Aditya Birla Sun Life Insurance Co. Ltd. MD and CEO Kamlesh Rao mentioned within the subsequent few quarters they are going to be rolling out new merchandise for various segments
| Photo Credit: N. Anand
Aditya Birla Sun Life Insurance Co. Ltd., (ABSLI) has drawn up a multi-pronged technique to double its business over the subsequent three years utilizing unconventional route and modern merchandise, mentioned its MD & CEO Kamlesh Rao.
“We have drawn up plans to double our revenues from all streams by FY27 using unconventional route and innovative products,” he mentioned in an interplay.
The plan requires doubling the person first 12 months premium from ₹3,000 crore to ₹6,000 crore, group life insurance coverage from ₹4,000 crore to ₹8,000 crore, worth of recent business margin from ₹700 crore to ₹1,350 crore and gross written premium from ₹17,500 crore to ₹35,000 crore.
According to him, ABSLI plans to obtain this goal by specializing in new merchandise, enhancing distribution channels, doubling manpower and creating new distribution businesses.
Talking in regards to the unconventional route, he mentioned: “Our initial focus is on two wheeler, four wheeler and commercial vehicles dealers, chemist, jewellers, travel agents and holiday partners, who are having a huge loyal customer base. At the dealerships, we have vehicle insurance agents, who have not sold life insurance in the past. We are targeting them.”
ABSLI additionally did a pilot run with 65 companions in a tier-III city in Uttar Pradesh. Though, it tasted some success with automobile and two wheeler sellers, it was not so encouraging with chemists and jewellers. It is probably going to attempt its hand with journey brokers and resort house owners quickly.
“While some came forward to deploy their own staff for the new services, others sought our help in training. We will be looking at more agencies. In the first year, we expect to do a business of ₹150 crore,” he mentioned.
Asserting that they’re presently ranked fifth in group life insurance coverage and seventh in particular person life insurance coverage, he mentioned their goal was to scale it up by two extra notches respectively.
Mr. Rao mentioned that they’re centered on offering totally different set of merchandise for various section of individuals such because the revenue safety plan by June and a brand new financial savings product focusing on girls by August/September.
