The Hindu Business Line : Future Generali plans thrust on total insurance solutions

Mumbai, Dec. 28 Providing total insurance solutions, encompassing life and non-life segments, is what one of the latest entrants in the insurance sector — Future Generali — is banking on to reach out to its customers.

Cross-selling to each other’s customers by stand-alone life and non-life insurance companies under the Future Generali stable is the USP that is being sought to be projected. In fact, most of the agents employed by Future Generali have got IRDA certification, whereby they can sell both life and non-life products.

Further, Future Generali’s advertising strategy reflects the unified, holistic approach to customers.

According to Mr Jayant Khosla, Chief Executive Officer, Future Generali India Life Insurance Company Ltd, “Our company is focusing on an aggressive advertising campaign as part of our brand building exercise.”

Though he declined to quantify the amount spent on advertising, he said the expenditure would amount to more than 10 per cent of the combined revenues generated by the life and non-life insurance companies.

In a bid to grow its market share in the face of increasing competition, FG India Life is looking at scaling up its distribution network and introducing new products.

On the non-life side, Future Generali India Insurance Company Ltd (FGIICL) is planning to launch products in the motor insurance and property segments in the first week of January, Mr Deepak Sood, Chief Executive Officer, FGIICL, said.

“We are in talks with banks and NBFCs to insure housing property. Our agents have been very effective in selling property insurance,” Mr Sood said.

“We have collected Rs 118 crore in fresh premium till date. We are targeting Rs 200 crore in fresh premiums by the end of this fiscal, notwithstanding the fact that achieving this would be a bit tough considering the current scenario,” Mr Sood said.

In the retail segment, the general insurer will focus on health, auto and personal accident cover. In the corporate segment, the company is betting on property insurance as the key driver of growth.

The general insurer, which has a capital base of Rs 150 crore, plans to inject an additional Rs 70 crore into the business before the end of this fiscal while the life insurer, which has a capital base of Rs 335 crore, is planning to infuse Rs 300 crore additional capital to grow its business.