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Bharti AXA General to expand biz in Andhra Pradesh & Madhya Pradesh

The non-life insurer is now planning to grow its business in the South by 60% in FY13

July 05, 2012 4:55 IST | India Infoline News Service
Bharti AXA General Insurance—which is amongst the fastest growing multi-line insurers in India—is focusing on Andhra Pradesh and Madhya Pradesh to further expand its business.

The company’s gross written premium rose 60% in 2011-12 to Rs. 8.92 billion. The non-life insurer is now planning to grow its business in the South by 60% in FY12-13. It is planning to double Andhra Pradesh’s contribution to the south zone. Since its inception in 2008, the company has sold over 3.73 lakh policies and settled 53,767 claims in the south zone.

The company is also planning to strengthen its Madhya Pradesh’s business by 40%. Since its inception, the company has sold over 527,571 policies and has settled 88,191 claims in the west zone. It has 15 branches in the west zone, which include Indore and Bhopal in Madhya Pradesh.

Indore has generated Rs. 69.8 million of business in the calendar year 2011 and plans to double this for current calendar year. Bharti AXA General has tied up with around 24 garages in Indore for its motor customers. It has also tied up with 34 hospitals in Indore to facilitate cashless hospitalisation. The company has sold over 18,273 policies and settled 3,573 claims in Indore since its inception.

To enhance growth in Madhya Pradesh, the company’s market strategies include investing in business intelligence (BI) and customer relationship management (CRM) tools that will provide greater insight into how and when customers buy insurance and how they can be provided better services. The company is also looking at strengthening its distribution network through increased recruitment of agents/brokers thereby increasing job opportunities for locals.

The company is aiming to achieve a growth of 40%-45% in FY13. It had recorded 60% growth in FY12. It had market share of 3.58% among private general insurers during FY12. Bharti AXA has made a capital infusion Rs. 2 billion in March and it may look at an infusion of around Rs. 150 crore this year.

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