“In the current financial year (Year-October), our new premium growth has been 20 per cent. We expect our performance to improve and grow by over 20 per cent (for FY 2022) in the rest of the financial year,” said the company. Executive Director and CEO Ashish K Vohraas told PTI.
The company’s new business premium stood at Rs 553 crore in the April-October period as against Rs 462 crore in the corresponding period of the previous fiscal.
The insurer has mostly been present in the savings insurance segment, which includes guarantees, participation (Through) And ULIP products, he said.
Vohra said, “As we see the markets maturing, we see greater demand for guaranteed insurance products in the market. Growth will come from new products and innovative solutions.”
He added that the insurer has recently launched a fully guaranteed product which provides 5.5-5.75 per cent guaranteed returns to the customers over a long period of time.
He said it is planning to launch a term plan and a participating plan in the next two-three months.
Vohra said that in the current financial year till October 2021, the company has settled more than 8,800 claims worth over Rs 217 crore with a claim settlement ratio of 99.12 per cent.
He said the insurer has a network of over 700 branches and is not looking at adding more branches at present.
However, there are plans to increase the number of employees in its branches.
Vohra said, “We plan to recruit 8,000 more employees in the next 12 months. This is also to make back some of the naturally occurring shortfalls.”
The company is looking to recruit at least 25,000 consultants in the next one year on a base of around 45,000 consultants.
Vohra said that at present, 98 per cent of the company’s policies are made digitally and it plans to increase this number further.