Shriram Life plans to add around 8,000 new agents

India Infoline News Service | Mumbai |

The company has decided to expand in group insurance mainly targeting small and medium enterprises

Hyderabad-based Shriram Life is targeting business worth Rs. 5 billion from group insurance in the next three years, according to a media report.

According to the private insurer, group insurance segment, including group term, employees deposit linked insurance scheme (EDLI) and group gratuity, has a lot of potential. The company has decided to expand in group insurance mainly targeting small and medium enterprises, the report added.

Shriram Life is also planning to add 40 new branches, especially in tier III and IV cities, and hire 300 people this fiscal as part of its expansion strategy.

The company is also planning to add around 8,000 new agents.

At present, Shriram Life gets 60% of its business from south India. The company is planning to strengthen its base in North and West. It will focus in Bihar, Chhattisgarh, Madhya Pradesh, Maharashtra, Jharkhand and Rajasthan.

During FY13, the company collected a gross premium of Rs. 6.18 billion on 1.54 lakh policies. The new business premium at Rs. 4.21 billion saw a growth of 7% over last year.

 

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