United India Insurance Company is planning to recruit 21,000 agents and open 200 one-man offices in semi-urban and rural cities this financial year. The non-life insurer targets a gross premium of around Rs. 102.5 billion, according to media reports.
In FY11-12, United India’s one-man office distribution channel registered total premium of around Rs. 3 billion. The company has 407 one-man offices in India, the reports added.
The company said, the person managing these offices collect premiums and issue insurance policies which, in turn, result in lower overhead costs for the company. The business from this channel is growing annually at around 40%. Last year, the individual agent's business grew 37%. The business from this channel is profitable, United India Insurance said.