The new company Shriram General Insurance Company will be headquartered in Jaipur and will be inaugurated by the Finance Minister P Chidambaram on July 23 at Jaipur, said R Thyagarajan, chairman, Shriram Group.
The company has partnered with South African based insurer Sanlam Group, which will hold 26 per cent stake in the new company. Both the partners are already into life insurance business since February 2006.
Speaking to reporters Thyagarajan said company's immediate target would be truck operators. Currently the group has more than 6 lakh truck operators as its customers.
"Idea of starting the general insurance company is to give far deal to the truck operators," he said.
The company is planning to settle claims in 30 days compare to one year by other general insurers, said Thyagarajan.
Other focus would be retail and travel insurance. The insurer is not planning to enter into health insurance and is planning to tie-up with other general insurer.
In the first full year of operations, the company hopes to collect a premium of Rs 200 crore.
Speaking about group's foray into banking, he said final decision will be taken by this year end.
