Bharti AXA targets Rs 80-cr premium from east in 2011

Bharti AXA General Insurance Company Limited, a 74:26 joint venture between Bharti Enterprises and France-based AXA, has set a premium collection target of Rs 80 crore in the eastern region in calendar year 2011.

The general insurance firm aims to close calendar year 2010 with a premium collection of Rs 30 crore in the region.

“The eastern region contributes six per cent to out pan-India business. We hope to end 2010 with a premium collection of Rs 30 crore and are aiming at a premium collection of Rs 80 crore in calendar year 2011. The Orissa market accounts for about 13 per cent of the eastern zone's business. Bharti AXA has so far sold 3882 policies and settled 182 claims in the state”, said Vishwadeep Chaliha, zonal head (east), Bharti AXA General Insurance Company Limited.

The insurance company which launched its operations in June 2008, has targeted a pan-India business of Rs 500 crore in 2010.

Asked on new products to be launched by the company, Chaliha said, “We are awaiting the approval of the Insurance Regulatory Development Authority (IRDA) for six new products which we intend to roll out in 2011 and this includes a post retirement health insurance product”.

The company which has a branch office in Bhubaneswar and points of presence in locations like Rourkela, Keonjhar, Jajpur, Sambalpur and Angul aims to make deep inroads into the state market to sell its health insurance products.

“It is a real challenge for us to penetrate into the rural market of the state to sell our health insurance products. We have tied up with 15 institutions working at the micro level in the state including the Micro Finance Institutions (MFIs) and we believe that our tie-up with the MFIs will help us to penetrate into the rural market”, said Chaliha.

Bharti AXA currently has a network of around 50 licensed IRDA agents in Orissa and over 4000 agents throughout the country.

The company has tied up with Orissa Voluntary Health Association (OVHA) and Hello Doctor. OVHA is present in all the 30 districts of the state with a membership base of 200 NGOs (non-governmental organizations).