Bharti AXA GI looking at 35% growth
Kochi: Bharti AXA General Insurance is looking at a 35 percent growth in its revenue Pan India this year and would be focusing on the underserved segment especially in tier 2 and 3 cities, a top official today said.
'The company had posted a revenue of over Rs 1175 crore last year, and was looking at a 35 percent growth during 2013', Dr Amarnath Ananthanarayanan, Managing Director and CEO Bharti AXA General Insurance told reporters here.
Despite being a late entrant in the General insruance, Bharti AXA GI has grown the fastest due to its innvoative approach. The company which has focussed on growing aggressively at over 45 percent from 2011 to 2012, aims to consolidate and continue the momentum for 2013, he said. This includes portfolio improvement by maintaining consistency in service, moving from being a product player to providing innovative solutions and focussing on the underserved segment, especially in Tier II and Tier III cities, he said.
In Kerala, the company plans to increase its penetration and grow by 60 percent. Last year its revenue from th state was rs 27.56 crore. As part of its growth strategy, the company was aiming on building commercial lines of business by focussing on SMEs.
Bharti AXA GI, which has an office at kochi, would soon another in the state capital.
Subrahmanyam B, SVP and Head Commercial lines, Health and Reinsurance, said kerala had a huge potential in the under served SME segment and the company's main focus would be to create a dedicated distribution network for SMEs and provide package products offering a simple yet effective solution to the clinets.
The company has so far sold over 2.4 million polices and over 3.9 lakh claims settled since inception. It has tie ups for cashless settlements with over 3900 hospitals and 2000 car garages across India.