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New India Assurance Company is working on a four-pronged strategy for growth and to retain its leadership position.
It will focus on retail business, a key growth driver for the industry. As part of this, it will expand in four areas.
“We will open more micro offices, recruit agents, roll out some innovative products and leverage technology,” G Srinivasan, Chairman and Managing Director, New India Assurance, said here after the launch of the company’s new premier mediclaim policy with sum assured of up to ₹1 crore.
During 2017-18, it plans to open 300 new micro offices across Tier 2, 3 and 4 locations and will also recruit about 10,000 agents. It has about 1,400 micro offices and 70,000 agents now.
It is also planning to introduce some new products across motor, health, home and other segments.
It now sells about 14 per cent of its products online. “Today, about 10,000 of our agents issue policies through portals. Our customer portal is also gaining traction and a month ago we started giving 10 per cent discount on policies taken through our customer portals,” said Srinivasan.
The State-owned general insurer hopes to end the current fiscal with a total premium income of about ₹21,000 crore. It aims to touch ₹25,000 crore of global premium by next fiscal.
Strong momentum in healthHe also said the company’s health insurance business was growing at 22 per cent and it is the market leader in the segment. It hopes to garner a total health premium income of ₹6,000 crore by the end of this fiscal.
Currently, the retail segment accounts for 40 per cent of the health premium, and the corporate segment, the rest.
International operationsNew India plans to increase the contribution of international operations to its business to 25 per cent over the next five years from the present 18 per cent by strengthening its existing operations and opening offices in new markets.
It has 65 offices across 28 countries. Currently, London and the Middle East account for a major portion of its international business.
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