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Future Generali India Life Insurance, a private life insurer, has embarked on ‘Project Vistar’ as part of its expansion plan to increase its operational presence in India.
In the first phase — initiated on December 31, 2018 — 14 new offices have been launched, while three existing offices have been revamped. The 14 new offices have come up in Maharashtra, Uttar Pradesh, Uttaranchal. Punjab, Assam, West Bengal, Delhi and Orissa
Project Vistar aims to improve customer-centricity by providing quick and simple solutions to actively protect and enhance peoples’ lives.
Subhasish Acharya - Executive Vice-President and Head - Agency, Future Generali India Life Insurance Company Ltd said, “India has huge potential in the untapped insurance market and it is about time insurers go full throttle to reach out to the population with innovative and relevant insurance products. With the opening of 14 new locations, we feel proud to be part of the government’s initiative to make insurance products accessible to all”.
In the first phase, the network of existing branches has grown to 117 from 103, and is expected to contribute about 10 per cent of the company’s overall business.
Acharya said the rational for choosing these specific locations to open new offices was based on an assessment of demographic parameters. The Economic Potential Indicator (EPI) data released by the World Bank was also a useful pointer in the selection.
With these new branch openings, Future Generali India Life has recruited close to 215 employees and 2376 distributors and hopes to further increase these numbers in the next two years.
Future Generali has been focusing on expanding its agency channel by ramping up the recruiting process of new agents and opening new branches in India.
Over the last two years, the company through its agency channel, has seen progress and profitability, that contributes to the overall development of Future Generali India Life Insurance.
The growth in the agency channel’s new business has increased by 260 per cent, while the workforce has jumped by 140 per cent in two years.
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