Bajaj Allianz Life Insurance said it is aiming Rs 3,000-crore new business in the ongoing fiscal and will focus on increasing its individual business to 50 per cent.
“We are aiming for Rs 3,000 crore new business in FY16′. As on Q3 period ended December 15, we have achieved Rs 1,672 crore, a six per cent y-o-y growth,” Marketing Head of Bajaj Allianz, Subrat Mohanty said on the sidelines of an event here.
The share of individual business currently stands at 32 per cent which slipped over last few years from 50 per cent, he informed.
“We had share of equal share of individual and group in the total life insurance business of the company but in the last few years it had slipped due to mainly two factors,” he said.
IRDA regulations in 2010 on ULIPs and snapping on tie-up with Standard Chartered, which offered huge business, are the major factors for dwindling in individual share of business, Mohanty said.
However, he said, the life insurance company has taken up a three year plan which will help the company to crawl back the individual to desired 50 per cent level.
The strategy includes forming dedicated individual sales team who will offer products specific to their requirements among other measures to push retail customers.
Bajaj Allianze Life officials said there are challenges for the industry remains as another 10-12 regulations from the regulator IRDA is awaited as the insurance sector remains guessing their potential impact.
For the first nine months of the current fiscal (ending December 2015), its new business premium collection stood at Rs. 1,672 crore, a six per cent growth over Rs. 1,575 crore reported in the same period last fiscal.
Bajaj Allianz eyes new biz of Rs 3,000 cr in FY16