Financial Daily from THE HINDU group of publications
Thursday, Dec 01, 2005
Financial Daily from THE HINDU group of publications Thursday, Dec 01, 2005 |
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Money & Banking
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Life Insurance Marketing - Strategy Birla Sun Life to target SMEs for group business Our Bureau
(From left) Mr S.K. Mitra, Managing Director, Group Financial Services, Aditya Birla Group; Mr Jim Prieur, President and COO, Sun Life Financial; and Mr Nani Javeri, CEO, Birla Sun Life Insurance, at a press conference in Mumbai on Wednesday. - - Shashi Ashiwal
Mumbai , Nov. 30 BIRLA Sun Life Insurance (BSLI) is to sharpen focus on group business by foraying into new segments. As part of its new strategy, the company will be targeting the small and medium enterprise (SME) segment, which has been largely untapped by Indian insurers. BSLI will also be devising special sales strategies for large clients as well as the SME segments. Mr Jim Prieur, President and COO of Sun Life Financial, the joint-venture partner in BSLI, said the SME segment in India provided huge potential for group business schemes. He said plans were also afoot to expand BSLI's geographical reach in India by increasing its presence in 20 new cities in the first round, apart from increasing its product range. He admitted that competition was hotting up in the private insurance sector in India. "The intensifying competition within the industry has resulted in players resorting to extremely fine pricing. Additionally, the levying of the Fringe Benefit Tax (FBT) has compelled corporates to have a rethink on their policies on employee benefits. One would expect a definite shift from defined benefits to defined contribution plans, as these plans help corporates manage costs and empower employees to manage their retirement savings better," he pointed out. Recently, BSLI received the mandate to manage the group funds of some of the leading corporates in the FMCG and banking sectors, with a total corpus of over Rs 350 crore, which will be transferred to the company in phases. Some of the key Aditya Birla Group companies have also opted for BSLI's plans to manage their employee benefit funds.
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