Tata AIG appoints Amit Ganorkar as CEO, effective immediately.
Amit Ganorkar has been appointed as the new Managing Director and CEO of Tata AIG General Insurance, a joint venture between the Tata Group and American International Group (AIG), effective January 1, 2025. Ganorkar has over 20 years of experience in the general insurance industry, having previously served as the Managing Director of Royal Sundaram General Insurance and Chief Operating Officer at Tata AIG.
Ganorkar succeeds Neelesh Garg, who concluded his tenure on December 31, 2024. In his new role, Ganorkar will focus on strengthening the company’s customer-centric approach, enhancing digital transformation, and driving sustainable growth to meet the evolving needs of its clients.
Under his leadership, Tata AIG has launched innovative products such as India’s first Satellite In-Orbit Third-Party Liability Insurance policy, which offers financial support to satellite operators and manufacturers in the event of an incident involving an orbiting satellite.
Tata AIG General Insurance has been operational since January 22, 2001, and provides a range of insurance solutions across its consumer lines and commercial lines business verticals. With Ganorkar’s appointment, the company is expected to continue its legacy of excellence and build on its growth momentum.
NCDRC Orders Royal Sundaram Insurance to Settle Claim, Pay Compensation
The National Consumer Disputes Redressal Commission (NCDRC) has directed Royal Sundaram General Insurance Co. Ltd. to pay a claim and compensation to a customer who had suffered robbery and theft of his car’s accessories. The NCDRC observed that the insurance company had unfairly rejected the claim of the policyholder.
The complainant, Mr. K. Srinivas, had purchased a comprehensive insurance policy with Royal Sundaram General Insurance Co. Ltd. (Royal Sundaram) in 2014. On November 30, 2015, Srinivas’ car was parked in a public place when it was stolen. The thieves also stole car accessories, including its music system, seats, and steering wheel cover.
Srinivas reported the incident to the police and filed a claim with Royal Sundaram. However, the insurance company rejected his claim, stating that he did not attach the necessary documents, such as the FIR copy, to support his claim. Royal Sundaram also claimed that the loss or damage to the accessories was not specified in the policy.
The National Consumer Disputes Redressal Commission (National Commission) observed that the insurance company had acted unfairly and in contravention of the Insurance Act, 1938, and the Insurance Ombudsman (Processing of Complaints) Scheme, 2005. The Commission noted that the policy provided coverage for “theft of engine, hub caps, wheels, wheels rims, muffler, and silencer, and any other permanent attachment of the vehicle” and that the claim was for loss of theft of car accessories, which was covered under the policy.
The National Commission directed Royal Sundaram to pay Rs. 1.49 lakh (approximately $20,000) as compensation to Srinivas, along with 9% interest computed from the date of the claim to the date of the order. The Commission also ordered the insurance company to pay Rs. 5,000 as litigation expenses to Srinivas. This decision is a significant victory for consumer rights, highlighting the need for insurance companies to adhere to the law and ensure that they treat policyholders fairly and in accordance with the terms of the policy.
TATA AIG General Insurance names Amit Ganorkar as Managing Director and Chief Executive Officer for Banking and Finance.
TATA AIG General Insurance Company has appointed Amit Ganorkar as its new Managing Director and Chief Executive Officer, effective January 1, 2025. Ganorkar succeeds Neelesh Garg, following the approval of the board of directors and receipt of necessary regulatory clearances. Ganorkar has over 20 years of experience in the general insurance sector, having previously served as Managing Director of Royal Sundaram General Insurance and Chief Operating Officer at TATA AIG.
In his new role, Ganorkar expressed his honor and commitment to continuing the company’s legacy of excellence, built on customer trust and confidence. He plans to focus on strengthening the customer-centric approach, enhancing digital transformation, and driving sustainable growth to meet the evolving needs of clients. Ganorkar’s appointment marks a transition in leadership aimed at ensuring continuity and operational stability for the company.
