protection, engine and cooling system coverage, and tyre damage assistance.
To stay ahead of the heat, car owners should prioritize regular maintenance, use heat-resistant accessories, and consider investing in a comprehensive insurance policy. By taking these proactive steps, car owners can safeguard their vehicles from costly damage and ensure a smooth driving experience, even in extreme weather conditions. As Shubham Moondra, Chief Product Officer at Royal Sundaram, emphasizes, “Investing in a Summer Protection Cover ensures your vehicle remains resilient against extreme weather conditions, providing longevity and peace of mind.” By staying insured and taking proactive measures, car owners can drive confidently, no matter how high the mercury rises.
Royal Sundaram appoints Vedanarayanan Seshadri as Managing Director
Royal Sundaram General Insurance has announced the appointment of Vedanarayanan Seshadri, also known as Veda, as its new Managing Director. With over 30 years of experience in the banking and insurance sectors, Veda brings a wealth of knowledge and expertise to the role. His extensive background in the industry includes 15 years of leadership experience, where he has worked in various areas such as distribution, business growth, and digital operations.
Veda’s appointment has been welcomed by Harsha Viji, Executive Vice Chairman of Sundaram Finance, the promoters of Royal Sundaram. Viji expressed confidence that Veda’s understanding of the insurance market and his experience in the sector would be a significant asset to the company. Viji believes that Veda’s leadership will help take Royal Sundaram to the next phase of growth, leveraging his expertise to drive the company forward.
As the new Managing Director, Veda has outlined his vision for the company’s future. He plans to work closely with the team and the board to focus on the company’s next phase of growth, profitability, and consolidation. Veda recognizes the tremendous potential in the insurance market and is committed to harnessing this potential to drive Royal Sundaram’s success.
With Veda at the helm, Royal Sundaram is poised to embark on a new chapter of growth and expansion. His experience and expertise will be invaluable in navigating the complexities of the insurance market and capitalizing on emerging trends and opportunities. As the company looks to the future, Veda’s leadership will be instrumental in shaping Royal Sundaram’s strategy and direction.
Overall, Veda’s appointment as Managing Director of Royal Sundaram General Insurance is a significant development for the company. His experience, expertise, and vision for the future make him an ideal candidate to lead the company into its next phase of growth and success. With Veda at the helm, Royal Sundaram is well-positioned to achieve its goals and establish itself as a leading player in the insurance industry.
Mumbai State Commission holds Royal Sundaram General Insurance liable for wrongful repudiation of claim.
The State Consumer Disputes Redressal Commission, Mumbai bench, has ruled in favor of the complainant, Mahesh Dashrath Gaikwad, in a case against Royal Sundaram General Insurance Co. Ltd. The complainant’s vehicle, a Mitsubishi Pajero Sport, was insured with the company under a policy valid from May 13, 2016, to May 12, 2017. On March 25, 2017, the vehicle was detained by the police during a municipal corporation meeting, and it caught fire due to an electric short circuit on the night of March 28, 2017, while in police custody.
The insurer repudiated the claim, stating that the vehicle was used for unlawful purposes on the date of the incident. However, the commission observed that there was no evidence to support this claim, and the police authorities and fire brigade officials confirmed that the fire occurred due to an electric short circuit and not due to the complainant’s negligence.
The commission addressed three key issues: whether the complainant was a “consumer” under the Consumer Protection Act, 1986, whether the complaint was within the limitation period, and whether there was a deficiency of service by the insurer. The commission held that the complainant was a consumer, as there was no evidence to suggest that the vehicle was purchased for commercial purposes. The complaint was also found to be within the limitation period, as it was filed within five months of the cause of action.
Regarding the deficiency of service, the commission examined the evidence and found that the fire occurred due to an electric short circuit, and there was no nexus between the fire accident and any unlawful act. The commission relied on official records, which carry a presumption of correctness, and observed that the surveyor’s report was not binding. The insurer was held liable for deficiency in service for failure to indemnify the complainant despite payment of full premium and the loss being covered under the policy.
The commission allowed the complaint, ordering the insurer to pay the insured declared value of Rs. 24,84,250, Rs. 2,00,000 as compensation for mental agony, and Rs. 50,000 as litigation costs. The case highlights the importance of insurers carefully examining the evidence and not repudiating claims without sufficient grounds. It also underscores the role of consumer commissions in protecting the rights of consumers and ensuring that insurers provide fair and reasonable services.
