Page 38 - Life Insurance Today March 2016
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Private Life Insurance
CompaniesNews
Insurance awareness Assets of Canara HSBC OBC Life down by Rs 500 crore
drive 'Pehle Aap' to edu- 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
cate people management of Canara HSBC OBC Life collected new business premium
Insurance by Rs. 500 crore. worth Rs. 527 crore, showing a 60 per
Insurance companies are now taking cent growth over the comparable pe-
a sliding step to promote the concept Gaurav Seth, Chief Fi- riod last fiscal," Seth said.
of insurance among the public. These nancial Officer of the
include awareness campaigns, social private life insurer, The CFO expects net profit in the cur-
media promotions, road-shows and said that the overall rent financial year to grow 10- 15 per
customer meets. The focus here is AUM of the company cent over the Rs 103 crore recorded
not brand promotion or advertising, (including sharehold- last fiscal. The company, which has a
but purely for insurance awareness. ers' fund) was Rs. 9,300 crore as on capital base of Rs 925 crore, does not
January 31 as against Rs. 9,800 crore plan to increase it in the near term.
Subrat Mohanty, head of marketing,
Bajaj Allianz Life Kotak Life grows 50% after gaining traction with ING
Insurance, said Vysya
this was a cam-
paign wherein a Kotak Life Insurance has posted nearly ness, improving its contribution to 50
vehicle equipped 50 per cent year-on-year growth in its per cent now from 35 per cent earlier.
with service sup- first premium income for the first nine
months of the fiscal, as it gained trac- ING Vysya Bank had about 677
port materials and representatives tion in the south Indian market after branches, essentially in south, giving
goes out to places and a group of its parent Kotak Mahindra
artistes perform a street play in the Bank acquired Bengaluru- Kotak Mahindra Bank a
local language. based ING Vysya Bank last footprint of over 1,200
year. branches. Agarwal said
Mohanty said the event is called western and southern re-
'Pehle Aap' and "our chief executive "The ING acquisition has given us a gions contribute 30 per
officer along with sales officers in- good spurt," said Suresh Agarwal, cent each to premium income with
teract directly with select customers chief distribution officer at Kotak Life east and north giving about 20 per
and tell them about importance of Insurance, a 74:26 joint venture be- cent business each.
having adequate life insurance". tween Kotak Mahindra Bank and
South Africa's Old Mutual Plc. Agarwal "We are targeting Rs 3,500 crore of
Insurers are also using their mobile had told that the acquisition also premium income in FY17, of which
applications for creating awareness helped firm up its bancassurance busi- about Rs 1,800 crore would be com-
not only for basic policies but also ing from new business," Agarwal said.
helping prospective policyholders
calculate how much cover of insur-
ance do they need for the various
life stages. These tools are inte-
grated in the mobile app, which can
then also be used to buy a policy.
38 March 2016 Life Insurance Today
