Talking to Deccan Herald, Aegon Religare Life Insurance Chief Marketing Officer Yateesh Srivastava said, “South India is an important market for us as and one third of our business here comes from Karnataka. The company plans to double its network by the end of the current fiscal.” The company plans to focus on two product areas — Immediate Annuity products which are not aggressively marketed by any insurance company and it’s already existing unit linked products. “In the long term ULIPS are good from the investor’s point of view as they are transperant and flexible so we see a good market for them,” said Srivastava. Set up with an initial capital of Rs 300 crore, the firm plans to spend an additional Rs 200 crore on expansion this fiscal.
The company’s marketing strategies in the current scenario include plans to focus on building other channels of distribution, apart from the usual network of agents, and to leverage the Religare presence in 500 towns. Launched in August 2008, the Aegon Religare has set-up 52 branches across 42 cities in the first nine months of operation.
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