Kotak Life Insurance plans to double the share of its protection portfolio from 3.2% to 6.8%

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Kotak Mahindra Life Insurance Company Limited is preparing to focus on growing its digital business and doubling the share of protection portfolio from 3.2% to 6.8%, said Mahesh Balasubramanian, Managing Director and CEO of Kotak Mahindra Life Insurance Company Limited. Activity area.

“We are building the digital enterprise with a bottom-up approach and creating interplay of products, processes and technologies for a best-in-class customer experience across the entire digital ecosystem,” Balasubramanian said. He added that the company expects its online business to grow faster than the industry’s online business.

Kotak Life Insurance recently launched its digital business and said that currently it is generating tiny ones. Its net profit for FY22 was ₹425 crore.

The company is also focused on strengthening the protection that falls within the traditional portfolio. Protection plans are specially designed to provide comprehensive protection and financial stability to the policyholder’s family in the event of unforeseen events. “In protection, we would like to see double-digit growth, going from 3.2% to 6.8% this year. But overall we can get protection, which is currently in the single digits, to at least double digits over the next two or three years,” Balasubramanian said.

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The life insurance company will add 43 branches across the country this fiscal year, nine of which will be opened in Tamil Nadu. Currently, it has 253 branches.

Recently, the Insurance Regulatory and Development Authority of India (IRDAI) asked Kotak Life Insurance to focus on growing the life insurance business in Tamil Nadu and Pondicherry. The regulator has asked insurance companies to respond to regional growth by assigning different regions to different players.

It is a part of Bima Manthan. Earlier this month, IRDAI launched Bima Manthan, a bi-monthly series of face-to-face meetings with CEOs and managing directors of all insurance companies. It is a platform for the continued engagement of IRDAI and major players in the insurance industry.

Published on

July 22, 2022

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