To further penetrate into the SME segment across Kerala, Bharti AXA General Insurance Company Ltd has launched packaged policies targeting shopkeepers, hospitality segment and small scale industries.

Mr Sanjay Radhakrishnan, Senior Vice-President – Head Corporate and Alternate Distribution told presspersons here on Thursday that these products are not only competitive but also significantly reduce the hassles associated with procuring of insurance policies through instant and on the spot issuance of pre-underwritten products. The premium is as low as Rs 825 for shopkeepers, he said.

He pointed out that Kerala has huge potential in the SME segment and the company's main focus is to create a dedicated distribution network for the SME segment and provide the right kind of products in the market, which cater to heterogeneous needs.

Tailor-made products

With the launch of these tailor-made products, he said the company is looking to increase the headcount by 50 per cent and build its business to Rs15 crore by this December from the State. Since inception in 2008, the company across the State had sold 6,879 policies and collected premium of Rs 7.7crore and paid about 1,121 in retail and commercial claims, he added.

Bharti AXA GI, which has a branch in Kochi, will now open its second branch in Kozhikode by October. The two branches along with its six spoke locations will serve the SME segment across Kozhikode, Thiruvananthapuram, Kollam, Kottayam, Thrissur, Malappuram, Palakkad, Kannur and Kasargod.

Mr Manoj Nair, Zonal Vice President – South, said that the company is looking at a first premium business of Rs 250 crore from South India this year.

Business

Since its inception in 2008, the company collected Rs 230 crore from 1.6 lakh policies. The company is also targeting Rs 800 crore pan-India business this year against Rs 500 crore achieved last year, he added.

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