Bharti AXA plans new products

 Bharti AXA General Insurance, on Wednesday, said it is planning a slew of new products in the health and motor insurance sector.

Under the health segment it is planning Smart Traveller (for individual, corporate and student), Smart Tax Saver, Retirement et al., while under motor segment it would roll out zero delpreciation, consumables cover etc.

Briefing reporters, CEO Amarnath Ananthanarayanan, said, no time frame has been outlined for the roll out. The company is also looking at micro insurance in a big way, he added, stating the company would concentrate on Tier-II and Tier-III cities as well as they are the “future engine of growth.”

While Tier II cities contribute around 21 per cent of overall retail business, the Tier II locations contribute 23 per cent overall retail business. The company, for the year ended December 2011 has its gross written premium grow by 47 per cent to Rs 776 crore as against Rs 528 crore achieved in the previous year. Likewise it sold over 6.5 lakh policies and settled over 1.2 lakh claims during 2011. During the year, the company’s market share too rose to touch 3.69 per cent as against 2.94 per cent in 2010.

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