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What are the priority items on your agenda after taking over as Managing Director of Kotak Life Insurance?
My priority would be to go on an expansion spree in terms of workforce. Apart from strengthening the alternative channels as well as bancassurance I would be concentrating on increasing the number of sales managers from the present 450 to 700. Besides more tie ups with banks are also on the anvil.
How much time do you give yourself to accomplish these?
These should not take more than 6 months.
Newspaper reports state that private insurers are only doing lip service towards rural insurance. How do you plan to increase your reach and tap the potential in the rural areas?
We have been concentrating mainly on Maharashtra and Gujarat where we have a major presence than any other state.
We have also joined hands with several financial agencies to push our risk products including Mahindra and Mahindra Finance – IRDA approved intermediary. We will also be focusing on Punjab - since the density of population is high there especially the agricultural belt.
Private insurers are gung-ho about the hike in FDI to 49 percent. Will Old Mutual be infusing funds?
I cannot comment on that now. But then as and when the policy changes our foreign partners Old Mutual will take an appropriate decision.
LIC has recently announced that it will not be passing on the service tax cost to the policyholders. What will be your stand?
I cannot comment on that right now. We private insurers have formed a committee which will be taking a decision on what should be course of action on that one. And how exactly it will be worked out – well, lets wait for a couple of months.
Sebi has said that unit linked risk products are unfairly competing with mutual funds and that there needs to be a level playing field as regards disclosures and charges.
If that happens will it not affect the sale of ULIPs? Your opinion
It is a one sided view – there are two differences. First of all - all Kotak products have clearly mentioned the disclosures. And insurance is a long-term product let say for around 10 years or so. And if you consider such a long period I don’t think the total cost of funds under management fund will be any different.
What innovative products are you planning to come out with?
We will be launching a slew of products in November. A unit linked plan and the other would be a bancassurance product.
How much has bancassurance contributed to your premium income?
Bancassurance has contributed 25 percent.
What is your target for this fiscal?
This year the target is 300 crores as first year premium. And we are looking at a growth of 240 percent.
Courtesy:www.Insuremagic.com