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Our Bureau

Chennai , June 10

INSPIRED by its competitors, Madras Fertilizers Ltd (MFL) is getting into marketing insurance products, both life and non-life.

According to MFL's Managing Director, Mr Sukumar N. Oommen, the company has entered into an agreement with ING Vysya for life insurance products and with Royal Sundram for non-life products.

MFL started sales in June and hopes to add at least Rs 30 lakh revenue by acting as a corporate agent for the insurance products. MFL has a wide dealer network to sell its own fertilisers, which can be used to hawk the insurance products.

MFL has over 6,500 dealers and also comes in direct contact with at least two lakh farmers. This opportunity could be utilised to market such products, he said.

MFL staff have passed the requisite examinations and eight officers have been selected to oversee marketing in eight zones. In Tamil Nadu they will market the insurance products in Tiruchi, Salem, Madurai and Vellore; in Andhra Pradesh in Cuddapah, Vijayawada and Hyderabad; and in Karnataka, Bangalore.

Both the insurance companies have done a survey and have initially selected these areas as a pilot effort and the marketing area is likely to be expanded.

The move by MFL was inspired by the presence of some of its competitors getting into insurance, Mr Oommen said. For instance, Coromandel Fertilisers has Cholamandalam Insurance in the group and IFFCO has IFFCO-Tokio, he said.

So MFL initiated discussions with a host of insurance companies and hit upon these two companies because they have a strong brand image, "as strong as Vijay in Fertilisers" but have no interest in fertilisers, he said.

More Stories on : Diversification | Insurance | Strategy | Fertilisers

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