National Insurance Company Ltd and Career Opportunity 25 January 2019

Today’s job posting – find employees

National Insurance Company Ltd and Career Opportunity: As we know National Insurance Company Limited is a leading public sector insurance company which focuses on non-life insurance policies. It was established in 1906 and today it works with more than 16,000 people in 1340 offices across India. The company recruits thousands of people every year in finance, legal, information technology, automobile engineering. In order to apply for these vacancies, one should understand what requirements should be satisfied in order to grab them. So today we are going to see about National Insurance Company Ltd and its Business Profile, Management, Financial Details, Achievements, Departments, Network, Policies, and News.

National Insurance Company Ltd – Overview

The National Insurance Company Ltd was established in 1906 and Kolkata is a location of its registered office. 11 Indian insurers and 21 international companies were merged into it after the passing of the General Insurance Business Nationalisation Act in 1972. As a consequence, The insurer became a part of the General Insurance Corporation of India (GIC), which was completely owned by the Indian government. The National Insurance Company Ltd started to operate as a separate identity after the General Insurance Business (Nationalisation) Amendment Act was passed on 07th August 2002.

National Insurance Company Limited Business Profile

National Insurance Company Limited is one of the top general insurance company in the public sector of India with at least 16,000 skilled employees. It has almost 1000 offices across India with its head offices at Kolkata. Its Nepal office is mainly used for the execution of its foreign operations. It also operates in remote townships not only in the rural areas but also in the metros as well.

The insurer has 14 million customers and provides in excess of 200 policies in order to satisfy their varying requirements. For creative products that are unique not only to the local conditions but also to the rural population, National Insurance Company Limited has set up a research and development cell at its headquarters. It has a paid-up share capital of worth INR 100 crores. It has a bunch of customers from different sectors of the economy such as Foreign Trade, Banking, Healthcare, Telecom, Tea, Aviation, Automobile, Shipping, Education, Information Technology, Power, Oil and Energy, Agronomy, Environment, Space Research & Plantations. It is also the second largest provider of non-life insurance products and services in India with an abundant presence in the Northern and Eastern regions. It not only has connectivity among its various offices but also planning to introduce policy procurement features on the internet as well.

The insurance company also has tie-ups with some of the top banks, state governments, and corporate entities of India. In order to monitor the company’s progress and ‘May I help you’ centers at various regional offices and head offices, The organization has set zonal advisory committees. The commitments made in citizen’s charter has been executed impartially by its several offices. The Marketing (Intermediaries) Department of the insurance company has established associations with the state governments, commercial banks, non-banking financial institutions, NGOs, automobile makers as part of the company’s strategies in order to market its products.

National Insurance Company Management

Here is the list of officials included in the Board of Directors at the National Insurance Company:

Name	Designation
NSR Chandraprasad	Chairman cum Managing Director
Anurag Jain	Joint Secretary (IF), Ministry of Finance, Government of India
Kuldip Singh	General Manager and Executive Director
Moti Lal Sharma	Part-Time Non-Official Director
AV Girija Kumar	General Manager and Executive Director
Amitav Kothari	Part-Time Non-Official Director
Bhaskar Sen	Chairman and Managing Director, United Bank of India

National Insurance Financial Details

Some important financial details of National Insurance for the 2011-12 fiscal are represented in the table given below:

Domain	Figures in INR thousands
Total operating profit/(loss)	386,613
Operating profit/(loss) from fire insurance	283,637
Operating profit/(loss) from marine insurance	294,700
Income from investments	2,919,279
Income from gross interest, rent, and dividend	1,516,811
Profit on sale or redemption from investments	1,424,354
Miscellaneous income	56,276
Exchange Gain	37,872
Liabilities no longer needed	785,214
Other expenses	2,154,640
Expenses not directly linked to the insurance business	31,780
Amortization of premium on investments	48,211
Amount written off in case of depreciated investments	22,341
Assets written off	2,036,727
Loss on sale of the asset	13,644
Foreign income tax payment	1937
Profit before tax	3,310,614
Current tax	63,000
Adjustment taxation for previous years	4,522
Profit after tax	3,252,136

National Insurance Company Ltd Achievements

National Insurance Company Ltd is not only the second biggest but also the quickest growing non-life insurance company in India. It is also recognized around the globe as one of the 5 leading general insurance companies in the Asia Pacific region. It has also received the AAA/Stable by CRISIL that shows the organization’s capability of satisfying its obligations with regards to the policyholders.

