OM Kotak Mahindra Life Insurance Company is working on an aggressive marketing plan to increase sales.
The insurance company, a joint venture between Kotak Mahindra Finance and Old Mutual plc, has signed up with three multi-level marketing companies and is holding discussions with entrepreneurs having large data banks, auto dealers and private as well as national banks to distribute its products through these channels.
Treman Ahluwalia, chief marketing officer, OM Kotak, said the firm would also use the marketing network of the non-banking financial companies to expand its reach.
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In fact, it has recently signed a marketing tie-up with a subsidiary of Karvy where the latter would sell its products as well.
However, the company expected a major share of its business would be generated through sales agents.
Ahluwalia said at the end of the current year, the sales agents were expected to generate 80-85 per cent of total business. The number of sales agents would be doubled from the existing 2,500 by the end of the current fiscal, he added.
As on March 31, 2002, OM Kotak has 13,000 policies which have a sum assured of Rs 330 crore. It posted a premium income of Rs 13 crore.
Alongside, the company is in the process of expanding the basket of policies. Three policies, pension, unit linked and gratuity, are in the pipeline. Of these, pension policy was expected to be introduced within a couple of months, he added.
The company today introduced Kotak Preferred Term Plan which is specially meant for non-tobacco consuming people.
The company claimed that it was the first product in the country's insurance industry that rewarded consumers for not consuming tobacco.