Essel Finance forays into insurance distribution business

Essel Finance, the financial services arm of Subhash Chandra promoted Essel Group, has forayed into insurance distribution business and has partnered Reliance General and Bajaj Allianz Life. Saurabh Soni has been appointed to head the operations for this line of business.

Amitabh Chaturvedi, managing director, Essel Finance, said, the new business marks a significant step in enhancing the company's footprints and in connecting it to a larger Indian audience. "We intend this to become only the first in a series of successive moves where we will offer not only insurance but also a range of financial products and services to the consumer," said Chaturvedi.

Initially, the company will work on the corporate agency model selling insurance products exclusively through their group company network. Among various products to be sold will include home, personal accident, health, and critical illness, SME loan (equipment), two-wheeler, fire, travel etc.

The company foresees a sizeable insurance potential that exists within the vast client network its other group companies such as Zee, Dish TV, Zee Learn, Fun Cinemas, Essel World, Essel Infrastructure have managed to successfully build over the years.

"As a group's financial services arm, we now intend to leverage those synergies to target that captive audience for sale of insurance and other financial products and services across the country. For this, we intend to have a team of dedicated marketing professionals who in close coordination with the insurance partner and the group companies will create a unique sales platform drawing heavily on technology," he said.