Tata AIG has launched a low premium insurance policy designed for small
and medium enterprise segments.
The 'Small Business Solutions Insurance Policy' (SBS Policy) would target co-operative housing socities, small hotels, restaurants, shopping malls and small and medium business houses.
"The SBS Policy is a low premium high volume category, which we are looking to tap in the next one year. Our immediate aim is to target the co-operative housing socities, then we would tap the small and medium business houses and small hotel and restaurants," N Sivakumar, head, Tata AIG small business solutions told PTI.
The company expects to generate more than Rs 35 crore from premium from this product and hopes to garner Rs 15-20 crore from Mumbai and Pune alone, he added.
The average premium for a society would be in the range of Rs 13,000- 25,000 depending upon the number of flats and the condition of a building. Also we would have another 22 vendors offering services like pest control, gardening and other activities at special price to policy holders, he said.
The company expects this SBS product to be a major driving force in the coming years and hopes to generate large volume. We would also launch two sbs products in each quarter, sivakumar added. The company is also planning to launch a new Directors and Officer's (D&O) policy for the small and medium sized partners in April.
Currently Tata AIG has 2,258 agents selling its various products across the country. It has 37 offices in 27 locations with a pan India presence, Sivakumar said, adding the company expects a 35-40 per cent increase in its premium collection as against last year. |
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