The ongoing volatility has not deterred the appetite of buyers for unit linked life insurance policies.
?Rather, our record shows new buyers are preferring more equity linked policies,? said Vikram Mehmi , president & CEO , Bira Sun Life Insurance. The company has recorded the second highest growth rate among the top 7 players in 2007-08.
?With a strong fund performance the company’s 12 month investment performance is one of the best in industry for most of the leading funds,? he said. The strong momentum in business during the year has helped the company to recapture its market shares during the year.
BSLI has recorded a sales of Rs. 2,2045 crore in 2007-08 vs. last year of Rs. 953, 2 crore a growth of 131%.
?We want to be in the top three slots,?said Mehmi.
?We have more than doubled our branch network in the last fiscal and we intend to step up the pace rapidly further by strengthening the infrastructure to gain distribution depth across several states. Simultaneously, our technology platforms are being upgraded to support growth? he explained The company has successful rolled out of 202 branches, which has increased reach to 339 branches and implementation of another 261 branches are underway during the current fiscal The company’s advisors doubled from 56,603 in 2006-07 to 115,153 in 2007-08.
?We have also realigned organization and sales structure revamped to bring in higher focus, improve productivity and to cater to growth. We would tie-ups with major new relationships and strengthened relationships with existing channel partners,” he added..
The company’s brand recall score increased – 70% to 77% as per study conducted by ORG Marg AC Neilson and it has emerged as “Best in India” in claims management as per Life Office Management Asia (LOMA) 2007 Survey.
