The Hindu Business Line : Kotak Life plans more branches

Kochi, Sept. 11 In an attempt to develop Kerala market that accounts for 10 per cent of its business, Kotak Life Insurance is planning to open two more branches in the State by this month-end.

The company is expecting a business of Rs 100 crore from the State by this fiscal-end and its first year premium is expected to touch Rs 1,000 crore during the current financial year, said Mr Ramesh Vora, Senior Vice-President (Sales and Distribution), Kotak Life Insurance.

“Kerala has a big opportunity for us and we intend to put on few more branches by the end of this fiscal,” he said, adding that Punjab and Gujarat are the other two markets, where the company is looking seriously due to its good geographical reach and NRI population.

Corporate biz

On the corporate business side in the State, Mr Vora said the company has put up a team to target PSUs and IT companies for group insurance.

It had also started direct marketing channels to reach out to more customers in the country.

The pilot project in this regard is quite encouraging as the company has able to generate two per cent of the business. It had recruited around 120 people, which would be increased to 500 by this fiscal-end the end of this fiscal. Kerala will also be included in the direct marketing services by recruiting around 70 people, he added.

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