New India to unveil title cover for realty developers

G. Srinivasan

G. Srinivasan  

New India Assurance shortly plans to introduce title insurance cover for property developers, a top official said.

The product would insure the property developer against any defect in the title deeds, said G. Srinivasan, CMD, New India Assurance.

International insurers

“We are taking the help of international insurers for this product,” Mr. Srinivasan told the media here on Friday. “It is to ensure the title is free of defects.”

The firm recently introduced an insurance product for insolvency professionals. Many banks were initiating insolvency proceedings and they had to complete proceedings and transactions. This product would provide professional indemnity.

Mr. Srinivasan said that New India, which was adding about 10,000 agents this year, was investing almost Rs. 500 crore this fiscal to upgrade technology.

“The company is focusing on digital in a big way. About 15% of the business is secured through digital means and the company expects this to grow at a high pace in the coming period,” he said.

In five to seven years, 40% to 45% of the business may come through digital means. Investments in technology were aimed at attracting more customers through the digital mode and to make payment of premium easier, he said.

New India also plans to open 250 micro offices this year and has tied up with five banks for bancassurance, Mr. Srinivasan added.

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