HDFC Standard Life Insurance Company's has reported a 150 per cent increase in its first year premium income at Rs 599 crore in the nine months ended December 2005. | |
| HDFC Standard Life said the growth in its new business premium was a result of strong growth in policies sold as well as, an increase in average premiums. |
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| For the individual business, volume measured by the number of policies sold, witnessed an 80 per cent growth, from under 1,25,000 in the first half of 2004-2005 to over 2,20,000 in the first half of 2005-2006. |
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| The average effective premium, on the other hand, increased to Rs 28,000 from approximately Rs 15,000 for the same period last year. |
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| Deepak Satwalekar, managing director and CEO, said, "Our endeavour to provide high quality insurance solutions to customers through quality pre-sales advice, based on a sound need-based solutions approach, and post-sales service has started to pay off." |
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| He said, "The critical success factor has been managing the customer on two fronts, the actual customer experience in terms of service standards, and, more importantly, customer perceptions about the manner in which HDFC Standard Life conducts business, in following a business ethic that shun short-cuts and unethical practices." |
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| Contribution to the individual business premium income by the different channels of distribution also changed significantly compared with the first half of 2004-05. |
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| The corporate agency and bancassurance channels have grown tremendously and currently account for over 45 per cent of the company's business. |
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| Satwalekar said, "The customer has clearly indicated his/her preferred choice of distribution channel. Life insurance business is a long-term business and needs strong partnerships, which have been built over time with customers. HDFC Standard Life has also strengthened its existing relationships and we are happy with the results." |
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