Edelweiss Tokio plans 33 new branches by Dec' 12

Company eyes Rs 100 crore premium business by FY 2012-13.

As part of its expansion plans, Edelweiss Tokio Life Insurance Company Ltd (ETLICL) is planning to open 33 new branches at select locations across the country, including 14 in Maharashtra, by December 2012. The company just opened its new branch in Nashik.

ETLICL is a 74:26 joint venture company between Edelweiss Financial Services Ltd and Japanese insurance major Tokio Marine Holdings. With the opening of its new branch in Nashik, the company has now total 11 branches and 300 Personal Financial Advisors (PFAs).

"As we have just entered the life insurance business, our primary focus will be on recruitment and expanding the network of our branches. As part of this, we are planning to open 33 new branches across the country by Dec 2012. Of which, 14 new branches will be opened in Maharashtra. Some of these new branches will be located in Goa, Mumbai, Thane, Vashi, Nagpur and Ludhiana," said Deepak Mittal, CEO, Edelweiss Tokio Life Insurance.

 

"We are eyeing a Rs 100 crore premium business by the FY 2012-13. We are also planning to recruit 2,000 new Personal Financial Advisors by March 2012. The company is registered with a paid up capital of Rs 550 crore, the highest by any private sector life insurance company in India at start up stage," Mittal added.

"Initially, our major focus will be in NCR, Punjab, Gujarat and Maharashtra. In Maharashtra, we are planning to have total 5,000 PFAs by the year 2015. These PFAs would have to undergo rigorous training specially designed to blend the Indian context and our international experience. This is expected to lead to higher customer satisfaction. The entire focus would be to develop a long-term relationship with our customers rather than achieve a short term sale," he said.

Till date, the company has received approval for among others the Edelweiss Tokio Life- Education, a traditional child plan, group credit protection, wealth accumulation plan cover plus, accelerated cover, comprehensive cover and unit linked plans that were catering to the wealth accumulation needs and income replacement plans.