It is the first non-life Indian insurance company to cross the US $ 1 billion mark in premium income. ‘New India’ has been rated “A” (Excellent) by A.M. Best Co, USA for the last seven consecutive years in succession, based on superior capital position, excellent liquidity, strong operating performance and highest solvency margin.
Here we talk to Dr. J. Retnakumar, the Resident Manager of New India Assurance in Oman. Excerpts.

Please give some background on yourself, like your qualifications, experience and duration at New India Assurance?

I have chosen my career in the insurance field mainly because that gratified my main aptitude of serving people, for social cause through public relations. That’s why I have switched over from my academic specialization of post-graduation in veterinary pathology and research to insurance. It’s almost two decades now that my career started with The New India Assurance Co. Prior to my appointment as Resident Manager for Sultanate of Oman operations in December 2005, I had served in various places in India including Lakshadweep Islands.

When did New India Assurance come to Oman? Since when are you at the helm and how has been the experience since then?

‘New India’ entered Oman in 1974 and the growth has been steady since then. For the last few years the company has enjoyed enormous support from its valued clients. Our reputation of being one of the most customer friendly insurance company in Oman has put us with an additional responsibility to serve the Oman market on their insurance needs with our ever improving all round customer service.

I have taken charge as Resident Manager for Sultanate of Oman operation in the month of December 2005. It’s been just nine months and it’s too early to evaluate my success and achievements! However, I have made some significant efforts and already introduced a unique and widely acknowledged policy called ‘COMPAS’ (Comprehensive Personal Accident Security) launched in April this year. This policy is mainly formulated for the expatriate Indians of poorer section. ‘COMPAS’ at a meagre premium takes care of the air ticket expenses in case of evacuation, accident hospitalization, death, permanent disability etc, subject to certification by the Indian Embassy about the genuineness of the claim.

Another cover named ‘Better Health’–a Healthcare insurance programme as a value addition cover, has already been designed and will be launched shortly. This policy will be mainly provided to the corporate groups in the initial stage for their employees’ treatment in Oman, India, Pakistan, Bangladesh and SriLanka then slowly extended to individuals also.

What are your primary areas of focus?

As far as company’s operation in the Sultanate of Oman is concerned, the main focus will be to expand our Personal Line products as well as doing maximum project insurances. The ongoing industrialization drive will give more opportunities for the project insurance, and we wish to make the most of it by providing excellent services with professionalism, technical expertise and personal touch. Introducing innovative and need-based covers has been my forte.

What is your market share?

Among the six foreign insurance companies operating in Oman, ‘New India – Muscat’ is the leader for the last two years consecutively, as per the survey conducted by ‘Business Today’ Magazine. Around 80% of the total insurance business is transacted by the national companies and balance only are held by foreign insurance companies.

How are you different from others? What are the Value added Services you offer to the customers.

‘New India’s age, image and experience itself distinguishes us from rest of the insurance companies not only in the local market, but globally. As you may be aware, New India Assurance Co is established in 1919 and its global operations started in 1921 with an office in London and now we have offices in all the five continents, in 24 countries. Now ‘New India’ is the leading foreign insurance company in the Sultanate.

‘New India’ always believe in value added service to their clients. Apart from providing insurance covers, we from time to time conduct awareness programmes and workshops on insurance related subjects for the benefit of general public.

One such seminar conducted by ‘New India’ in association with Traffic Dept of Royal Oman Police very recently has become very popular among the general public and concerned authorities in the Sultanate. ‘Drive Safe, Save Life’ – Seminar on Safe and Defensive Driving, conducted at Traffic Safety Institute of ROP at Seeb on 28th August 2006 was a first of its kind in Oman by an Insurance company. The Seminar which was inaugurated by H.E. Yahya Bin Said Al Jabri, Executive President of Capital Market authority, was a huge success due to full house participation of drivers and transport managers of various corporate clients. This novel venture was highly appreciated by ROP, CMA, print and visual media and public in general.

Has your long-term safety programme with Royal Oman Police fruitful? How successful was your campaign Drive Safe- Save Life?
Surely. Traffic Department of Royal Oman Police have encouraged and supported us in carrying out this awareness programme for the public in respect of road-safety. Our capaign ‘Drive Safe – Save Life’ was highly successful and effective because of active participation of our valued corporate clients and public in general.

What are your future plans of identical programmes ?

We will be continuing with our such endeavors in future as well by conducting awareness programmes. The future drivers have to be alerted about the alarming trend of fatal accidents and one of the best ways to make it possible is through Educational institutions – High Schools and Colleges alike. We are also planning to approach the concerned authorities for their approval of our making very effective Presentations with visuals and statistics, through the institutions.
‘New India – Muscat’ want to join hands with all medias for propagating valuable messages to the public with regard to Safe & Defensive driving.

What is your leadership style ?

In simple words, my leadership style is “management through love”. I have always been very people oriented and by making them feel of my affection for them, confidence in them, I get the best out of my people. This confidence and affection towards them induce them to give better service to our customers and customers in turn put their faith on us which gets translated into a better customer relationship and eventually growth with customer delight.