ICICI Pru Looks To Upsell To Existing Policy-holders

New Delhi, Sept 18: | Updated: Sep 19 2003, 05:30am hrs
Having established a clear lead in the private sector, ICICI Prudential Life Insurance has set its sights on a niche segment to whom it would be upselling: existing customers who it hopes would be persuaded to graduate into more of its products.

Marketing head Saugata Gupta told FE that apart from Rs 70 crore worth of new premium income in the first quarter of the present fiscal, another Rs 29 crore had come from renewals alone. This had encouraged ICICI Prudential to approach select policy-holders with proposals of possibly expanding their product profile with more items from its shelf. To begin with, it would conduct an annual review of top-end customers to assess the human value and any other developments that may have taken place in a persons family like enhancement of family income, any addition to the family or its liabilities, etc. Mr Gupta pointed out that the average premium per policy garnered by ICICI Prudential was over Rs 14,000, double the estimated industry average. This showed that at least some high-end policy-holders could be tapped for channelling more investment into insurance products, he averred.

The insurer now had 15 individual products across all segments, including two new products introduced recently; three group products term, gratuity and superannuation and; it offered seven riders.

The company was also reviewing the performance of its distribution channels on a regular basis, including that of alternative agencies like banks, corporate agents and direct marketing.