Birla Sun Life hopes to double turnover to Rs 300 crore

Birla Sun Life Insurance hopes to double its turnover to Rs 300 crore in the current fiscal against Rs 151 crore in the previous fiscal.

"Policy disbursements increase towards the year end on tax considerations, thus this target is achievable," said Peter Akers, Birla Sun Life chief operating officer at a press conference in Mumbai.

"Centralised client servicing backed by state-of-the art technology and processing achievements have enabled the company to achieve strong operational cost efficiency which will contribute towards achieving a faster break-even," he added.

As on March 31, 2003, the company has invested Rs 18 crore in information technology.

"The company is offering its retirement plan and the single premium plan through the Internet. This accounts for less than one per cent of the current sales," said Mario Braganza, head, client services and underwriting, Birla Sun Life.

The company plans to introduce its other term plans through the Internet by the fiscal end once it receives the approval of the Insurance Regulatory and Development Authority, he said.

While buying a policy through the Internet, a customer has the option of paying the premium through the Internet or credit card. The company also has a tie-up with ICICI Bank, HDFC Bank and Citi Bank to collect premiums.