Mumbai: Shriram Life Insurance Company Ltd, the insurance arm of diversified Shriram Group, has identified western and northern markets as most business potential regions. While the company will continue to consolidate in the southern market, they plan to add around 70-75 new offices in Uttar Pradesh, Bihar, Odisha, Jharkhand, Madhya Pradesh, Maharashtra, Punjab and Gujarat.
Shriram Life Insurance Company Ltd
Incorporated in 2005, the Hyderabad-based company now has 460 branches out of which 190 are in south India. About 40 per cent of its business comes from north India where it has reasonably good branch network. It has opened more than 160 branches in northern, eastern and western states and continues to develop its distribution network in the coming year too.
Mr. Manoj Jain, Chief Executive Officer (CEO), Shriram Life Insurance Company said, “Shriram Life Insurance is a pan-India company with sales of 1.91 lakh policies during 2014-15 as compared to 1.38 lakh in the previous year. Since the commencement of its operations in 2006, the company has made profits in 9 out of the 10 years. The company also made profits in the first three consecutive years- becoming the only private life insurer to have achieved the distinction. Compared to the industry, Shriram Life insurance is one of the most profitable life insurance companies in the country”.
Mr Jain who was awarded as the “CEO of the Year” in BFSI category in 2014-15, further said, “The Company’s performance stands out in efficient use of capital and low cost of operations. The company’s New Business Premium increased to Rs 498 crore from Rs 390 crore in the previous year. The company is poised to make further growth and achieve bigger milestones in the years to come. We are confident of 20-25% growth in the current financial year. Our unwavering efforts in bringing constant development of Life Insurance, particularly in Rural and Social Sector, have been acknowledged as well as applauded”.
Shriram Life Insurance Company Ltd. bagged two awards at ABP NEWS – Banking; Financial Services & Insurance Awards which was organized in February 2015 at Mumbai. Shriram Insurance also won the ‘Best Life Insurance Company’ in the Insurance Sector.
Gearing up for its growth phase, Shriram Life Insurance Company also intends to create a rural niche for itself by reaching out to at least three lakh villages. It is looking to two fold its branch base; mostly in tier III or IV towns in the next 3 to 5 years. It is also partnering with gold loan companies and micro-finance firms to reach out to the rural population. Of the 1.9 lakh policies sold by the company last year, at least 85,000-90,000 came from rural markets.
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