Our Focus Is On Digital: Karthik Raman, CMO, IDBI Federal Life Insurance
Kartik Raman, chief marketing officer of life insurance company IDBI Federal Life, said 30 percent of revenue growth is expected in the current financial year. Gross premium income in the last fiscal was Rs. 1,783 crore, he said. The witness told the Business Bureau that 15 percent of new premiums and 25 percent growth in renewal were achieved.
Assets value increased by 23 percent to Rs. 7,503 crore, claim that the settlement ratio is around 91 percent. Raman said Policy Deals were significant in the year 2016-17 queue, after dramatization, which was heavily funded in the insurance sector. However, in the fourth quarter of the last fiscal, the company had achieved better performance than Q4.
Focus on simple policies:
Raman said he is focused on making easy access to easy-to-understand policies. In addition, the process of issuing a policy with the support of technology is also speeding up. Raman said that the details collected from the customer were uploaded by the tablet and there were occasions that were issued within a few hours.
The cost of technology has reduced due to the use of technology and the benefits to the beneficiaries can be transferred to the policymakers. Currently, there are more than 20 different types of policies, including Unit Linked Insurance Policies (ULIP) and Child Plans.
Hire more agents:
Raman said policies are being sold in federal and IDBI bank branches of over 3,000. Similarly, there are more than 63 agency franchises, while four are in Andhra Pradesh and Telangana. At present, there are over 10,000 agents and we are increasing the number to 12,000-12,500 by the end of this financial year, “he said.
On the other hand, Raman said that we are trying to get more people to the public by organizing marathons in order to increase awareness on life insurance. In addition, encouraging sports, he added that Pullela had joined hands with Gopichand Academy to identify and support young talent. Thousands of applications across the country have been shortlisted for Talent Hunt and 26 have been shortlisted, six from Telangana.