Cholamandalam MS General Insurance Company is targeting gross written premium of ₹2,500 crore this fiscal, up from ₹1,890 crore achieved during the previous year.

“And Tamil Nadu would be an integral part of our growth strategy as it is our home ground. We are aiming at 60 per cent growth in premium in the Tamil Nadu market at ₹300 crore this fiscal, compared with ₹190 crore in 2013-14,” SS Gopalarathnam, Managing Director, Chola MS, said.

Gopalarathnam was in the city to inaugurate the company’s new office here at Magnum Towers on Nanjappa Road.

Speaking to reporters, Gopalarathnam said that the company would actively try to grow its health portfolio from the current 12 per cent to 25 per cent and reduce the motor portfolio from 63 per cent to 50 per cent by 2020.

Chola MS has a bancassurance tie up with Central Bank of India and several NBFCs, such as Mahindra Finance, Cholamandalam Finance, DHFL and Equitas and a number of Original Equipment Manufacturer (OEM) tie-ups. Close to 60 per cent of the company’s premium income is from such tie-ups, Gopalarathnam said, adding “our drive this year would be to increase business via the proprietary channels.”

The company is aggressively trying to ramp-up its agents force of 10,000 across the country to 18,000 in a period of 12 months. “We are looking to add 2,000 more agents in Tamil Nadu,” he said.

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