HDFC ERGO is a 51:49 joint venture firm between HDFC and ERGO International AG, one of the insurance entities of the Munich Re Group in

Germany Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwe ...

operating in the insurance field under the

BFSI Banking, financial services and insurance (BFSI) is the industry's umbrella term for companies that provide a range of such financial products or services. This includes universal banks that provide a range of financial services or companies that ...

sector. The company offers complete range of general insurance products in retail, corporate and rural sectors. The retail sector includes various products like health insurance, vehicle insurance, travel insurance, home insurance, personal accident insurance and cyber insurance. The Corporate sector includes products like liability, marine, and property insurance. Rural sector products include rainfall index insurance, Pradhan Mantri Fasal Bima Yojna and cattle insurance policy.

History

HDFC Ltd. And ERGO International AG formed a joint venture firm named HDFC ERGO General Insurance Company Limited. ERGO became a 49% stakeholder in the Company in 2015. In June 2019,HDFC announced plans to acquire 51.2 per cent stake in Apollo Munich Health Insurance and later merged it with its general insurance arm, HDFC ERGO. In 2020, HDFC Ergo Health Insurance( earlier known as Apollo Munich Health Insurance) merged with the company after the receipt of final approval from the

Insurance Regulatory and Development Authority of India The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of Ministry of Finance , Government of India and is tasked with regulating and licensing the insurance and re-insurance industrie ...

(IRDAI) making it the second-largest private insurer in the accident and

health insurance Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among ma ...

business. With this merger, the company's product suite expanded to over 50 in this segment. In May 2021,Housing Development Finance Corporation (HDFC),had entered into a share purchase agreement for sale of 44,12,000 equity shares of Rs. 10 each, representing 0.62% of the issued and paid-up share capital of HDFC ERGO, in accordance with the direction of Reserve Bank of India to reduce its shareholding in the latter to 50% or below, and subsequent to this HDFC ERGO would cease to be a subsidiary company of HDFC.

Technology

The firm's website has an AI-based chatbot DIA which can answer many of the queries. HDFC ERGO General Insurance has adopted the Robotics process automation and voice analytics to improve customer experience. With these technologies, the company claims to process health insurance in 15 minutes and issues Health and Motor Insurance Policies to the customers within 5 minutes through the digital platforms. A mobile application, the Insurance Portfolio Organiser (IPO) app, has also been built and offers its services based on geo-location. The company is aiming to transform itself into an ‘AI-first company’, wherein over 30% of customer service requests is handled by artificial intelligence (AI) and more than 50% of customers are using the digital platform to avail of any service after becoming policyholders.

References

External links

* {{Insurance in India Privately held companies of India Joint ventures Insurance companies of India Financial services companies based in Mumbai Companies with year of establishment missing HDFC Group