Aditya Birla Sun Life plans to double business by FY27, with new sales route and products
Aditya Birla Sun Life Insurance Co. Ltd. (ABSLI) has drawn up a multi-pronged strategy to double its business over the next three years using an unconventional route and innovative products, said its MD & CEO Kamlesh Rao.
“We have drawn up plans to double our revenues from all streams by FY27,” he said in an interaction.
The plan entails an attempt at doubling the individual
rst-year premium from 3,000 crore to 6,000 crore, lifting group life insurance to 8,000 crore from 4,000 crore, raising the value of new business margin from 700 crore to 1,350 crore and gross written premium from 17,500 crore to 35,000 crore.
Mr. Rao said, ABSLI plans to achieve this target by focusing on new products, enhancing distribution channels, doubling manpower and creating new distribution agencies.
‘Unconventional route’ Talking about the unconventional route, he said: “Our initial focus is on twowheeler, four-wheeler and commercial vehicle dealers, chemists, jewellers, travel agents and holiday partners, who have a huge loyal customer base.
At the dealerships, we have vehicle insurance agents, who have not sold life insurance in the past. We are targeting them.”
ABSLI also did a pilot run with 65 partners in a tier-III town in Uttar Pradesh. Though it tasted some success with car and two-wheeler dealers, interest from chemists and jewellers was lukewarm. The
rm is likely to try its hand with travel agents and resort owners soon.
“While some came forward to deploy their own sta for the new services, others sought our help in training. We will be looking at more agencies. In the
rst year, we expect to do a business of 150 crore,” Mr. Rao said.
Bespoke plans
Asserting that they are currently ranked
fth in group life insurance and seventh in individual life insurance, he said the target was to scale each of the rankings up by two more notches, respectively.
Mr. Rao said the insurer was focused on providing dierent sets of products for dierent segments of people such as the income protection plan by June and a new savings product targeting women by August/September.