Steve Waugh Launches AMP Sanmar’s New Scheme

Chennai: | Updated: Jul 26 2002, 05:30am hrs
AMP Sanmar Assurance Co Ltd, the life insurance joint venture between AMP of Australia and the Chennai-based Sanmar group, on Thursday launched its new Group Insurance Scheme aimed at corporates. AMP Sanmar’s brand ambassador and Australian test cricket captain Mr Steve Waugh launched the product.

The new scheme offers corporates a customised and cost-effective term assurance cover for employees. The one-year renewable product is payable in case of contingency during the year. Subject to the approval of the Provident Fund Commissioner, this policy can be used as a replacement for the Employment Deposit Linked Insurance Scheme under the Provident Fund Act, according to Mr SV Mony, CEO, AMP Sanmar Assurance.

He said the company is planning to leverage the brand value of Mr Waugh to promote it as a company which has the highest brand recall in the coming three years. “Steve symbolises the image of leadership, team spirit, a ‘never say die’ attitude besides long-standing partnership in success. This is a perfect image we can leverage”, Mr Mony said.

The company is also focusing on building customer relationship as one of its strategies for growth. As part of this, AMP Sanmar is organising a number of customer seminars across the country to build the necessary goodwill among its customers. “We organised the first such seminar in Thiruvananthapuram recently. We will be organising similar seminars in other parts of the country soon”, Mr Mony added.

AMP Sanmar’s strategy is to build its presence in second and third level cities which competition normally avoids. “Our initial strategy is to tap the second and third level cities. We believe that smaller towns and their satellite villages offer substantial business potential”, Mr Mony pointed out.

The company is targeting seven per cent of its total business to come from rural areas in its first year of operation.