HDFC ERGO General Insurance is will recruit 500 staffs and increase its agent network five times next fiscal, as it plans to focus on the retail business.
The company has sought Insurance Regulatory & Development Authority (IRDA) approval to launch 20 new products, including a health product in the retail segment.
HDFC ERGO is eying 50 per cent increase in gross premium income this fiscal, over Rs 223 crore in 2007-08.
About 55 per cent of the company's premium income at present is from the corporate sector, and 45 per cent from the retail segment.
In the next five years, the company hopes to increase the share of retail segment to 65 per cent, said Ritesh Kumar, managing director and chief executive officer of the company.
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