- Online insurance space to hit Rs 600 bn premium revenues in 5 years
- Insurers have Rs 152-bn policyholders' unclaimed money, LIC's pile largest
- Reliance Nippon Life Insurance's June quarter premium up 8% to Rs 7.5 bn
- LIC board gives nod to acquisition of up to 51% stake in IDBI Bank: Garg
- Future Generali India Insurance starts delivering policies via WhatsApp
- LIC lost money in 18 out of 21 public sector bank shares in last 2.5 years
- Irdai board meet on Friday, may ease 15% rule to allow LIC-IDBI deal
- Bank NPA ratio to hit 12%, may reach highest level since 2000: RBI report
- Max Life to ICICI Pru Life, private insurance firms climb the loyalty curve
- ICICI Prudential Life's board appoints NS Kannan as MD and CEO
Carnation Auto scale up insurance broking business
Focusing on various segments like fire, engineering, marine, liabilities and group health insurance to expand presence
Press Trust of India |
Multi-brand automotive sales and service provider Carnation Auto is scaling up insurance broking business through its separate arm and plans to significantly increase its presence beyond auto insurance.
The venture, a brainchild of Jagdish Khattar, the former Chairman and Managing Director of Maruti Suzuki, is now focusing on other segments like fire, engineering, marine, liabilities and group health insurance via its wholly-owned subsidiary, Carnation Insurance Broking.
"We had got insurance broking license last year and started in a small way, focusing mostly on our in-house retail customers. Now, we are looking to expand this through our separate arm," Carnation Auto Managing Director & CEO Jagdish Khattar told PTI.
Elaborating on the expansion strategy of the vertical, Carnation Insurance Broking Pvt Ltd CEO and Principal Sanjeev Gujral said: "Earlier, we were mostly in auto insurance but now we are getting into other areas like fire, engineering, marine, liabilities and group health insurance."
For this, the company is targeting mid-sized and large corporate houses as clients, for which the company is in talks at present, he added without disclosing details.
In order to meet the scaled up business, the company will also increase its manpower.
"At present, we have a team of about 65 people. This will be scaled up to 85 by March 2014. By 2014-15, we should have a team of around 120-150 people," Gujral said.
When asked about the scale of business, he said: "Currently, on the premium side we have around Rs 16-17 crore. We are targeting about Rs 25 crore and by FY15 we are looking at a total of around Rs 100 crore."
In the first year, the premium break up is 50-50 between corporates and retail. In future, it can be skewed in favour of the corporate side to about 55-45, he added.
Headquartered in Noida, Carnation Insurance Broking has presence in various cities, including Mumbai, Hyderabad, Bangalore and Jaipur.
First Published: Sun, November 10 2013. 12:08 IST