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Bharti AXA General Insurance is planning to ramp up its distribution network in the southern States.
“We are targeting doubling of our business in southern region from about Rs 225 crore recorded last financial year by end of this fiscal,” Dr Amarnath, Chief Executive Officer and Managing Director, Bharti AXA General Life Insurance Company told newspersons here on Tuesday.
The four southern States — Andhra Pradesh, Karnataka, Tamil Nadu and Kerala —contribute about 25 per cent of business for the Bangalore-based general insurer.
The number of agents would be increased to 1,500 from the present 1,000, he said.
A new software on advanced customer relationship management is also being provided to agents for rendering better advice to customers.
STRATEGY
According to Mr B. Subrahmanyam, Senior Vice-President, taping of ‘under-penetrated’ retail and rural insurance segment, renewed focus on life-style protection plans and small and medium enterprises would drive growth this year.
Bharti AXA is awaiting approval from the Insurance Regulatory and Development Authority to launch a host of new products.
About six products covering travel insurance, add-on to motor insurance, retirement and no-frills health insurance would be added soon to the existing 56 products of the company.
CAPITAL INFUSION
The company is likely to infuse Rs 150-200 crore of capital during the current financial year.
“We have a healthy solvency now and infused Rs 200 crore in March this year,” Dr Amarnath said.
Bharti AXA took a hit to the tune of Rs 79 crore due to abolition of motor third-party pool from the beginning of this financial year.
Of this, Rs 40 crore was already infused before March 31, 2012, and remaining would be stretched over a period of three years.
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