Bharti Axa General Insurance Co is looking at a projected capital infusion of Rs 645 crore over five years time.
Bharti Axa General Insurance Co, the 20th company in the general insurance space and a joint venture between the Bharti Group and Axa Group, is looking at a projected capital infusion of Rs 645 crore over five years time.
The general insurance company, which plans to leverage on the extensive network of the Bharti Group, has filed around 20 general insurance products across travel insurance, health, liability and others with the Insurance Regulatory and Development Authority (Irda).
Milind Chalisgaonkar, chief executive officer, Bharti Axa General, said here on Thursday, “We plan to increase our advisors/agency force from 400 to 4,000 over the next few months and also our employee strength to 1,900 by July 2009. In fact we are also trying to build on a team of able composite advisors who will be able to sell both life and general policies from the Bharti Axa stable.”
A senior team of officials from Bharti Axa General were in the city to unveil the new logo and also launch its operations in Kolkata. “As part of leveraging the Bharti network we could bundle our products with Bharti, for example home insurance could be sold with Bharti Airtel. We could use the Bharti strength of almost 8 crore customers and a 24% market share to introduce our products”, Chalisgaonkar said. The company, with 18 branches at present, plans to have 80 branches by December-end. It has just infused Rs 60 crore to its equity capital which stands at Rs 190 crore.
According to the CEO, the company would go in for injecting further capital in line with its internal projections.
On the product front, the company has started off with 31 products across its portfolio of motor, health, fire, engineering and miscellaneous lines. With the second phase of detariffing being set in, the insurer is planning additional variants across a host of products like motor and fire. It also plans to finalise two TPAs (third party administrator) for its health insurance by the end of this month.
“Regarding our portfolio mix, over 50% would constitute motor, while health would be around 15% in future. The balance would comprise fire, engineering, marine, liability and others”, the CEO added.
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