Mr. Manoj Kumar Jain, Chief Executive Officer of Shriram Life Insurance revealed company’s plan of achieving Rs. 500 crores turnover in a three years time span. He also added that there is a huge potential for Group Insurance Policy, Group Term Policy, Deposit Linked Insurance Scheme and Group Gratuity. Mr. Jain also disclosed that the company has not achieved satisfactory business in the above division and hence plans to expand under this segment targeting mainly small and medium enterprises. Share of the company in group insurance division is Rs. 150 crores.
Shriram Life Insurance is a joint venture between Shriram groups, a financial service multinational group in India and Sanlam group, a financial service provider in South Africa.
Net profit of the company as of 31st March 2013 stood at Rs. 82 crores and company expects the profit go up by 30% during next final year based on their strong expansion plan.
Company has also submitted the proposal for 2 – 3 products with Insurance Regulatory and Development Authority for its approval. This proposal is based on the new guidelines issued by IRDA under its notification.
The company also plans to expand its operations by opening 40 new branches across the country, recruit around 300 employees and appoint 7000 – 8000 new agents.
He further added that, company main business comes from tier III and tier IV cities of India and out of that 60% of the business comes from Southern part of the country and balance 40% from North and West India. The intention of the company is to raise the percentage from at present 40% to 60% and their prime focus will be the state of Bihar, Chhattisgarh, Madhya Pradesh, Maharashtra, Jharkhand and Rajasthan.