Aegon Religare eyes three-fold growth

Aegon Religare Life Insurance, a joint venture of the Netherlands-based Aegon and India’s Religare Enterprises, eyes three-fold growth in the next financial year. The company is planning to achieve received premium of Rs 500 crore business which is currently of Rs 166 crore. Also, it has plans to double the headcount from existing 1900 employees to around 4000 employees. 

Yateesh Srivastava, Chief Marketing Officer said, “The company has been following a multi-channel distribution strategy comprising agency distribution, direct distribution, Religare Enterprises Limited and Business Alliances comprising banks, brokers and corporate agents. The focus for this year would be to expand distribution by increasing the branch network, hiring more life advisors and relationship managers and increasing the footprint of third party distribution with the focus on acquiring a bank partner. This would be backed by enhancing its integrated customer management strategy and developing new product lines.” 

He added that the increased distribution will help the company target an increase in top line to a total received premium of Rs 500 crore as compared to a total received premium of Rs 166 crore achieved in financial year 2009 -10. 

Aegon-Religare is adding 76 more branches by end of July 2010 and will reach total number of 98 branches all over India. The headcount includes 800 relationship managers. It has already sold more than 74000 policies to its customers.