Page 48 - Banking Finance June 2017

INTERVIEW

from online channels is
expected to grow 20 times by “ We have closed FY 17 with a premium of Rs 1287.23 Cr with
2020 as per most of research an exceptional growth of 42.42% which is much better than
reports. the industry average. This organic growth has came from
So in orders to take leverage of the well diversified business segments of the company in
change in buying behavior of “
potential customers and Motor, Crop and Miscellaneous line of business.
increasing internet
penetration, USGIC is gradually evolving our distribution Yes, a trained agent primarily plays a role of a communicator,
strategy. USGI has already strategized business via web counselor and facilitator for insurance products available in
aggregator & CSC (common service centers ) channel with the market. Hence as training procedures Employees of our
premium growth of 364.45% & 1587.87% in FY 2016-17 and partner banks are trained at IOB, Allahabad bank and
has increased its presence among online buyers and in urban Karnataka bank staff training colleges. So far this financial
as well as rural / semi urban India . In FY 2017-18, USGI is year we have 582 IOB staff, 154 Allahabad bank staff & 82
planning to develop Point of sales and insurance marketing Karnataka bank staff. Besides, our training team also
firm's (IMF) as distribution channels for tapping business. coordinates for getting the bank Specialised Person's trained
and licensed. This financial year the training team undertook
How has been your performance in current fiscal a massive project of getting 390 specified persons of Indian
and what business you are eyeing in the next fiscal? overseas bank trained and licensed.
We have closed FY 17 with a premium of Rs 1287.23 Cr with
Any other development you would like to share.
an exceptional growth of 42.42% which is much better than In the present circumstances, we can experience changes
the industry average. This organic growth has came from in customer behavior which is seeking conveniences a
the well diversified business segments of the company in primary value. Now, customers want to shift effortlessly
Motor, Crop and Miscellaneous line of business. Being one from agents to computer and now to smart phones as they
of the empanelled companies for Pradhan Mantri Fasal Bima explore and adopt products and services at the go. They
Yojana (PMFBY), the Crop Insurance business had provided
want to access sales advice, customer service, and claims
the required impetus in the Company's growth in terms of management at any time of the day or night, from wherever
premium as well as customer base.
they happen to be.
Considering the tremendous potential of CROP business, We at Universal Sompo General Insurance have noticed this
USGIC has given a thrust to crop business in FY 2016-17 and growing segment and have taken various initiatives from
in coming fiscal as well crop will be one of the major
being connected with our customers through social media
portfolios in USGIC business.
to launching of the Universal Sompo Mobile App for our
After getting an acknowledgement by Maruti Insurance digital savvy customers.
brokers Limited (MIBL) as top service provider, USGI will be Apart from the digital segments, we have initiated strategies
keen to scale up its existing corporate tie ups like Maruti,
to connect customers from semi-urban and rural areas
Honda and Nissan in coming fiscal.
through Point of Sales Person (POSP), who lack the basic
Besides, leveraging new avenues and new tie-ups, USGIC is Infrastructural access of General Insurance products in their
also keen on strengthening its traditional distributional vicinity. These POSP who will be exclusive to Insurance
channel, BANCA and Agency as well in coming fiscal. Various Company, will be provided with Mobile POS (MPOS)
technological up gradation and new systems are in line application to help us to connect better with our target
to support existing distribution channels and we are expecting customers and innovate insurance products based on
a robust business growth from these channels as well. existing need-gap analysis.
Besides this we are developing in house health serve web
Do you provide any special tailor-made training portal, e-policy issuance, c-kyc verification, underwriting
to Bank Employees to equip them to sell applications etc to facilitate our end consumers as well as
Insurance Products? distribution channels. T

48 | 2017 | JUNE | BANKING FINANCE

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