Money & Banking

Tata AIG hopeful to cross ₹10,000 crore premium mark in FY 22

Surabhi Mumbai | Updated on July 10, 2021

Parag Ved, President and Head, Consumer Lines, Tata AIG

Now present in about 750 to 800 locations across the country

Private sector Tata AIG General Insurance is hopeful of expanding its footprint this fiscal despite challenges from the ongoing Covid-19 pandemic. The insurer is eyeing a premium of at least ₹10,000 crore and is set to launch new products in coming months.

“We are looking to cross about ₹10,000 crore mark overall this fiscal,” said Parag Ved, President and Head, Consumer Lines, Tata AIG General Insurance.

The company had gross direct premium underwritten of ₹8,402 crore in 2020-21 and a market share of 4.05 per cent.

Its gross premium underwritten grew by 15.29 per cent in the first three months of the current fiscal to ₹2,074.01 crore by June 30, 2021 compared to ₹1,798.97 crore a year ago.

“Despite the disruption from the pandemic, last year was a good year for us. Prior to the pandemic, we had made certain strategic investments and identified key areas two years back. Health was clearly identified as a very focussed product for us,” Ved said in an interaction with BusinessLine.

The insurer has worked out a strategy of creating a standalone health insurance kind of a set up, which has boosted its customer acquisition in the segment.

Expansion

Ved said the company has also invested in its distribution expansion in Tier 2 and 3 towns. It is now present in about 750 to 800 locations across the country from about 250 locations about four years ago.

“Now we have a resident representative either through an office or virtual office, which has helped us sustain our growth,” he said.

The insurer is also targeting the younger customer base through new products.

“We are planning to launch slightly digital first products for this segment of millennials and Gen Z, Ved said.

It is also planning to launch high sum insured products as well as disease specific products focussed at cancer care.

Published on July 09, 2021

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