India’s first private general insurer, Royal Sundaram, has completed 25 years of operation.
Royal Sundaram, India’s first private general insurance company, has completed 25 years of operations. The company was launched in 2000, marking a significant milestone in the country’s insurance landscape. At that time, the Indian insurance market was dominated by public sector companies, and Royal Sundaram’s entry paved the way for private players to participate in the segment.
Over the years, Royal Sundaram has established itself as a reputable and trusted brand, offering a wide range of general insurance products, including health, motor, home, and travel insurance, among others. The company has been at the forefront of innovation, introducing new products and services that cater to the evolving needs of its customers.
Royal Sundaram has also been committed to providing excellent customer service, with a strong focus on claims settlement and customer support. The company has a vast network of branches, agents, and brokers across the country, making its products and services accessible to a large segment of the population.
In its 25-year journey, Royal Sundaram has achieved several milestones, including becoming one of the first insurance companies in India to offer online policies and claims settlement. The company has also been recognized for its efforts in promoting insurance awareness and financial inclusion, particularly in rural areas.
Today, Royal Sundaram is part of the Sundaram Finance Group, one of India’s leading financial services conglomerates. The company continues to grow and expand its operations, with a strong focus on digital transformation and innovation. With its rich experience and expertise, Royal Sundaram is well-positioned to capitalize on the growing demand for general insurance products in India.
As the Indian insurance market continues to evolve, Royal Sundaram’s 25-year milestone serves as a testament to the company’s commitment to its customers and its role in shaping the country’s insurance landscape. With its strong foundation, innovative approach, and customer-centric focus, Royal Sundaram is poised to remain a leading player in the Indian general insurance market for years to come.
The company’s completion of 25 years is a significant achievement, and it reflects the company’s ability to adapt to changing market conditions, regulatory requirements, and customer needs. Royal Sundaram’s journey is an inspiration to other private insurance companies in India, and its legacy will continue to shape the country’s insurance industry in the years to come.
Stock Market Updates for Sundaram Finance
Recent Updates
GST Cut Brings Major Relief to Health Insurance Premium
The Indian government has announced that it will remove the 18% Goods and Services Tax (GST) on health insurance premiums starting September 22, 2025. This move is expected to provide significant cost relief to families across India, reducing the average premium burden by 18%. According to Dr. Selina Rajathi, Head of A&H Claims at Royal Sundaram, this GST exemption is a pivotal moment for health insurance in India, and families, particularly middle-income groups, will feel the immediate financial benefit.
The government’s decision to exempt individual health insurance premiums, including family floater plans, senior citizens’ policies, and individual covers, from the 18% GST is a welcome relief for many Indian households. Health insurance is a vital safety net for many families, but the added GST previously made premiums less affordable. This policy change is expected to encourage more people to purchase new health insurance plans or renew existing ones, making quality healthcare more accessible.
Royal Sundaram believes that comprehensive health protection should be accessible to people from all walks of life, not just a privileged few. With the GST exemption, the company sees an opportunity to make health insurance more inclusive and ensure that protection reaches every household, regardless of income level. The removal of GST on health insurance premiums is a rare fiscal move that directly eases the financial burden on families while encouraging broader insurance penetration.
The timing of this move is crucial, as healthcare costs in India have surged in the last five years, and chronic illnesses such as diabetes, heart disease, and respiratory conditions are affecting more Indians than ever before. By eliminating GST on premiums, families can now save significantly, making it easier to invest in comprehensive coverage for themselves and their loved ones. Even a single policy renewal or new purchase can translate to hundreds or thousands of rupees in savings, a meaningful step toward wider health insurance adoption and better financial protection against unexpected medical costs.
Individuals planning their policy renewals or new purchases should consider this timing as an opportunity to maximize their savings and secure long-term health coverage. Royal Sundaram is committed to helping families benefit from this GST relief and offering affordable health insurance options. To learn more, individuals can visit Royal Sundaram’s official website and secure their family’s future today.
Royal Sundaram Marks 25 Years of Trust, Care, and Innovation in Insurance – MSN
Royal Sundaram General Insurance Company Limited, a leading general insurance provider in India, is celebrating its 25th anniversary. Over the past two and a half decades, the company has established itself as a trusted and innovative player in the Indian insurance industry.
