Chennai, 19 February, 2018: Royal Sundaram General Insurance Co. Limited, India’s first private sector general insurance company, has signed a Memorandum of Understanding (MoU) with Manipal Global Academy of BFSI for a customised general insurance training program at the Manipal Global’s Academy of BFSI campus in Bangalore.
The candidates will undergo a one-year customised residential general insurance training program at Manipal Global Academy of BFSI. The one-year full time training program, will comprise of four months of training on-campus and two months of internship followed by six months of on–the–job training at Royal Sundaram. The course is designed to upskill prospective employees with the right domain knowledge, develop a broad understanding of the business, products and processes that will help them perform on the job.
The program entails the following:
Speaking on the occasion, M S Sreedhar, CEO & Managing Director, Royal Sundaram General Insurance Co. Limited said, “We as a company have always had the foresight to look at the bigger picture and we believe that acquiring the right talent starts from the grassroots. The general insurance industry is poised to leap into the next growth wave and we at Royal Sundaram will be part of that growth in grooming the next wave of industry-ready professionals. Here is a course that enables the candidates to acquire the right attitude, values, ethics and compliance that will help them succeed in the industry.”
Mr. Bimaljeet Singh Bhasin, Vice President, Enterprise Business, Manipal Global Education Services (MaGE) said, “We are happy to partner with Royal Sundaram for skilling its general insurance professionals. Insurance industry thrives on empathy and relationships. We are glad that Royal Sundaram is serious about its employees possessing sound business understanding, product and process knowledge, attitude and values. We are confident that the employees who undergo this training program will be the ambassadors of Royal Sundaram and help expand its ‘good business."
Mr. Rakesh Gupta, Chief Human Resources Officer, Royal Sundaram General Insurance Co. Limited said, “This initiative will strengthen the Royal Sundaram Academy, the learning and development platform for existing and potential employees. All company learning initiatives will be driven by it; one that will also help bridge the gap in competencies available in the General Insurance industry today."
On successful completion, students will be awarded a Post-Graduate Diploma in General Insurance and will be offered direct employment at Royal Sundaram. The aim of the General Insurance Training Program is to mould officers of high calibre in the field of general insurance and create workforce that matches the company expectations and culture. The first part of the General Insurance Training Program will commence in June 2018 in Bangalore.
Royal Sundaram General Insurance Co. Limited (formerly known as Royal Sundaram Alliance Insurance Company Limited), a subsidiary of Sundaram Finance, is the first private sector general insurance company in India to be licensed in October 2000 by the Insurance Regulatory and Development Authority of India. The company was initially promoted as a joint venture between Sundaram Finance, one of the most respected non-banking financial institutions (NBFCs) in India and Royal & SunAlliance Insurance plc, UK, one of the oldest general insurers in the UK. In July 2015, Sundaram Finance acquired the 26% equity holding from Royal & SunAlliance Insurance plc. Consequently, the entire 100% equity holding in Royal Sundaram is now held by Sundaram Finance (75.90%) and other Indian Shareholders (24.10%).
Royal Sundaram has been providing innovative general insurance solutions to individuals, families and businesses directly as well as through its intermediaries and affinity partners. The company offers Motor, Health, Personal Accident, Home and Travel Insurance to individual customers and offers specialised insurance products in Fire, Marine, Engineering, Liability and Business Interruption risks to commercial customers. Royal Sundaram also offers specially designed products to the small and medium enterprises and rural customers as well. The company is a pioneer in bancassurace in India, having long-standing tie-ups with reputed banks and NBFCs. Currently, Royal Sundaram has 2000 plus employees and its products are distributed across 130 cities in India, through agents, affinity partners, OEM dealers, brokers and through direct channel (both offline and online), selling over two million policies every year.