Financial Daily from THE HINDU group of publications
Tuesday, Mar 26, 2002
Money & Banking
AMP Sanmar Assurance lines up new life products
HYDERABAD, March 25
AMP Sanmar Assurance Company, the life insurance joint venture between AMP of Australia and Sanmar group of Chennai, which kicked off its operations recently with the launch of five life products, has lined up a couple of new life products for launch shortly.
Addressing mediapersons on the eve of inaugurating the company's operations here on Monday, its Chief Executive Officer, Mr S.V. Mony, said a couple of products such as group life and single premium were ready for launch.
Stating that the company would shortly approach the Insurance Regulatory and Development Authority (IRDA) for its green signal for the new products, he said the group life product was expected to be launched in mid-April and the single premium product by the end of April.
Having already prepared the details to launch pension schemes during the current year, AMP Sanmar is awaiting the Government nod for the recommendations of IRDA on the issue. According to Mr Mony, separate set of guidelines were expected to be announced for pension funds shortly.
Stating that the company's foreign collaborator, AMP, possessed ample experience and expertise in handling pension products, Mr Mony said the products in this category would be launched immediately after the notification by the Government.
AMP Sanmar, which has presence in 27 cities currently, had adopted a well thought-out strategy of tapping the B and C category cities across the country where the competitors were yet to enter, Mr Mony said.
Of the 27 centres now, the competitors do not have presence in 22 cities. Stating that the company proposed to expand its office network to 60 centres by the year-end, he said nearly 40 of them would be located in the four Southern States and the balance in Maharashtra and Gujarat.
The company proposes to expand its advisors' network to 1,500 odd by the year-end and to 6,000 odd by the end of fifth year of operations from the current level of 800.
According to Mr Mony, the company prepared a programme to expand its distribution channels by entering into corporate market with professional sales and by developing key alliances with affinity groups and banks.
By the end of fifth year of operations, the company expects to have 75 per cent of its business volumes covered through the traditional mode of insurance advisors and the balance by alternative channels.
The company plans to expand its paid-up equity base to Rs 150 crore either during the third or fourth year of operations from the current level of Rs 125 crore, while maintaining the equity pattern of 26 per cent by AMP and 74 per cent by Sanmar Group, Mr Mony said.
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