Royal Sundaram was one of the first private general insurance companies to be licensed in India, marking a significant milestone in the country’s insurance sector. Since its inception, the company has been committed to providing a wide range of insurance products and services to its customers, including health, motor, home, and travel insurance, among others.
Throughout its 25-year journey, Royal Sundaram has consistently demonstrated its ability to innovate and adapt to changing market conditions. The company has introduced several pioneering products and services, such as its flagship health insurance product, Lifeline, which has been designed to provide comprehensive coverage to individuals and families.
Royal Sundaram’s commitment to customer care and satisfaction has been a key factor in its success. The company has a strong network of agents, brokers, and partners who work closely with customers to understand their needs and provide personalized solutions. Royal Sundaram’s customer service team is also available 24/7 to assist policyholders with their queries and claims.
The company’s emphasis on innovation and technology has enabled it to stay ahead of the curve in the insurance industry. Royal Sundaram has invested heavily in digital platforms, including its website and mobile app, which allow customers to purchase policies, track claims, and access policy documents online.
As Royal Sundaram celebrates its 25th anniversary, the company is well-positioned for future growth and expansion. With a strong foundation built on trust, care, and innovation, Royal Sundaram is poised to continue playing a leading role in the Indian insurance industry. The company’s commitment to its customers, agents, and partners remains unwavering, and it looks forward to many more years of success and prosperity.
Royal Sundaram’s 25-year milestone is a testament to the company’s dedication to providing high-quality insurance products and services to its customers. As the company looks to the future, it is likely to continue pushing the boundaries of innovation and excellence, setting new standards for the insurance industry in India. With its strong legacy and commitment to customer satisfaction, Royal Sundaram is an insurer that policyholders can trust and rely on.
Royal Sundaram Marks 25 Years of Trust, Care, and Innovation in Insurance
Royal Sundaram General Insurance Co. Limited, India’s first private sector general insurer, is celebrating its 25th anniversary. The company has come a long way since its inception in 2000, with a consistent commitment to simplifying insurance and making it more accessible. Over the years, Royal Sundaram has introduced several industry-first initiatives, including bancassurance partnerships and digital-first platforms, to make customer interactions seamless.
The company has protected over 2 crore customers across various segments, including motor, health, travel, home, and commercial insurance. Royal Sundaram’s promise is to stand by its customers when they need protection the most. The company is known for its trust, simplicity, care, and digital convenience with a human touch.
The leadership team, including Mr. Harsha Viji, Vice Chairman of Sundaram Finance, Mr. Filip Coremans, Managing Director (Asia) of Ageas Group, and Mr. Vedanarayanan Seshadri, Managing Director of Royal Sundaram, expressed their pride and commitment to continuing to support customers and policyholders. They highlighted the company’s values, including trust, transparency, and long-term relationships, and its mission to deliver protection and peace of mind to customers.
As Royal Sundaram looks ahead, its focus will be on deepening its presence in retail and commercial segments, creating more phygital experiences, leveraging AI and advanced analytics for personalized protection, and strengthening ESG initiatives. The company aims to continue redefining protection for the modern era, guided by its vision to make insurance simple, accessible, and reliable.
With a comprehensive portfolio spanning motor, health, personal accident, travel, home, and commercial insurance, Royal Sundaram is one of India’s leading general insurance companies. Its legacy of 25 years is a testament to its commitment to its customers and its mission to provide innovative and reliable insurance solutions. As the company celebrates its milestone anniversary, it is well-positioned to continue growing and evolving to meet the changing needs of its customers.
Royal Sundaram Marks 25 Years of Trust, Care, and Innovation in Insurance | Bizz Impact
Royal Sundaram General Insurance Co. Limited is celebrating 25 years of serving customers in India. As the country’s first private sector general insurer, the company has come a long way since its inception in 2000. With a commitment to simplifying insurance and making it more accessible, Royal Sundaram has introduced several industry-first initiatives and pioneered bancassurance partnerships. The company has protected over 2 crore customers across various segments, including motor, health, travel, home, and commercial insurance.
Royal Sundaram’s journey is built on a promise to stand by customers when they need protection the most. The company’s values are rooted in trust, simplicity, care, and digital convenience with a human touch. With the backing of the Sundaram Finance Group and Ageas’s global expertise, Royal Sundaram has established itself as a trusted name in the insurance industry.
