To use the capital to expand in north, east and west regions of India
Shriram Life Insurance has decided to go for the expansion of its insurance business. The company, a joint venture between the Shriram group and South African firm Sanlam Life Insurance, is expected to inject INR400m for the same, reported Business Standard.
As of now, Shriram Life’s market reach is limited to the southern region. The company intends to use the capital to expand in north, east and west regions of India.
According to the company, it is widening the network of branches in north, east and west (NEW) India. The company plans to establish new branches, introduce new distribution channels and team up with corporate agents and brokers. The insurer intends to open 31 offices by the next financial year.
The company intends to recruit 2,500 field sales officers by September 2010. During the first six months of the financial year, it has generated INR1.5b new business premium as against INR1.62 in the corresponding period of the previous year, quoted the newspaper.