Page 40 - Life Insurance Today FEBRUARY 2016
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was maturing. "The management added. RLIC will help the new advisors Future to apply for Corpo-
team of the company will remain un- to become certified insurance advisors rate Licence to sell Insur-
changed and will stay committed to all in the current financial year, thus add- ance in Stores
its customers, partners and employ- ing to the pool of certified agents who
ees with added focus on customer ex- will serve as a growth driver for the life Kishore Biyani's Future Retail in plan-
perience through simplification and insurance industry in the coming ning to apply for a corporate agency
digitization," Gopalakrishnan said in a years. licence to sell insurance policies to any-
statement. one walking into the group's
SBI Life to hit cap market hypermarkets and retail stores. About
Aegon Life Insurance is looking at 'digi- with IPO in 2016 32 crore footfall is calculated in Big
tal platforms' as the primary business Bazaar and other retail outlets every
driver. Gopalakrishnan said that about SBI Life may outshine HDFC Life to year. Selling insurance through its
a third of its new business (in terms of become the first insurer in the coun- stores is a natural course for the Fu-
number of customers) comes through try to hit the capital market with an ture Group, which holds major it
the online channel and its online term Initial Public Offering (IPO). stakes in two ventures - Future Gen-
insurance product is its best seller. eral India Life Insurance and Future
SBI Life Insurance, a joint venture be- Generali India Insurance Company.
5,000 insurance agents to tween the country's largest lender
be recruited by Reliance State Bank of India and BNP Paribas "Big Bazaar is big. We need to figure
Life Cardif, is likely to call banker's beauty out how to capture the imagination of
parade soon to give out a mandate. customers," said Munish Sharda, MD
Reliance Life is planning to hire 5,000 SBI has offered Cardif to increase its and CEO of Future Generali India Life
insurance advisors and nearly 2,000 stake in the joint venture by another Insurance. "We are planning over the
front-end sales staff in the comming 10% from 26% now. counter products to suit customers
months as part of its distribution net- stepping into Future Retail's stores."
work expansion plans. HDFC Life a joint venture between
HDFC and Scotland-based Standard The insurance companies had earlier
The company has already recruited Life has said it proposes to hit the started selling products at these stores
approx 15,000 insurance advisors markets early next financial year. by themselves, but failed to make it
lately and further the recruitment pro- work and they had to abort the plan.
cess to take the total recruitment of SBI has hired Towers Watson as its in- Now they have decided to come out
agents to 20,000 people in the current surance actuarial consultants for the with a more vigorous effort with Fu-
fiscal ending March 31, 2016. IPO while Cardif has hired Milliman to ture Retail as their corporate agent.
look into actuarial calculations. A SBI
"We have added close to 15,000 insur- Life spokesperson, however said the "The earlier model is undergoing some
ance advisors in the past few months company does not have any plans to changes. Previously, we had our own
and are targeting to recruit 5,000 launch an IPO at the moment. set of people stationed at stores. Now,
more by the end of the current finan- employees of Future Retail will be re-
cial year to increase our reach. This SBI Life Insurance has an authorized sponsible for selling policies," K. G.
will strengthen our distribution net- capital of Rs.2,000 crore and a paid up Krishnamoorthy Rao, MD & CEO of
work and help in new customer acqui- capital of Rs.1,000 crore. For the first Future Generali India Insurance told.
sition," Reliance Life Insurance's Chief half of the current financial year, SBI
Agency officer Manoranjan Sahoo said. Life has reported a 12.5% fall in its The retail giant is in the process of ap-
profit year-on year at Rs.407 crore plying for a licence from IRDAI a senior
"We are attempting to create a stron- due to decline in surrenders and capi- Future retail executive said. "Future
ger footprint across India with a view tal strain from new business growth. Retail can be a big distribution platform
to enhancing the width and depth of Its surrender profits fell to Rs.8 crore for insurance products. It's a win-win
our reach across the country," he from Rs. 45 crore in 2014. solution for all," the executive said.
"Friendship ... is born at the moment when one man says to another "What! You too? I thought that no one but myself . . ."
Life Insurance Today February 2016 39
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