Public sector insurance major United India Insurance Company Ltd is going to set up 100 micro offices across the country in the current fiscal to focus on the potential but inadequately tapped rural sector.
The company is also going to install modern insurance solution software in its 1,400 branches across India, company chairman cum managing director G Srinivasan told FE. The installation process will start from the next month, he said.
Out of these branches, around 20% are in the eastern region of the country. Customers will be able access the software to take policies anywhere and know their status of claim.
Other plans for the current fiscal include introduction of “new products on growing sectors like health and motor insurance and interesting products on household policies,” he told FE. While clarifying what he meant by ‘interesting’, he said: “We will be coming out with simple, customer-friendly household policies covering property and accidents.”
On the timeframe to bring out the household policies, he said: “We are waiting for the regulator to open policy verdict.”
On gross premium income, he said the target for the current fiscal is Rs 4,200 crore as against a total premium income of Rs 3,740 crore in the previous fiscal, an increase of about 13%.