Bharti AXA, which already has a branch in Kochi, will open a second one in Kozhikode in October this year
Bharti AXA General Insurance Company said it is targeting first premium business of Rs800 crore nationally this calendar year.
Last year, Bharti AXA had collected Rs500 crore, Sanjay Radhakrishnan, senior vice president, head-corporate and alternate distribution, said.
Bharti AXA General Insurance is a joint venture between Bharti Enterprises and AXA, a world leader in financial protection. The company was looking at business of Rs250 crore from South India this year.
Right from its inception, first premium business in South India amounted to Rs230 crore from 1.6 lakh policies, he said.
The company also aims to further deepen its penetration in the SME segment across Kerala, Manoj Nair, zonal VP-South, said.
It was offering 'packaged policies' targeted at shopkeepers, the hospitality segment and small scale industries.
These are not only cost-competitive, but also significantly reduce the hassles associated with procuring of insurance policies through instant and on the spot issuance of pre-underwritten products.
Bharti AXA, which already has a branch in Kochi, will open a second one in Kozhikode in October this year. The two branches, along with six spoke locations, will serve the SME segment across Kozhikode, Thiruvananthapuram, Kollam, Kottayam, Thrissur, Malappuram, Palakkad, Kannur and Kasaragod districts.
The company also plans to increase its headcount by 50% and build its business to about Rs15 crore in Kerala by December this year from the present 7.4%.
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