CHOLA MS GENERAL INSURANCE REACHES RURAL ANDHRA THROUGH INNOVATIVE DISTRIBUTION Launches its new pan-Indian identity in Hyderabad.
Online PR News – 01-January-2011 – – Hyderabad, December 30, 2010: Cholamandalam MS General Insurance Company Limited (Chola MS), a joint venture between Murugappa Group and Mitsui Sumitomo Insurance of Japan, today announced that it offers P.A and Tractor Insurance to rural customers in Andhra Pradesh through 420 Managromer Centers spread throughout the state. The company has so far sold more than 45,000 policies through this model. The company is planning to launch the health product through this channel soon.
Mr. S S Gopalarathnam, Managing Director Chola MS was in the city to launch the new brand identity for Chola MS. The new logo for Chola MS has been developed by leading brand design agency Ray & Keshavan and uses a color palette of Red, Blue, Black and White. Commenting on the launch Mr. Gopalarathnam commented “Our new logo symbolizes Dynamism, Solidity, Scale and Stability and is the right expression of our pan-Indian character. The new Chola MS brand stands for Trust and Transparency that has been part of our ethos. Going forward, we shall be accelerating our journey towards customer centricity enabled by Technology that offers convenience to our customers.”
Cholamandalam was rated as the most recognised consumer brand in a study done by the Company in 2008 and continues to enjoy tremendous goodwill across the country. In another research done by Milward Brown, Chola MS was recognized as leading financial services player with a long haul vision by the customers.
Mr. Tsuyoshi Yamane, Whole time Director was also present on the occasion. He commented “MSIG is the largest insurance company in Japan and is amongst the top 5 insurance groups worldwide. We are committed to provide the necessary support and expertise to increase the business of Chola MS.”
With a current network of 6 branches and over 220 agents in Andhra Pradesh, Chola MS is strategically poised to grow its business in the state by over 50% in 2010-11. Mr. Gopalarathnam indicated that the company would be launching a drive to recruit agents in the semi-urban and rural areas of the state to increase its footprint.
Chola MS is a significant player in the general insurance business and has been recognized for its Trust, Transparency and convenience backed by Technology. The company has 113 branches and over 7500 agents across the country and is likely to achieve a GWP of Rs. 950 crores in 2010-11.
About Cholamandalam MS General Insurance Company (Chola MS):
Cholamandalam MS General Insurance Company Ltd. is a Joint Venture between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. Cholamandalam MS offers a wide range of products that include Accident, Engineering, Health, Liability, Marine, Motor, Property, Travel and Rural insurance for individuals and corporate. The company achieved a GWP of Rs. 785 crores in 2009-10. The company has 113 branches and over 7500 agents across the country. Visit www.cholainsurance.com for more information about the company and its products.
About Murugappa Group: Founded in 1900, the Rs.13617 Crores (USD 3.03 billion) Murugappa Group is one of India's leading business conglomerates. The Group has 29 businesses including seven listed companies actively traded in NSE & BSE. Headquartered in Chennai, the major companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd, Coromandel International Ltd, Coromandel Engineering Company Ltd, EID Parry (India) Ltd, Parry Agro Industries Ltd, Tube Investments of India Ltd and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Construction, Bio-products and Nutraceuticals, the Group has forged strong joint venture alliances with leading international companies like Mitsui Sumitomo, Foskor, Cargill, Groupe Chimique Tunisien, Winterthur Technology Group and Morgan Crucible. The Group has a wide geographical presence panning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees. Visit www.murugappa.com for more details.
About Mitsui Sumitomo Insurance Company (MSI)
Mitsui Sumitomo is part of MS & AD, the largest Insurance Group in Japan, with an Ordinary Income (NWP) of 21.66 billion USD in 2009. The Company has 300 offices in 40 countries and regions overseas. Mitsui Sumitomo Insurance Co. Ltd. was awarded the “General Insurance Company of the Year” Award in 2005 at the 9th Asia Insurance Industry Award ceremony held in Singapore. This has been awarded to MSI for being the most active non-life insurance company and for reaching the top of the foreign non-life insurers in the region.
For further information, please contact:
Karthik Chellappa, Ogilvy Public Relations Worldwide, Mobile: 9392518881
Mohd Ghouse, Ogilvy Public Relations Worldwide, Mobile: 9963527866
Neeraj Moorjani, Head-Product, Brand Management Corporate Communication,
Cholamandalam MS General Insurance Company