Chola MS General Insurance: Embracing Innovation for Sustained Growth

Chola MS General Insurance Company Ltd, headquartered in the bustling city, continues to focus on increasing stakeholder value through strategic innovation and operational excellence, a top company official confirmed.

The joint venture between India's Murugappa Group and Japan's Mitsui Sumitomo Insurance Company Ltd reported a profit before tax of Rs 144.77 crore for the recent quarter, compared to Rs 178.96 crore in the same period last year. This decrease is attributed to increased provisions for motor third-party claims due to rising award values and stagnant premiums over the past four years, alongside a few substantial claims.

Despite these challenges, Managing Director V Suryanarayanan emphasized the company's commitment to sustainable, profitable growth. He highlighted investments in digital platforms, data-driven decision-making, and strategic partnerships as key initiatives. Additionally, Chola MS has made progress in its technological transformation, including ERP migration and launching its enterprise-wide Data Platform's first phase.

(With inputs from agencies.)