National Insurance Company Limited Departments

In order to help and give the operations some much-needed direction and push, The Marketing (Intermediaries) Department has been set up at the headquarters. The Strategic Alliances Departments has appointed RO Strategic Alliances Coordinators to take care of the tie-ups at the operative and regional levels.

National Insurance Company Office Network

National Insurance has set up its regional offices at the Mumbai, Delhi, New Delhi, Chennai, Kolkata, Pune, Bangalore, Hyderabad, Ahmedabad, Jaipur, Bhubaneshwar, Chandigarh, Patna, Lucknow, Guwahati, Dehradun, Nagpur, Vishakhapatnam, Kochi, Baroda, Indore, Hubli, Coimbatore, and Nepal.

National Insurance Policies

The policies offered by National Insurance may be listed as below:

Personal Line Insurance

• Baggage Policy
• Mediclaim Policy
• Niwas Yojana Policy
• Householders Policy
• Overseas Mediclaim
• NRI Accident Policy
• Critical Illness Policy
• Baroda Health Policy
• Traffic Accident Policy
• Personal Accident Policy
• Motor Policy – Private Car
• BOI National Swasthya Bima
• Amartya Siksha Yojana Policy
• UCO Medi + Care Bima Policy
• Motor Policy – Two Wheelers
• Bhagyashree Child Welfare Policy
• Professional Indemnity for Doctors
• Star National Swasthya Bima Policy
• VIDYARTHI-Mediclaim for Students
• VARISTHA Mediclaim for Senior Citizens
• Rajrajeshwari Mahila Kalyan Yojana Policy

Rural Insurance

• Dog Insurance
• Elephant Insurance
• Sheep and Goat Insurance
• Cattle / Livestock Insurance
• Brackish Water Prawn Insurance
• Silkworm (Sericulture) Insurance
• Horticulture/Plantation Insurance
• Janata Personal Accident Insurance
• Kisan Agriculture Pumpset Insurance

Industrial Risk

• Machinery Insurance (MI)
• Public Liability Insurance
• Product Liability Insurance
• Consequential Loss (Fire) Policy
• Erection All Risks Insurance (EAR)
• Workmen Compensation Insurance
• Contractors All Risks Insurance (CAR)
• Standard Fire and Special Perils Policy
• Electronic Equipment Insurance (EEI)

Commercial Risk

• Glass Insurance
• Money Insurance
• Shopkeepers Policy
• Office Package Policy
• Jewelers Block Policy
• Marine Cargo Insurance
• Fidelity Guarantee Policy
• Bankers Indemnity Policy
• Extended Warranty Policy
• Burglary (Business Premises) Policy
• Directors and Officers Liability Policy

National Insurance Company Ltd News

Vibgyor Gold has tied up with the National Insurance Company and come out with a jewelry block insurance which is meant for the Virtue range. Santanu Bhattacharya, the Managing Director of Vibgyor Gold Ltd has said that people are now afraid of buying gold because of the increasing prices of the gold. He also added that people shall have a semblance of security with the insurance. As per this insurance scheme, people who purchase gold jewelry from the Virtue brand shall be receiving extra cover on the same.

The policy covers the different forms of risks within India which includes Burglary, Fire and related perils, Housebreaking and Holdups. Policy cover will be provided to customers who buy gold jewelry from the Virtue showrooms with the insurance amount ranging from INR 10 thousand to INR 5 lakh. INR 3 lakh shall be the maximum limit for a single piece of gold jewelry. Bhattacharya also stated that if the customer loses or if anything claim worthy happens to the purchased jewelry, then the matter has to be reported to the police station and Virtue within a 24-hour time period.

We hope that this article will not only help you to get information about the National Insurance Company Ltd but also gives you a little bit idea about how the leading insurance companies work and what topics you need to study in order to pursue the career in them. For more Jobs related articles, keep visiting www.govtjob.desi.