The country's largest general insurance company, New India Assurance is on a massive recruitment drive for agents. The company also aims to enlarge its retail portfolio and raise around Rs 12,000 crore of premium this fiscal.
New India Assurance has done reasonably good in the first half of this year by making a profit after tax of Rs 205 crore which is 115 per cent more than the corresponding period last year. The company is hoping to follow the same trend of god profitability.
Mr. Srinivasan, Chairman and Managing Director of New India Assurance on asked dip in the market share of the company in the Indian market whereas the market share of overseas operations have gone up said that the foreign operations accounts 18 per cent of the total premiums and this year the company is hoping to complete Rs. 10,000 crore of premiums from the domestic market and Rs. 2000 crore from the overseas operations.
The company is also keen on enhancing their agency channels, said Mr. Srinivasan. At present, there are about 45000 agents and the company aims to reach to one lakh agents by the end of March, 31st, 2015.
The company is also on a massive drive of opening micro offices in smaller centres. In the last two months, New India Assurance has opened 200 one 4man offices in smaller towns and villages and aiming to open another 100 such micro offices in the next 2 months.