Kotak Mahindra General Insurance

Kotak Mahindra General Insurance Company Ltd. (Kotak General Insurance) is a 100% subsidiary of Kotak Mahindra Bank Ltd, it was incorporated in December 2014 and received an approval from the Insurance Regulatory and Development Authority to start a General Insurance business in April 2015, post which it commenced business operations from December 2015 onward.

Kotak Mahindra General Insurance
TypeSubsidiary
IndustryFinancial service
Founded2015
HeadquartersMumbai, India
Key people
Suresh Agarwal (MD & CEO)[1]
ProductsGeneral insurance
Vehicle insurance
Health insurance
Home insurance
Number of employees
793 (as on September 2020)[2]
ParentKotak Mahindra Bank
Websitewww.kotakgeneral.com

The company aims to cater to a wide range of customer segment & geographies offering an array of non-life insurance products like Motor, Health, Home and others.

Kotak Mahindra Bank, a part of Kotak Mahindra group founded by Uday Kotak. Its wide range of products caters to the financial needs of individuals & businesses alike. In Feb 2003, Kotak Mahindra Finance Ltd., the group’s flagship company received a banking license from the Reserve Bank of India, becoming the first non-banking finance company in the country to convert into a bank.

Kotak Mahindra Bank has a network of 1,600 branches and 2,519 ATMs in the country (as on 31 March 2020).[3]

History

Kotak General Insurance received the license to conduct general insurance business in India from the Insurance Regulatory Development Authority of India (IRDAI) in April 2015.[4]

Key persons
  • Suresh Agarwal- Managing Director and Chief Executive Officer (MD & CEO)

Products and services

Kotak General Insurance provides various general insurance policies in India which are listed below-

  • Kotak Car Insurance
  • Kotak Two-Wheeler Insurance
  • Kotak Health Insurance
  • Kotak Home Insurance
  • Kotak Fire Insurance
  • Kotak Marine Insurance
  • Kotak Liability Insurance
  • Kotak Miscellaneous Insurance

Expansion since incorporation

In April 2015, Kotak General Insurance received the license to start the business and since then it has a national footprint of 19 branches spread across India as on September 2020[5]

Awards and recognition[6]
  • Marketer company of the year – India Insurance Summit & Awards 2020
  • ANA ECHO International Awards 2020, USA – Bronze, Consumer Services
  • Brand Equity Shark Awards 2019 – Silver, best consumer insights campaign
  • India Digital Media Awards 2019 – Silver, Special award for gender parity
  • DMAi ASIA ECHO AWARDS 2019
    • 2 Silvers – Best consumer engagement & Best in financial service
    • 3 Bronze – Best use of social media, innovative use of technology & best in consumer services

References
  1. "Kotak Mahindra Group announces new chiefs for insurance business".
  2. "No.of Employees-Kotak General Insurance".
  3. "List of private banks by market capitalization". www.moneycontrol.com.
  4. "Kotak General Insurance gets IRDAI certificate".
  5. "About Kotak General Insurance".
  6. "Kotak General Insurance Company Limited Overview".
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