Cholamandalam MS General Insurance Company Ltd (Chola MS), a joint venture between Chennai-based Murugappa group and Japanese insurance firm Mitsui Sumitomo Insurance Group, is targeting a premium of Rs 1,400 crore, in the current fiscal, marking 40 per cent growth, said a senior company executive.
The company would launch three to four new products in the next four months, said S S Gopala Rathnam, managing director, Chola MS. It also has around seven different products in the health insurance segment alone, in the pipeline.
Speaking to the reporters while launching its two new products, a health insurance product Chola Individual Healthline and a home insurance product, Chola Total Home Protect, he said, "We are planning a number of products to be launched near future. The target is to have 20 per cent of our business from new products in next three years."
Apart from new products, it would also launch its second phase of add-on coverage for motor insurance this year. Last year, the company had 25,000 policies in motor insurance through the first phase of add-on coverage and it is expecting to increase the coverage to 40,000 policies through the second phase.
The company also plans to go for capital infusion in the current fiscal for business expansion. However, he said the details remain to be finalised.
The company would continue to focus on retail business, which accounted for almost 84 per cent of its business in 2010-11. It would add 25 more branches with focus on the eastern part of the country.
Out of this, 10 branches would be established by Chola MS while the rest would operate through branches of its group company Cholamandalam Finance. It would also increase its agent base from current 6,000 to 8,000 in one year, he added.
Chola Individual Healthline, the health insurance product launched today, would offer coverage to outpatient claims for dental and eye care treatments, maternity related expenses with a waiting period and hospitalisation for Ayurveda treatment.
Chola Total Home Protect, the home insurance product, is designed to provide coverage for home appliances, personal accident, baggage loss, burglary, plate glass and workmen's compensation targeting both home owners and tenants as customers.
