Bharti AXA General Insurance Company Ltd is aiming to double its business in South India by the end of the calendar year 2012. The company clocked Rs 180 crore in 2011 with the sale of 2.79 lakh policies and settling 40,739 claims in the region.
Speaking to reporters here on Wednesday, Mr N. Sampath Kumar, Chief Financial Officer, said the company has chalked out its plans to penetrate deeper into smaller cities/towns and semi-urban markets through strategic tie up with micro financial institutions. It is also looking at business from the growing SME segment, he said.
Kochi, he said, is a key market for the company in the southern region, which contributes 5 per cent of the overall south zone revenue. The city has generated Rs 8.65 crore business in 2011, where 68 per cent of the business comes from the motor vertical, followed by the health and commercial lines, at 19 per cent and 13 per cent, respectively. The company sold over 11,741 policies and settled 2,311 claims in Kochi.
Bharti AXA General Insurance, with a market share of 3.69 per cent last year among private insurers, is looking at a 40 per cent growth nationally in 2012. The total business in India last year was Rs 776 crore, against Rs 528 crore achieved in 2010.
Speaking on the occasion, Mr Manoj Nair, Zonal Vice-President, South, Bharti AXA General Insurance, said the company aims to double Kochi's contribution in the coming year by increasing the sales in the vertical of micro finance institutions, health and commercial lines. The company is also looking at two more branches in the State by the end of this year, taking the total number of branches in the State to three. It has also tied up with 17 hospitals in the city to facilitate cashless hospitalisation and 32 garages to offer cashless facilities for its motor customers, he added.
