Bharti AXA Life eyes expansion; to open 5 branches in FY16

Private life insurer Bharti AXA Life today said it is planning to open five new branches this financial year as part of efforts to expand its footprint, a senior official said today.
"We are investing heavily on expansion and are planning to open branches in those pockets where there is a gap, especially the north east and tier three cities. We have got approval to open five new branches in this financial year", Bharti AXA Life MD and CEO Sandeep Ghosh told PTI on sidelines of a media round table.
He said the company will be hiring 200-300 front line sales personnel in 2016, to feed the expansion.

It is also planning to foray into health segment next year.
"We launch 4-5 products annually and our current focus is on traditional plans as 95 per cent of our plans fall under it and only a 5 per cent are under ULIP. Going forward we are planning to foray into health segment and protection products through riders.
"We are also planning to launch more and more online specific products in the next 2-3 years", he said.

The company today launched a single premium traditional plan targeted primarily towards young investors.
The product provides guaranteed additions of 9 per cent, optional insurance cover of 10 times the premium paid and an opportunity to save tax both on investment and on return.

Ghosh said, "(the plan)'Invest Once' has been designed, keeping in mind the needs of the young investor. We have provided a user friendly buying experience by following a mobile first strategy."
The company is also spending heavily on technology and is moving to front end systems from system of records.
Bharti AXA Life Insurance is a joint venture between business groups Bharti and AXA, one of the leading companies or group in financial protection and wealth management.