Financial Daily from THE HINDU group of publications
Thursday, Jan 20, 2005
Financial Daily from THE HINDU group of publications Thursday, Jan 20, 2005 |
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Money & Banking
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Life Insurance Marketing - Rural Marketing Birla Sun Life to focus on rural markets Our Bureau
Hyderabad , Jan. 19 BIRLA Sun Life Insurance Company Ltd (BSLI) is planning to strategically shift its focus towards the semi urban and rural markets in an aggressive way. Disclosing this at a press conference here on Wednesday, the BSLI Chief Executive Officer, Mr Nani Javeri, said the company currently has presence in 33 cities across the country with 44 branches. Of the total premium revenue of Rs 524 crore, direct sales contributed around 42 per cent, alternative channels around 40 per cent and the balance came from group business. Stating that the idea was to have 50 per cent of business from direct sales and the balance from alternative channels and group business, he said the company planned to set up 11 more branches by June , nine of them in class-III cities. In the alternative channels, the company has entered into alliances with 10 banks across the country. According to Mr Nani Javeri, the company has recorded a growth of around 160 per cent in premium revenues for the nine-months period ended December 2004. Aimed at meeting the substantially expanding business volumes, the company has recently increased its capital to Rs 350 crore, he said. Acknowledging the relatively poor penetration in direct sales with branches compared to competitors, he said the company has been focussing strategically on quality business with highly qualified insurance advisors. As against average 40,000 advisors of competitors, BSLI has only 9,500 advisors.
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