Amp Sanmar Eyes Hinterland

AMP Sanmar Assurance Company with a share capital of Rs 125 crore, has adopted a bottom-up approach in its drive to extend its presence in the country. It has entered second and third level towns where it hopes to find only one competitor -- the state behemoth Life Insurance Corporation of India (LIC).

"Being a late entrant in the life insurance industry, we have decided to go to the second and third level towns. Out of our 30 locations so far, 21 are new markets where to date there is no other private sector player," said AMP Sanmar chief executive officer S V Mony.

 

Its 30 locations in Tamil Nadu, Karnataka, Kerala and Andhra Pradesh are mainly in the second and third level towns where AMP Sanmar is the first to make an entry. "This will drive our growth pattern in the years to come, and will also help us meet our rural requirement," said Mony.

In the western region, AMP Sanmar intends to cover Maharashtra and Gujarat and plans to add 20 more locations including Mumbai, Thane, New Mumbai, Pune, Kolhapur, Nasik, Goa, Ahmedabad, Surat, Vadodara and Rajkot.

Aside from enhancing its direct agency force from 800 to 1,500 by the year end, AMP Sanmar has also signed a marketing tie-up with Trade Wings Ltd, a travel and hospitality services group, for the distribution of products through the latter's 42 branches. It already has alliances with Karvy Group and Dhandapani Group in the south.