Tata AIG General Insurance offers customised services to HNIs, SMEs

High networth individuals can now look forward to customised services from insurance companies as well

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High Networth Individuals (HNIs) are used to preferential treatment from banks. They get personalised services, better rates, and so on. Now, they can look forward to customised services from insurance companies as well.

Tata AIG General Insurance Company has been offering special services to HNIs customers by customising the insurance policies sold to them.

While the policies sold are not different, the type of service sold that is offered exclusively to these clients is different, says M Ravichandran, President—Insurance, Tata AIG General Insurance Company.

The HNI or private client group comes under the retail business segment.

One way of differentiating for HNI clients could be a higher limit for paintings under the overall cover of a home insurance, compared to a policy sold to a non-HNI customer.

The definition for an HNI is not strictly based on the income level, but various thresholds like the value of the asset that is insured, premium involved, potential of the client are taken into account while categorizing the client as an HNI, Ravichandran explains.

Similarly, for Small and Medium Enterprises (SMEs), too, the company offers specialised services. SME companies are offered packaged products like fire policy plus a burglary policy.
"A packaged product works out far more economical for the client and is more convenient in terms of having all covers under one single document," Ravichandran says.

Currently, the SME segment is about 4-5% of the company's business and about 7-8% of the commercial lines business. But it is the fastest growing vertical and has been growing at about 30-35%. This will help penetration of insurance in the SME segment, which is a underserviced market, he adds.

The company has got approval from Insurance Regulatory Development Authority for an upgraded version of its existing Directors and Officers Policy. This segment has been seeing a growth of 12-15%. The company has also upgraded its travel insurance product. It is also awaiting for approval from the regulator for new products in health and weather segments.