Aditya Birla Sun Life plans to double its business by 2027

Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance Co. Ltd., said the company plans to roll out new products for various segments in the coming quarters.Photo credit: N. Anand

Aditya Birla Sun Life Insurance Co. Ltd. (ABSLI) has developed a multi-pronged strategy to double its business in the next three years using unconventional routes and innovative products, said Kamlesh Rao, MD and CEO of the company. he said.

“We have planned to double the revenue from all streams by FY2027 using unconventional routes and innovative products,” he said in an interaction.

The plan aims to increase first-year premiums for individuals from Rs 300 billion to Rs 600 billion, group life insurance from Rs 400 billion to Rs 800 billion, new business margin from Rs 70 billion to Rs 135 billion, and gross written premiums from Rs 70 billion to Rs 135 billion. We plan to double the amount. 17,500 crore to Rs 35,000 crore.

He said ABSLI plans to achieve this goal by focusing on new products, strengthening its distribution channels, doubling its headcount and creating new distribution agencies.

Regarding the unconventional route, he said: “Our initial focus is on two-wheeler, four-wheeler and commercial vehicle dealers, pharmacies, jewelery stores, travel agents and holiday partners who have a huge loyal customer base. , we have auto insurance agents who have never sold life insurance before. We’re targeting them.”

ABSLI also conducted pilots with 65 partners in tier 3 cities of Uttar Pradesh. While it was a moderate success for car and two-wheeler dealers, it was less promising for chemists and jewelers. It looks like the company will be partnering with travel agencies and resort owners in the near future.

“Some have come forward to provide their own staff for the new service, while others have asked for our help with training. We will be considering more agencies. First year We expect a business of Rs 150 million in 2020,” he said.

He claimed that the company currently ranks fifth in group life insurance and seventh in individual life insurance, and said the goal is to grow by two additional scales in each.

Rao said the focus is on offering a different set of products to different groups of people, including an income protection plan by June and a new savings product targeted at women by August or September. Stated.