Future Generali looks at 10% growth in 2015-16

Private life insurer Future Generali on Tuesday said it is planning to achieve a growth of 10 per cent in the life insurance business this year (2015-16), in line with the projected industry growth of 10-15 per cent.

The company is expecting robust growth on the back of new need-based products for customers, a strong distribution channel, and integration of technology.“We are aiming to leverage the digital and online channel through technology. This year, we plan to introduce technological solutions for our customers — data-based marketing, and digital business. Next year, we will have our own online product suite which will comprise protection and savings plans,” Future Generali India Life Insurance Company Managing Director and Chief Executive Officer Munish Sharda told Deccan Herald.

“The company is focused on developing simple products that are easy to understand, and focused on particular needs of the customer, be it children’s education, financial planning, protection, savings and pension schemes, among others. We are positive about our growth prospects and see a growth of 10 per cent,” Sharda claimed. Presently, the company’s group employee benefit programme works with over 300 corporate houses in India and globally.

Future Generali, a JV between Future Group (which holds 51 per cent stake) and Italian finance giant Assicurazioni Generali (which holds 26 per cent stake), has a capital base of Rs 1,450 crore and has Rs 2,600 crore of assets under management (AUM). The company employs around 1,700 people across 100 cities in India, supported by around 20,000 agents. This year, it is pushing its distribution network further by taking its employee strength to 2,300 and will hire 10,000 more agents. New offices are being opened in Mumbai, Bengaluru, Pune, Delhi, Kolkata, and Hyderabad.

The Insurance Laws (Amendment) Bill, 2015, was passed by Parliament recently, and the around 40 regulations awaited are expected to benefit the sector. “Following the 2008 financial crisis, the industry saw a downturn, resulting in mis-selling. Today, the industry has successfully reduced mis-selling. We remain positive about its growth in terms of policy-holder protection and investment, which is a long term contract,” Sharda said. 

The Bill, once it receives presidential assent, will hike the foreign direct investment (FDI) cap in insurance to 49 per cent from the previous 26 per cent. The company’s managing director declined to comment if his company is mulling any moves in this regard.