| "Kotak has drawn upon a strategy to deepen its penetration in and around Kolkata and spread wings to other smaller towns. To begin with, Kotak Mahindra has decided to more than double the number of sales managers, or development officers, in the region from 45 to 100," explained, Subhasis Ghosh, vice-president for the eastern and southern regions. |
| Kotak Mahindra at present has around 35 sales manager in its four offices in Kolkata and employs another 10 at its Guwahati office. |
| In Kolkata the number was likely to grow to 80 while in north-eastern India, the number was slated to grow to 20. |
| This would also result in a proportionate increase in the number of life advisors. Each sales manager is capable of handling around 25 to 30 advisors. |
| "A rough estimate therefore would be that the number of advisors would increase by at least 500 next year," Ghosh said. |
| The company has also firmed up plans of expanding its reach in the four towns of Jamshedpur, Dhanbad, Asansol and Patna. To begin with, Kotak would like to tie up with corporate agents and brokers in these areas through the franchisee model. |
| "Opening branches would be the second stage when volumes have reached a critical level," he added. |
| A study conducted by McKinsey suggested that Kotak Mahindra should target the mass affluent category with an annual family income of Rs 2.5 lakh per annum. |
| It also suggested that the company should create its presence in as many as 40 cities of which eastern India has six locations, Ghosh said. |
| The strategy to expand to these four towns was part of the McKinsey suggestion. At present, Kotak Mahindra has tied up with 25 corporate agents and has a total of 650 life advisors in the region. |
| This number is slated to rise as Kotak embarks on its expansion spree. |
| Ghosh said the national target was slated to double to Rs 250 crore for first years premium, with the eastern market was expected to grow proportionately. |
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