Page 14 - Insurance Times March 2016 Sample
P. 14
Private Life Insurance
Insurance awareness Assets of Canara HSBC OBC Life down by Rs 500 crore
drive 'Pehle Aap' to edu-
cate people The current downbeat market has on March 31 last year. "In the 10
brought down the total assets under months of this financial year we have
Insurance companies are now taking management of Canara HSBC OBC Life collected new business premium worth
a sliding step to promote the concept Insurance by Rs. 500 crore. Rs. 527 crore, showing a 60 per cent
of insurance among the public. These growth over the comparable period
include awareness campaigns, social Gaurav Seth, Chief Fi- last fiscal," Seth said.
media promotions, road-shows and nancial Officer of the
customer meets. The focus here is not private life insurer, The CFO expects net profit in the cur-
brand promotion or advertising, but said that the overall rent financial year to grow 10- 15 per
purely for insurance awareness. AUM of the company cent over the Rs 103 crore recorded
(including sharehold- last fiscal. The company, which has a
Subrat Mohanty, head of marketing, ers' fund) was Rs. 9,300 crore as on capital base of Rs 925 crore, does not
Bajaj Allianz Life January 31 as against Rs. 9,800 crore plan to increase it in the near term.
Insurance, said this
was a campaign Kotak Life grows 50% after gaining traction with ING
wherein a vehicle Vysya
equipped with ser-
vice support mate- Kotak Life Insurance has posted nearly improving its contribution to 50 per
50 per cent year-on-year growth in its cent now from 35 per cent earlier.
rials and representatives goes out to first premium income for the first nine
places and a group of artistes per- months of the fiscal, as it gained trac- ING Vysya Bank had about 677
form a street play in the local lan- tion in the south Indian market after branches, essentially in south, giving
guage. its parent Kotak Mahindra
Bank acquired Bengaluru- Kotak Mahindra Bank a
Mohanty said the event is called based ING Vysya Bank last footprint of over 1,200
'Pehle Aap' and "our chief executive year. branches. Agarwal said
officer along with sales officers inter- western and southern re-
act directly with select customers "The ING acquisition has given us a gions contribute 30 per
and tell them about importance of good spurt," said Suresh Agarwal, chief cent each to premium income with
having adequate life insurance". distribution officer at Kotak Life Insur- east and north giving about 20 per cent
ance, a 74:26 joint venture between business each.
Insurers are also using their mobile Kotak Mahindra Bank and South
applications for creating awareness Africa's Old Mutual Plc. Agarwal had "We are targeting Rs 3,500 crore of
not only for basic policies but also told that the acquisition also helped premium income in FY17, of which
helping prospective policyholders firm up its bancassurance business, about Rs 1,800 crore would be coming
calculate how much cover of insur- from new business," Agarwal said.
ance do they need for the various life
stages. These tools are integrated in
the mobile app, which can then also
be used to buy a policy.
14 The Insurance Times, March 2016
