Reliance Nippon Life bullish on UP market

Insurer to ramp up advisors' network to 25,000 from 15,000 at present

Private life insurer Reliance Nippon Life Insurance (RNLI) has planned to increase its network of financial advisors from 15,000 to 25,000 during the current fiscal in Uttar Pradesh.

The increase in network would materialise both through 'normal engagement' and fresh recruitment drives in smaller towns of the state, company's chief agency officer Manoranjan Sahoo said here.

The ramp up in advisors' network is part of its larger blueprint to aggressively expand its reach and product coverage in the state.

RNLI, a part of Reliance Capital, has registered steady growth in business performance in UP with new business premium clocking growth of 13 percent. The total premium income rose by 12 per cent and renewal premium grew by 12 per cent in the last fiscal.

Currently, UP holds 11 per cent of total advisors' share and 14 percent of total branch offices of RNLI.

"UP accounts for nearly 15 per cent of our total business and plays an important role in the overall business performance of the company. We plan to further expand our footprint and the contribution from UP in the overall business portfolio going forward," he noted.

Sahoo said the company was according special emphasis on covering smaller regions, where penetration was low, through a range of new and innovative products.

RNLI is focussed on traditional products that accounts for 80 per cent of its overall portfolio, and plans to maintain the ratio.

So far, the company has sold over 10 million policies and has a distribution network of over 800 branches and 1,40,000 touch points.