The pre-pandemic, Uday Kotak-controlled life insurer, which unlike most peers has no foreign partners, has bought back 26 percent of its holdings. old mutual In 2017, private sector insurers had a market share of 2 per cent, and it fell to 1.6 per cent in the first half of this fiscal.
However, since the beginning of the current financial year, the company is in a better position in terms of growth rate.
“We are growing consistently and profitably,” Balasubramaniam told PTI on Tuesday. Of course, we can grow very fast given our strong capital base, but our focus is on sustainable growth, not just Raising the top-line.”
Balasubramaniam said, “Our solvency capital is Rs 4,500 crore, which is much higher than the regulatory requirement, as our total premium income is just over Rs 6,000 crore. Hence, there is ample growth opportunities and so is our growth capital.”
When asked about the market share target, he said, “Our goal is to … to grow continuously and sustainably. Also it is not always possible to set a target. However, our immediate target is our share of personal security income. Have to double- in the next few years, now less than -6 percentage points,” he said.
Balasubramaniam said this can be achieved because the share of protection as a percentage of GDP in the country is as low as 23 per cent, lowest in emerging markets and below advanced economies, where it averages 250 per cent.
“We are working on a holistic growth model wherein all our five product segments – Suraksha, Term Plan, Partnership Plan, Non-Partnership Plan and Unit Linked Insurance Plan (ULIP) should continue to perform as well as they are doing now. are.
“All of them more or less contribute equally to the top-line now. But I would prefer to increase the share of ULIPs to a little over 20 per cent from the current 20 per cent,” Balasubramaniam said.
The company is also expanding its agency network, and has hired around 25,000 so far this year, taking the total number to close to 1 lakh, he said, and claimed it would make them the largest private sector peers this year. The larger agency makes the renter.
Similarly, it is also adding to the talent pool, and will add about 2,000 more by March, taking the total workforce to 10,000.
He said the company is also investing in branch expansion and has opened 65 branches so far in the current financial year, taking the total number to 290.
Balasubramaniam said that the company is investing heavily for growth through people, agents, products, technology and branches, so that we can grow in a sustainable and profitable manner.
Kotak Life Started operations in 2001 as a joint venture with South African Old Mutual Life in which 26 per cent was held. Kotak bought equity in April 2017 for Rs 1,293 crore. Old Mutual had invested Rs 185 crore in the joint venture since 2001.
The company has approximately 37 million active customers, which are now served by nearly 1 lakh agents across 290 branches across 167 cities.
Meanwhile, Kotak Life on Tuesday launched a Mobile Cardiac Treadmill Test (CTMT) for its high premium term plan customers, under which its mobile van, which is a partially equipped ambulance, will reach the customer’s doorstep and text Will take it for free.
As per the extant rules, those above 45 years and wishing to take a life policy of Rs 1.5 crore and above or a non-life policy of Rs 2 crore and above will have to undergo a medical, including stress test, to evaluate heart health .
The medical mobile van is equipped with all the necessary equipment, facilities and a full time doctor to carry out the prescribed tests and services.
After a successful pilot in DelhiCompany is launching CTMT service MumbaiAnd it will be rolled out in a phased manner from the other six top metros namely Bengaluru, Hyderabad and Chennai.