Aditya Birla Sun Life Insurance Co. Ltd. MD & CEO Kamlesh Rao said they will be launching novel products for various segments in the next few quarters | Photo credit: N. Anand
Aditya Birla Sun Life Insurance Co. Ltd. (ABSLI) has chalked out a multi-pronged strategy to double its business in the next three years using unconventional routes and inventive products, said its MD and CEO Kamlesh Rao.
“We have chalked out plans to double our revenue from all streams by FY27 using unconventional routes and inventive products,” he said in the interaction.
The plan is to double the first year individual premium from ₹3,000 crore to ₹6,000 crore, group life insurance from ₹4,000 crore to ₹8,000 crore, novel business margin value from ₹700 crore to ₹1,350 crore and gross written premium from ₹17,500 crore to ₹35,000 crore.
According to him, ABSLI plans to achieve this goal by focusing on novel products, improving distribution channels, doubling its workforce and establishing novel distribution agencies.
Talking about the unconventional route, he said, “We are initially focusing on two-wheeler, four-wheeler and commercial vehicle dealers, pharmacies, jewellers, travel agencies and holiday partners who have a huge committed customer base. We have motor insurance agents in our showrooms who have not sold life insurance in the past. We are their target.”
ABSLI also conducted a pilot with 65 partners in a tier III city in Uttar Pradesh. While this tasted of some success among car and two-wheeler dealers, it was not so encouraging for pharmacists and jewelers. It is possible that he will soon try his hand at travel agencies and resort owners.
“Some have volunteered to deploy their own staff to run the novel services, others have turned to us for aid with training. We will look for more agencies. We expect to achieve a turnover of ₹ 150 crore in the first year,” he said.
Claiming that they currently rank fifth in group life insurance and seventh in individual life insurance, he said their aim is to raise this position by two further notches respectively.
Mr. Rao said that they are focusing on providing different set of products for different segments of people such as Income Protection Plan by June and novel savings product targeted at women by August/September.