The company’s leadership has expressed pride and commitment to continuing to support customers and policyholders. Mr. Harsha Viji, Vice Chairman of Sundaram Finance, highlighted the importance of trust, transparency, and long-term relationships in Royal Sundaram’s journey. Mr. Filip Coremans, Managing Director (Asia) of Ageas Group, praised the company’s consistent innovation and adaptation to customer needs. Mr. Vedanarayanan Seshadri, Managing Director of Royal Sundaram, acknowledged the trust placed in the company by customers, partners, and employees and outlined the company’s focus on delivering customer-centric solutions powered by digital transformation and a human touch.
As Royal Sundaram looks ahead, the company plans to deepen its presence in retail and commercial segments, create more phygital experiences, leverage AI and advanced analytics for personalized protection, and strengthen ESG initiatives. With a comprehensive portfolio of insurance products and a legacy of 25 years, Royal Sundaram continues to redefine protection for the modern era. The company’s commitment to making insurance simple, accessible, and reliable has earned it a reputation as one of India’s leading general insurance companies.
Royal Sundaram Marks 25 Years of Trust, Care, and Innovation in Insurance
Royal Sundaram General Insurance Co. Limited, India’s first private sector general insurer, is celebrating 25 years of serving customers with protection, care, and innovation. From its inception in 2000 to becoming a trusted name for millions across the country, Royal Sundaram’s journey reflects a consistent commitment to simplifying insurance and making it more accessible. Over the years, the company has introduced several industry-first initiatives, pioneered bancassurance partnerships, and strengthened claims processes with speed and empathy.
Royal Sundaram has protected over 2 crore customers across various insurance segments, including motor, health, travel, home, and commercial insurance. The company’s promise to its customers is to stand by them when they need protection the most. Royal Sundaram’s values are rooted in trust, simplicity, care, and digital convenience with a human touch. The company is backed by the Sundaram Finance Group’s values and Ageas’s global expertise, making it a preferred insurer for millions of Indians.
The company’s leadership, including Mr. Harsha Viji, Vice Chairman of Sundaram Finance, Mr. Filip Coremans, Managing Director (Asia) of Ageas Group, and Mr. Vedanarayanan Seshadri, Managing Director of Royal Sundaram, have expressed their pride and commitment to continuing to support customers and policyholders with their insurance needs. As Royal Sundaram looks ahead, its focus will be on deepening its presence in retail and commercial segments, creating more phygital experiences, leveraging AI and advanced analytics for personalized protection, and strengthening ESG initiatives.
Royal Sundaram’s comprehensive portfolio spans various insurance segments, and its vision is to make insurance simple, accessible, and reliable. The company continues to redefine protection for the modern era, guided by its values of trust, transparency, and long-term relationships. With 25 years of experience, Royal Sundaram is well-positioned to continue serving its customers with innovation, reliability, and care. The company’s milestone celebration is a testament to the trust its customers, partners, and employees have placed in it, and it looks forward to continuing its mission of delivering protection and peace of mind to customers.
Royal Sundaram Marks 25 Years of Trust, Care, and Innovation in Insurance | Bizz Impact
Royal Sundaram General Insurance Co. Limited, India’s first private sector general insurer, is celebrating its 25th anniversary of serving customers with protection, care, and innovation. Since its inception in 2000, the company has come a long way, introducing industry-first initiatives, pioneering bancassurance partnerships, and strengthening claims processes with speed and empathy. Royal Sundaram has protected over 2 crore customers across various segments, including motor, health, travel, home, and commercial insurance.
The company’s success can be attributed to its commitment to simplifying insurance and making it more accessible. It has introduced digital-first platforms to make customer interactions seamless and has designed transparent products to safeguard what matters most to its customers. Royal Sundaram’s promise is to stand by its customers when they need protection the most, and its values of trust, transparency, and long-term relationships have made it a preferred insurer for millions of Indians.
The company’s leadership, including Mr. Harsha Viji, Vice Chairman of Sundaram Finance, and Mr. Filip Coremans, Managing Director (Asia) of Ageas Group, have expressed their pride and commitment to continuing to support customers and policyholders with their insurance needs. Mr. Vedanarayanan Seshadri, Managing Director of Royal Sundaram, has acknowledged the trust placed in the company by its customers, partners, and employees and has outlined the company’s focus on delivering customer-centric solutions powered by digital transformation and a human touch.
