ING Vysya Life Insurance (IVL) which has emerged as among top five players in south, has set out a target of 600,000 new policies next year.
BANGALORE: ING Vysya Life Insurance (IVL) which has emerged as among top five players in south, has set out a target of 600,000 new policies next year and is planning to launch a suite of term products in the first quarter of 2008, a top official said on Friday.
IVL currently had 5.5 lakh policies in force and is hoping to cross the million customer mark next year Kshitij Jain, Managing Director and Chief Executive Officer, ING Vysya Life Insurance told reporters here on Friday.
IVL had notched Rs 620 crore new business premium during the current calendar year and Rs 750 crore total premium income from January to October 2007, which include new business premium and renewals. It hoped to touch Rs 4,500 crore mark of total premium income by 2010, he said.
The company would infuse an additional Rs 100 crore by end of this month.
Sharing the analysis of the IRDA, he said that the study revealed that IVL in terms of total market, individual, weighted premium in 2006-2007 has a larger market share in south India (two per cent).
Fifty six per cent of total of IVL offices and 50 per cent of IVL 'tied agency strength' are in south. It has the fourth largest footprint in south with the fifth largest tied agency force in the south, he said.
Giving details, Jain said IVL had extended its geographical footprint and reach by scaling up its presence from 110 cities in 2006 to 188 by November 2007.
The number of branches had risen from 195 in 2006 to 300 by November 2007. The number of 'tied agents' had also scaled up from 26,000 in 2006 to 43,000 by November 2007, Jain said.
With its increased presence in semi-urban areas and rural (58 per cent), Jain said "we expect 50 per cent upward of our business to come from these areas".
The growth expansion had begun to display positive results with customer acquisition jumping from 100,000 in January to June 2006 to 158,000 during the corresponding period this year. The increase for July to November 2007 has been 140,000 from 67,000 during the corresponding period in 2006, he added.
Sharing the analysis of the IRDA, he said that the study revealed that IVL had made modest gains in the market share from one per cent in April-October 2006 to 1.2 per cent in April to October 2007 in the weighted new business first premium.
In terms of customer acquisition, it had seen an increase from 0.7 per cent in April-October 2006 to 0.8 per cent during the corresponding period this year.
On the trends in the industry, he said 56 per cent of the business came from ULIPs for the industry.
For IVL, 71 per cent of policies from April to October 2007 were ULIPs and 29 percent traditional.
In terms of premium, 87 per cent came from ULIPs against 13 per cent traditional for April-October 2007.
Speaking on Unit Linked Portfolios trend, he said that customers were no longer going for insurance only for tax benefits. Unit Linked Portfolio ensured insurance, tax benefits, long term investments, and participation in equity without too much risk.
Life Insurance sector was growing faster then expected, he said.
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