ICICI Pru to improve productivity

ICICI Pridential Life Insurance Company, a joint venture between ICICI bank and UK based Prudential plc, will focus on enhancing productivity and improve efficiency to achieve higher growth rate.

This follows a massive branch expansion plan executed by the private insurer across the country over last two years starting from 2006-07. “We have expanded our branch network in the country substantially to 2050 from 177 branches two years back. Enhancing the productivity and improving efficiency of the employees leveraging the existing branches will be the focus of the future”, said Sanjay Singh, vice-president (sales and distribution), ICICI Pridential Life Insurance.

 

Singh, who was here to launch the company’s new health insurance product ‘health saver’ said, the total earned premium of the company in 2007-08 was Rs 13,561 crore. Meanwhile, during the first eight months of the current fiscal (Apr-Nov), the company has received total premium of Rs 8673 crore. It hopes to achieve good growth in business over last fiscal though he did not reveal the figure.

He said, as part of the company’s philosophy of innovation to meet specific needs of the consumers, ICICI Prudential has launched ‘health saver’. The size of the health insurance market was Rs 5125 crore in 2007-08.

With an estimated 40 percent of the people borrowing or using their savings for meeting the hospitalisation expenses, the company has come out with a health insurance product which meets the cost of hospitalisation along with the pre and post-hospitalisation expenses.

The new product seeks to integrate health and savings and is the first of its kind re-imbursement-based hospitalisation cover with the benefits of a health saving fund. It provides guaranteed coverage up to the age of 75 years and coverage against the pre-existing illness after a period of 2 years subject to the permission of the company. ICICI Prudential has 23 branches and has recruited 10,600 agents in the state.