Kolkata, Apr 12 IDBI Federal Life Insurance Co today said that it hoped to grow its gross written premium (GWP) by 30-40 per cent for the next two years.
"We have grown our topline or GWP by 30 per cent in FY '17. We have doubled our GWP in the last three years. Internally, now we are targeting to double the same in the next two years," company CEO & wholetime director Vighnesh Shahane said today.
"We have been innovating in making simple products which is helping us for highest persistency rate in the industry," he said.
Demonitization has helped the sector in FY '17 and expected to do so in the current fiscal also, he added.
The gross written premium in FY '17 stood at Rs 1570 crore and had been in continuous profit trajectory for the last few years, the insurer said.
Shahane said the accumulated loss of Rs 142 crore till IDBI Federal achieved break even in 4 years would be wiped out over the next couple of years.
The private insurance company is currently dependent on branches of two JV banks generating some 80 per cent of its business.
Now, the company was keen in tying up with more banks beside IDBI and Federal Bank.
The company has filed for two products to be sold only through PoS persons allowed by IRDA.
IRDA has introduced point of sale (PoS) persons to sell basic insurance products to increase insurance penetration in the country.
Shahane said that individual products would remain in focus and the company would restructure group products which were loss making.
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