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Bharti AXA General Life Insurance Company Ltd will be focussing on the business potential in the small and medium enterprise (SME) segment, according to its Chief Executive Officer, Dr Amarnath Ananthanarayanan.
Addressing a press conference to announce the launch of risk management advisory and consultancy studies for SMEs in Andhra Pradesh here on Thursday, Dr Ananthanarayanan said the aim was to get about 20 per cent of company's business from the SME segment.
Business sources
At present, motor insurance forms 65 per cent of the company's business followed by 25 per cent from the health and personal accident insurance segments.
“The rest comes from large insurance contracts, among others. As of now our business contribution from SMEs is not significant. But this will change,” he said.
“There were 13 million SMEs in the country. Risk mitigation and insurance are ‘vital' as a single devastation can wipe out the livelihood for these promoters and people working for them,” he said.
Bharti AXA General Insurance was the ‘first' company to launch a wide range of risk management services for SMEs with an in-house expert team, he claimed, adding that a fee-based model could be adopted for the consultancy studies.
On revenue growth, Dr Ananthanarayanan said this year was likely to end with a revenue of Rs 600 crore as against Rs 320 crore in the previous year.
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