General insurer Future Generali India Insurance aims to increase its total market share to about 2.5 per cent in the next three years, company’s top official said.
“We are targeting a growth of around 20 per cent per annum. So maybe in three years time, that should take us to 2.5 per cent market share,” K G Krishnamoorthy Rao, Managing Director and Chief Executive Officer, Future Generali India Insurance, told PTI.
“At present, on the private insurance side, we have a market share of around 4.2 per cent, and overall market share is around 1.7 per cent,” he said.
Rao said the company’s aim is to grow profitability as it is not looking at grabbing market share at the expense of underwriting losses.
“For grabbing market share if you start writing loss making business, it doesn’t make much of a sense so our idea is to grow profitability,” he added.
Future Generali India Insurance also plans to launch a mobile application which will be ready in next 2-3 months, he said.
“We have our website and we are selling our products online. The website is mobile friendly but we are coming out with specific mobile application. People can download that and can buy our products as well as servicing of policies will be conducted through the app. The app would come up in another 2-3 months,” Rao said.
Also, the company has tied up with 2,000 common service centres across the country to increase insurance penetration in far flung areas.
“Common service centres are present across India so they have presence in even small villages. We have already tied up with 2,000 common service centres across different districts. Our idea is to increase that so that we will be able to do business in small places,” he said.
These business through common service centres is entirely IT driven, he said adding the company has posted its products in their systems.
“So the customers come and buy the products and even small servicing of policies is done,” he said.
Rao said the company is already present in around 136 locations covering all states, tier II and III cities.
“We will try to recruit more agents and increase our distribution channels,” he said.
Future Generali India Insurance Company Limited is a joint venture between India’s biggest retailer Future Group and Generali, a global insurance group which is among the world’s 50 largest companies.
The company sells health, vehicles, property – personal and commercial insurance products.