ICICI Pru to ramp up rural presence

Speaking to the media here, Sachin Joglekar, senior vice-president (human resources), ICICI Prudential, said, "We have decided to open at least five new branches in Kerala this year. The locations are being finalised." This is part of the company's initiative to grow more in the tier-II and tier-III locations this year.

Adding that the life insurance player has made a successful foray into the rural segment posting significant growth in fiscal 2007-08, Joglekar pointed out that the company had opened over 1,000 rural branches in 12 states.

It had also launched tie-ups with key state-governed institutes to increase convenience among rural customers. During fiscal 2007-08, it tied up with the Department of Posts in the states of Andhra Pradesh, Uttar Pradesh, Punjab and Gujarat.

"In Kerala, apart from the Department of Posts, we have formed an alliance with South Indian Bank to provide convenient premium paying facilities to customers. The bank also sells our products," Joglekar added.

The bank has more than tripled its distribution capabilities and the number of branches has gone up from 583 to 1,950 across the country. This includes the 1,000-plus micro branches in the rural segment.

Joglekar said the company had maintained its position as the largest private life insurer for the seventh year in a row. It currently manages the largest funds among private life insurance companies with over Rs 28,000 crore of assets and the total capital base stands at Rs 3,772 crore, he added.