As Royal Sundaram looks ahead, it plans to deepen its presence in retail and commercial segments, create more phygital experiences, leverage AI and advanced analytics for personalized protection, and strengthen ESG initiatives that deliver lasting impact for communities and the environment. With a comprehensive portfolio spanning motor, health, personal accident, travel, home, and commercial insurance, Royal Sundaram continues to redefine protection for the modern era. The company’s legacy of 25 years is a testament to its commitment to making insurance simple, accessible, and reliable.
Royal Sundaram’s journey is a significant milestone in the Indian insurance industry, and its achievements are a reflection of its dedication to its customers and stakeholders. The company’s vision to make insurance simple, accessible, and reliable has guided its actions over the years, and it continues to be a trusted name in the industry. As the company celebrates its 25th anniversary, it is well-positioned to continue its growth trajectory and make a lasting impact in the Indian insurance market.
Royal Sundaram Marks 25 Years of Trust, Care, and Innovation in Insurance
Royal Sundaram, a leading insurance company, has reached a milestone of 25 years in the industry. Since its inception, the company has been dedicated to providing innovative and customer-centric insurance solutions. With a strong foundation built on trust, care, and innovation, Royal Sundaram has established itself as a reputable and reliable insurance provider.
Over the past 25 years, Royal Sundaram has consistently strived to improve and expand its services, introducing new and innovative products to meet the evolving needs of its customers. The company’s commitment to excellence has enabled it to build a loyal customer base and establish strong partnerships with various stakeholders.
One of the key factors that have contributed to Royal Sundaram’s success is its focus on customer care. The company has always prioritized its customers’ needs, providing them with personalized support and guidance throughout the insurance process. This approach has helped Royal Sundaram build trust with its customers, who have come to rely on the company for their insurance needs.
Innovation has also been a key driver of Royal Sundaram’s growth. The company has consistently invested in new technologies and processes, enabling it to stay ahead of the curve and provide its customers with cutting-edge insurance solutions. From introducing new products to enhancing its digital platform, Royal Sundaram has always been at the forefront of innovation in the insurance industry.
As Royal Sundaram celebrates its 25th anniversary, it can look back on a quarter century of achievements and milestones. The company has come a long way since its inception, and its commitment to trust, care, and innovation has been the driving force behind its success. With a strong foundation in place, Royal Sundaram is well-positioned to continue growing and evolving, providing its customers with the best possible insurance solutions for years to come.
Royal Sundaram’s 25th anniversary is a testament to the company’s dedication and perseverance. It has navigated the challenges of the insurance industry with ease, always keeping its customers’ needs at the forefront. As the company looks to the future, it is clear that Royal Sundaram will continue to be a leading player in the insurance industry, driven by its core values of trust, care, and innovation. With its strong reputation and commitment to excellence, Royal Sundaram is poised to continue providing innovative and customer-centric insurance solutions for many years to come.
Royal Sundaram Celebrates 25 Years of Trust, Care & Innovation in Insurance
Royal Sundaram General Insurance Co. Limited, India’s first private sector general insurer, is celebrating its 25th anniversary of providing insurance services to its customers. The company was licensed in 2000 and has since become a trusted name in the industry, known for its commitment to simplifying insurance and making it more accessible. Over the years, Royal Sundaram has introduced several industry-first initiatives, including bancassurance partnerships and digital-first platforms, to make customer interactions seamless.
The company has protected over 2 crore customers across various insurance segments, including motor, health, travel, home, and commercial insurance. Royal Sundaram’s leadership, including Vice Chairman Harsha Viji, Managing Director Filip Coremans, and Managing Director Vedanarayanan Seshadri, have expressed their pride and commitment to continuing to support customers and policyholders with their insurance needs.
The company’s 25-year journey is a testament to its values of trust, transparency, and long-term relationships. Royal Sundaram has consistently innovated and adapted to customer needs, and its partnership with Ageas Group has been instrumental in its growth. As the company looks ahead, it plans to deepen its presence in retail and commercial segments, create more phygital experiences that blend personal trust with digital convenience, and leverage AI and advanced analytics for personalized protection.
Royal Sundaram’s vision is to make insurance simple, accessible, and reliable, and it continues to redefine protection for the modern era. The company’s comprehensive portfolio spans various insurance segments, and it is guided by a commitment to delivering customer-centric solutions powered by digital transformation and a human touch. With its strong legacy and commitment to innovation, Royal Sundaram is well-positioned to continue serving its customers and policyholders for many years to come.
