Page 37 - Life Insurance Today April 2018

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Life insurer's records 27% Fourth South Asian Regulators' meet
According the insurance experts, there is a need to highlight the need for in-
growth in premium surance and provide right solutions to spread awareness and increase its pen-
Life insurance companies have re- etration. A galaxy of insurance stalwarts and insurance regulators from South
corded Asian countries deliberated on a wide range of aspects during the International
a 27 Insurance Conference and the Fourth South Asian Regulators' meet hosted by
per the Insurance Regulatory and Development Authority of India.
cen t "Reach out to people and explain what kind of insurance is required. We can-
growth not slacken efforts to reach more people to spread insurance," Arijit Basu,
in first- Managing Director and CEO, SBI Life Insurance, said in a panel discussion on
year premium collection in Febru- the role of consumer awareness in enhancing insurance penetration.
ary. Premium collected during the Noting that even though about 30 crore people had life cover in the country,
month was Rs 13,724.96 crore com- Basu said the sum assured was way below the needs. It is not about buying
pared with Rs 10,791.68 crore in the insurance once, but sustained premium payment is also vital. "We can lock in
corresponding month of 2017. the customer for 15-20 years if combined efforts are made..." he added. Win-
ning the trust of customers is vital not just for insurance penetration but also
The growth in the first-year pre-
to post "good quarterly results by doing the right sale," Basu pointed out.
mium was driven by both individual
and group single premium. The According to Ritesh Kumar, MD and CEO, HDFC Ergo General Insurance, distri-
combined first-year premium of bution should be strengthened by making the agents technology savvy and in-
both individual and group segments creasing their numbers.
was Rs 8,113.15 crore against Rs Currently, there are about two million agents in life insurance and 3.60 lakh
5,697.15 crore, a year-on-year in non-life. "We need to go out into rural areas to spread awareness about gen-
growth of 42 per cent. eral insurance," he said. While life insurance penetration in the country is at
3.49 per cent, that of general insurance is less than 1 per cent, with some seg-
Data from research firm ICRA shows
that the share of single premium in ments like home insurance having a very small customer-base.
the overall mix of private insurers Hemant Bhargava, Managing Director, LIC, said government schemes such as
has seen a steady increase from 29 Prime Minister's Jeevan Jyothi Bima Yojana, Suraksha Bima Yojana, Fasal Bima
per cent in 2012-13 to 35 per cent Yojana and the recently announced National Health Insurance scheme have
in 2016-17. brought insurance to the forefront.
According to industry observers, a Bajaj Allianz' launches missed call service
combination of policy subscription Bajaj Allianz General Insurance has launched a missed call service for its travel
to save tax towards the end of the
insurance customers, who can receive assistance while travelling overseas. The
financial year and a rising interest customer can seek assistance by giving a missed call on +91 124 6174720 free
among policyholders for unit-linked of cost across the world. It helps resolve their queries on any of the policy ben-
insurance plans is driving growth in efits, claims process, location of medical facilities in the near vicinity, loss of
the industry. passport, and delay or loss of checked-in baggage.

Life Insurance Today April 2018 37