The Hindu Business Line : Kotak Mahindra widening network

Chennai, Aug. 1 Kotak Mahindra Old Mutual Life Insurance Company plans to recruit 1,500 agents in Chennai during the current year. The company currently has about 26,000 agents across the country on its rolls.

Speaking at a press conference after launching its third branch in Chennai, Mr Gaurang Shah, Managing Director, said the company planned to open 45 branches this year after adding 35 branches last year. It now has 81 branches.

Mr Shah said that the company derived a major portion of its income from customers in Gujarat, Punjab and Haryana. Its primary focus is the mass affluent segment –

defined as customers with an annual income of between Rs 2.5 lakh and 4.5 lakh. The average size of the insurance policy for Kotak customers is at Rs 32,000 compared with the industry average of Rs 17,000.

Mr Shah said that the company would also tap the distribution channels of its group concerns – both the bank branches as well as the branches of Kotak Securities.

He said that about 18 per cent of the first year premium income of Rs 615 crore in the last fiscal came from Kotak Bank.

The contribution of the bancassurance channel is about 40 per cent. Almost 94 per cent of the premium comes through unit-linked products.

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