The company’s leadership has acknowledged the pivotal role of the regulator in supporting the industry’s progress and enabling Royal Sundaram to serve its customers better. As the company celebrates its 25th anniversary, it is also focusing on strengthening its ESG initiatives to deliver lasting impact for the communities it serves and the environment. With its legacy of 25 years, Royal Sundaram is a leading general insurance company in India, and its commitment to innovation, reliability, and care has made it a preferred insurer for millions of Indians.
Royal Sundaram appoints industry veteran Vedanarayanan Seshadri as Managing Director
Royal Sundaram General Insurance Co. Limited has announced the appointment of Vedanarayanan Seshadri as its new Managing Director, effective from May 28, 2025. Seshadri brings over 30 years of experience in the BFSI sector, with 15 years of senior leadership experience in the insurance domain. He has a strong background in insurance distribution, growth strategies, and leveraging digital transformation to enhance customer experiences.
Seshadri expressed his honor and commitment to leading Royal Sundaram, citing his dedication to the company’s core values, professionalism, and customer-oriented approach. He is optimistic about achieving significant growth by harnessing the strengths of the company’s dedicated team and the support of its board and stakeholders.
With a diverse academic background, including degrees in engineering, marketing, and finance, as well as an Advanced Management Programme from INSEAD, France, Seshadri possesses a comprehensive understanding of market dynamics and digital innovation. This positions him well to navigate Royal Sundaram through the evolving landscape of the insurance industry.
The appointment of Seshadri has been welcomed by Harsha Viji, Executive Vice-Chairman of Sundaram Finance, who expressed confidence in his capabilities. Viji highlighted Seshadri’s deep insight into insurance markets, customer preferences, and his proven leadership abilities, stating that his appointment will steer Royal Sundaram towards sustained growth in a digitally progressive market.
Overall, the appointment of Vedanarayanan Seshadri as Managing Director of Royal Sundaram General Insurance Co. Limited is seen as a positive move, bringing a wealth of experience and expertise to the company. With his strong background in insurance and digital transformation, Seshadri is well-placed to lead the company towards significant growth and success in the evolving insurance industry. His commitment to upholding the company’s core values and customer-oriented approach is expected to drive Royal Sundaram forward, leveraging the strengths of its dedicated team and the support of its stakeholders.
Royal Sundaram has appointed Vedanarayanan Seshadri as its new Managing Director.
Royal Sundaram General Insurance Company Limited has announced the appointment of Vedanarayanan Seshadri as its new Managing Director. Seshadri takes over the reins from M. S. Sreedhar, who has completed his tenure as the MD and CEO of the company.
Vedanarayanan Seshadri has over two decades of experience in the insurance industry and has held various leadership positions in his previous roles. Prior to joining Royal Sundaram, he was the Chief Distribution Officer at Tata AIG General Insurance Company.
Under his new role, Seshadri will be responsible for driving the company’s growth strategy, focusing on expanding its customer base, and strengthening its distribution network. He will also oversee the development of new products and services, as well as enhance the company’s digital capabilities.
Seshadri’s appointment is seen as a move to strengthen Royal Sundarium’s leadership team and drive business growth. The company has been focusing on expanding its presence in the Indian general insurance market, and Seshadri’s experience and expertise are expected to play a key role in achieving this goal.
Royal Sundaram is a leading general insurance company in India, offering a range of insurance products including motor, health, home, and travel insurance. The company has a strong distribution network and a customer base of over 2 million policyholders.
Seshadri’s appointment has been welcomed by the company’s promoters, who expressed confidence in his ability to lead the company to greater heights. The company’s Board of Directors has also hailed Seshadri’s appointment, stating that his experience and expertise will be invaluable in driving the company’s growth strategy.
As the new Managing Director, Seshadri will work closely with the company’s leadership team to drive business growth and expand its customer base. He will also focus on enhancing the company’s digital capabilities, developing new products and services, and strengthening its distribution network.
Overall, Vedanarayanan Seshadri’s appointment as the new Managing Director of Royal Sundaram General Insurance Company Limited is expected to drive business growth and expansion for the company. With his experience and expertise, Seshadri is well-equipped to lead the company to greater heights and strengthen its position in the Indian general insurance market.
