Mumbai: As part of its strategy to grow consistently, HDFC Life Insurance has decided to store lid on the share of products and distribution channels.
According to the CEO of the most valuable life insurance company in the country, Vibha Padalkar, a better acquisition of life is intended to increase agent’s share and reduce dependence on the distribution of HDFC Banks.
Speaking to Toi, Padalka said that HDFC Life has managed to survive volatility in macroeconomic conditions and better regulatory change due to portfolio diversification.
As a result, the company does not want to increase the share of unit-linked insurance plans (ulip) to around the current level of 25% even though the market is soaring.
Even when it comes to the best-selling investment product company Sanchay Plus, he has decided to reach the level of sales.
“Bancassurance was once around 75% of our business at one time.
It drifts around 50% of business.
I am not saying that it won’t grow.
I say that other channels must grow faster purely from a diversified perspective,” said Padalkar.
On Friday, HDFC Life has announced that it will buy life insurance for Rs 6,687 Crore.
According to Padalkar, this is a diversity of products that have helped HDFC Life survive in the shift of reciprocity regulations in 2010 which produced several other insurance companies that lost market share.
He added that it was a strategy that helped the company increase sales of protection policies during a pandemic.
“Our agency’s business share is shrinking because we focus on the persistence of agents and reduce complaints, which we get correctly.
Better life acquisition helps us expand the strength of our agency by 40%,” said Padalkar.
Shows that the trend for insurance for sale through corporate advisors, he said that HDFC Life had all tools to increase agent productivity.
“Exide agents will be eager to have a bouquet of products that we offer because we are seen as product innovators or factory products.
We have technology for our agents to quickly load customers or allow them to offer an approved amount that has been approved to the client,” he said .
Private insurance companies, which have made large investments in digital technology and artificial intelligence, have the ability to portrofile customers and their needs after basic information are updated.
“We have a digital agent platform where they can do business without ever attending the office.
We have technology solutions like Google, using which agents can get product related questions.
This question can be asked in regional languages ​​and forms can be filled in regional languages,” he said.