Aegon Religare Life Insurance (ARLI) is planning to hire at least 2,000 people, including relationship managers, across India to support its expansion plan. In order to strengthen its presence, the company plans to double its branch network. At present, the company operates from its 57 branches.
The company plans to take the total number of branches to 98 by July 2010. Also another 25 branches are in the pipeline, which is likely to be opened by the end of this financial year.
ARLI Chief Marketing Officer, Yateesh Srivastava said, “Since the start of the business we have been following a multi-channel distribution strategy comprising agency distribution, direct distribution, Religare Enterprises Limited and business alliances comprising banks, brokers and corporate agents.
The focus for this year would be to expand distribution by increasing the branch network, hiring more life advisors and relationship managers and increasing the footprint of third party distribution with the focus on acquiring a bank partner. This would be backed by enhancing its integrated customer management strategy and developing new product lines.” He added,
“We will add more branches to its existing branch network, spread across the country. Specially, we are targeting Tier-II and Tier-III cities and majority of the branches would be opened in these cities only. So we are planning to recruit 2,000 people including relationship managers to take care of the expansion plans. These branches will be staffed with a well-trained sales force to provide better advice to customers and to this end the company plans to increase the life advisor(agents) base to 20,000 (currently it has 7,000 advisors) and hire over 800 relationship managers this year. The company will also focus on increasing third party distribution through business alliances.”
Commenting upon business, he added, “This increased distribution will help the company target an increase in topline to a Total Received Premium of Rs 500 crore as compared to a Total Received Premium of Rs 166 crore achieved in FY 2009 -10.” He also informed that ARLI will infuse around Rs 450 capital in the current financial year.
Additional investment will be done in the ratio of 44:26:30 among the three promoters—Religare, Aegon and Bennett, Coleman & Co, respectively. Currently, the total capital base stands Rs 570 crore.