Under the new leadership, Royal Sundaram aims to continue its growth trajectory, expanding its customer base and distribution network, while also enhancing its digital capabilities and developing new products and services. With Seshadri at the helm, the company is poised for greater success and growth in the Indian general insurance market.
Amit Ganorkar Appointed as Managing Director and Chief Executive Officer of TATA AIG
TATA AIG General Insurance Company has announced the appointment of Amit Ganorkar as its new Managing Director and Chief Executive Officer, effective January 1, 2025. Ganorkar succeeds Neelesh Garg, who is stepping down from the position. The appointment was approved by the board of directors and followed by the receipt of all necessary regulatory clearances.
Amit Ganorkar, a seasoned insurance professional with over 20 years of experience, has previously held key positions at TATA AIG, including Managing Director of Royal Sundaram General Insurance and Chief Operating Officer at TATA AIG. In his new role, Ganorkar is committed to continuing the company’s legacy of excellence, built on the trust and confidence of its customers and stakeholders.
Ganorkar has clear priorities for his tenure, including strengthening the company’s customer-centric approach, enhancing digital transformation, and driving sustainable growth to meet the evolving needs of its clients. His appointment marks a transition in leadership aimed at ensuring continuity and operational stability for the company. Ganorkar’s extensive experience and knowledge of the industry position him well to lead TATA AIG into its next phase of growth and development.
Ganorkar expressed his gratitude for the responsibility and commitment to continuing the company’s success. He emphasized that he is committed to working with the talented team to build on the company’s strengths and drive future growth. The appointment of Ganorkar is a testament to TATA AIG’s commitment to maintaining high standards of leadership and ensuring the company’s continued success in the market.
TATA AIG General Insurance Company appoints Amit Ganorkar as its new Chief Executive Officer and Managing Director.
TATA AIG General Insurance Company has appointed Amit Ganorkar as its new Managing Director and Chief Executive Officer, succeeding Neelesh Garg. Ganorkar has over 20 years of experience in the general insurance industry, with a focus on sales, distribution, and product development. Prior to his new role, he served as the Managing Director of Royal Sundaram General Insurance and Chief Operating Officer at TATA AIG. Ganorkar expressed his commitment to continuing the company’s legacy of success, focusing on customer-centricity, digital transformation, and sustainable growth.
TATA AIG General Insurance Company is a joint venture between TATA Group and American International Group (AIG), which began its operations in India in 2001. The company has reported significant growth in its health business, with a growth rate of 44% over the past five years. The company expects to sustain this growth, aiming for at least 30% growth in the next two to three years. The health business currently accounts for around 21% of the company’s premium.
Ganorkar takes up his new role on January 1, 2025, after receiving approval from the Board of Directors. The company has secured all necessary regulatory approvals to ensure a smooth transition of responsibilities. The appointment is seen as a significant development in the company’s journey, and Ganorkar is expected to play a crucial role in shaping the company’s future growth and success.
The Insurance Regulatory and Development Authority of India (IRDAI) imposed a Rs 1 crore penalty on an insurance company for violating norms related to outsourcing.
The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a fine of Rs 1 crore on Royal Sundaram General Insurance (RSGI) for non-compliance with outsourcing regulations in the financial years 2018-19 and 2019-20. The penalty followed a remote inspection by IRDAI between September 14-25, 2020, which revealed several regulatory violations.
The inspection found that RSGI had made payments exceeding Rs 50 crore to vendors in FY 2019-20, but failed to disclose these in their outsourcing returns submitted to IRDAI. This lack of transparency and non-compliance with regulations raised concerns about the insurer’s governance and regulatory compliance.
The inspection also identified issues with claims management, including irregularities in RSGI’s claims handling processes, resulting in delays and lack of alignment with Health Regulations, 2016. The insurer had reopened 53,354 claims worth Rs 123.43 crore and closed 6,466 claims worth Rs 34.99 crore, but IRDAI criticized the delays and lack of transparency.
IRDAI also questioned RSGI’s claim of having a customer-centric approach, citing that a truly customer-centric approach requires timely resolution of claims and transparent communication throughout the process. The regulator warned RSGI against further lapses in claims handling and regulatory compliance, emphasizing the importance of transparency, adherence to regulations, and robust governance systems in the insurance sector to ensure policyholder confidence and regulatory integrity.
The penalty and warning serve as a reminder to insurance companies to prioritize compliance with regulations and transparency in their business practices to maintain trust and confidence from policyholders and regulatory bodies alike.