Ganorkar’s experience and expertise will be crucial in navigating the company through the ever-changing insurance landscape. His familiarity with TATA AIG, having previously served as Chief Operating Officer, will enable a seamless transition and allow him to hit the ground running. The appointment is expected to bring stability and continuity to the company, allowing it to continue to deliver excellent service to its customers and stakeholders.
The appointment of Ganorkar as MD and CEO of TATA AIG General Insurance Company is a significant development in the insurance industry. With his extensive experience and commitment to customer-centricity, he is well-positioned to lead the company to even greater heights of success. The company’s customers and stakeholders can expect continued excellence and innovation under Ganorkar’s leadership.
Amit Ganorkar takes the helm as Managing Director and Chief Executive Officer at Tata AIG General Insurance Company, according to ET BrandEquity.
Amit Ganorkar has been appointed as the new Managing Director and CEO of Tata AIG General Insurance Company, succeeding Neelesh Garg. Ganorkar has taken charge of the office as of January 1, 2025. In his new role, he emphasized his commitment to continuing the company’s legacy of excellence, customer-centric approach, digital transformation, and driving sustainable growth to meet the evolving needs of clients.
Ganorkar brings over 20 years of experience in the general insurance industry, with a strong track record in sales and distribution, product development, marketing, operations, and technology. Prior to his new role, he was the Managing Director of Royal Sundaram General Insurance and Chief Operating Officer at Tata AIG.
As a seasoned industry expert, Ganorkar is well-equipped to lead Tata AIG’s growth and success. With a focus on customer-centricity, digital transformation, and sustainability, he aims to leverage his experience to strengthen the company’s position in the market. Under his leadership, Tata AIG is expected to continue its commitment to delivering exceptional customer service, innovative products, and a robust operating model. Ganorkar’s appointment is a significant milestone for the company, and industry observers are looking forward to his vision for the company’s future growth and development.
Here is a rewritten version:Pursuing the best health insurance plans in India for 2025: High-quality insurance coverage for a secure tomorrow
Choosing the right health insurance plan is a crucial decision for individuals and families in India, where medical costs are constantly increasing. The key factors to consider when selecting a health insurance plan include the claim process, coverage, lifetime renewals, hospital network, and premium affordability.
The claim process is an important aspect of any health insurance plan, as it determines the efficiency and effectiveness of the coverage. A good insurer should have a streamlined claim process that prioritizes the unique needs of each individual customer. Moreover, it’s essential to review the hospital network to ensure that it covers major hospitals in your area to minimize delays in treatment.
Additionally, the policy coverage should cater to your individual or family needs, taking into account factors like age, gender, and lifestyle. Lifetime renewals are an essential feature that prevents additional charges from being incurred over time, providing long-term security.
There are several comprehensive health insurance policies in India, offering a range of benefits, premium discounts, wellness packages, and health-related rewards. Here’s an overview of five best health insurance plans in India, which include the Max Bupa Health Companion Plan, Apollo Munich Optima Restore Health, Cigna TTK ProHealth Plus, Royal Sundaram Health Lifeline Supreme, and Aditya Birla Active Assure Diamond Plan.
Before buying any health insurance policy, it’s essential to analyze your needs, covering your medical expenses for primary care, hospitalization, maternity, neonatal care, pediatric services, laboratory services, and medications. You should also review the policy’s aspects, such as the sum assured, types of illnesses covered, network hospitals, claim settlement procedures, and the plan’s comprehensiveness to choose the right one for you.
The Insurance Regulatory and Development Authority of India (IRDAI) has slapped a hefty penalty of ₹1 crore on Royal Sundaram General Insurance.
The Insurance Regulatory and Development Authority of India (IRDAI) has slapped a fine of ₹1 crore on Royal Sundaram General Insurance for violating outsourcing norms. An inspection revealed that the insurer failed to report payments exceeding ₹1 crore made to vendors in its outsourcing returns submitted to the regulatory body in 2018-19 and 2019-20. The penalty was imposed following the findings of the inspection team, which discovered that the insurer had also neglected to provide adequate explanations and information sought by the team during the inspection period.