During 2011 private insurer Bharti Axa General Insurance Company’s Gross Written Premium (GWP) grew by 47% at Rs 776 crore against Rs 528 crore in previous year. During 2011 company sold 6.5 lakh policies as compared to 4.86 lakh in 2010. Company settled 1.2 lakh claims in 2011 against 74,006 in 2010.
Motor insurance contributed 70% to the total business of the company while Health and personal accident insurance contributed 18%. Commercial line contributed 12% to the company’s total business.
Delhi and NCR, Mumbai, Ahmedabad, Hyderabad, Bangalore and Kolkata contributed 56% to company’s overall retail business.
On a zonal basis west zone was the highest contributor in company’s GWP with 36% while north zone contributed 35%.
Tier II cities contributed 21% to total retail business of the company while tier III cities contributed 23%.
Bharti Axa General at present has in all 58 products catering to rural, semi-urban and urban customers. It also has products catering to small enterprises and large industries. In 2012 company is expecting growth of 35-40% in its top line. To achieve this growth target in 2012 company is planning to launch a range of new health and motor insurance products.
Under health insurance segment company is planning to launch products/add-ons such as Smart Traveler for students, individuals and corporate, Smart tax saver and micro-insurance and retirement health insurance products. Company has also filed for unlimited health cover product.
Under motor insurance segment it will also provide add-ons such as hydrostatic lock cover, EMI/outstanding loan protection cover, load body transfer, zero depreciation cover for two-wheeler and consumable covers.
Going ahead Company will focus on tier II and tier III cities for future growth. Company in 2012 is planning to improve its internal efficiency and it is also seeking organizational growth. Company will also enable internet capabilities for service delivery and claim settlement. Company will focus on retail business rather than commercial lines. In 2012 company will be focusing more on health insurance segment then motor insurance segment.
In 2011 company’s market share grew to 3.69% as against 2.94% in 2010.
In a bid to ease the claim process, private insurer, Bharti Axa Life has introduced a dedicated service to assist customers in settlement of their claims. Company has introduced Claims Assistance Manager (CAM) to help customers in multi-step process.
