Having garnered a premium of Rs 1,367 crore in 2006-07, the private life major is lining up a host of new products including pure health, unit-linked, group, pension and pension products over the next few months.
KOLKATA: Tata AIG Life is in the process of unveiling its rapid expansion plan across the country. Having garnered a premium of Rs 1,367 crore in 2006-07, the private life major is lining up a host of new products including pure health, unit-linked, group, pension and pension products over the next few months. The company is likely to infuse some ‘significant’ capital for aggressive rollout of offices in an additional 120 locations including Tier 2 and 3 towns across geographies over the next couple of months.
Although the company has a balanced portfolio of traditional and unit-linked products, almost 70% of its new business premium came from unit-linked products in 2006-07. Tata AIG is also keen to expand its micro-insurance portfolio and is in the process of launching three new products.
Trevor Bull, managing director, Tata AIG Life said, “We are not worried for market shares as there is enough room for competition. As part of our overall strategy of expansion, we wish to have a major presence across the country. The second stage of expansion will be largely in the second and third tier towns.”
The company is likely to double its premium income this year. Although he did not specify the targeted premium or the amount of likely capital infusion, he said, “There will be a significant increase in capital to take care of the expansion.”
One of the few life insurance companies having pure health or benefit products, Tata AIG has already filed another new general health product with additional features with the insurance regulator. Other health products in niche areas like women’s health are on the drawing board.
The company is also firming up its third party distribution including those with banks. “We are in talks with a host of banks and are doing very well with our existing bancassurance partners including HSBC, Citi Financial. Punjab National Bank, Vijaya Bank and United Bank of India,” said Bull. At present, almost 32% of the company’s business comes from the bancassurance channel. Incidentally, HSBC is likely to team up with Canara Bank for its new independent insurance venture in future.
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