ING-Vysya opens branch in Jalandhar, aims double turnover

ING-Vysya Life Insurance Company today opened its branch in Jalandhar and targeted doubling its turnover with 100 per cent growth. Its turnover is Rs 350 crore.

"In addition to the two offices we have just set up in Amritsar yesterday and Jalandhar today, we are opening new offices in Ambala, Shimla, Jammu, Jodhpur, Ajmer, Kota, Varanasi, Allahabad, Kanpur, Ghaziabad and Dehradun," Managing Director and Chief Executive Officer Frank Koster told reporters here today, claiming that the company has record of doubling it turn over since from its inception and this year also it not disturb the record.

"Punjab, a state known for its enterprise and endeavour, is an important market for ING Vysya Life and currently contributes to over seven per cent of our national business The company is building a professional service organisation in the state and the opening of its branch at Jalandhar will help us serve the discerning consumers of the city" he added.

About the company Frank revealed that although its primary distribution was through over 11000 "Insurance Advisors" nationally but it also leverage alternate distribution methodologies such as the networks of company's banking partners like ING Vysya Bank as well as other institutional distribution agencies.

"We are always on the lookout for new partners to help us serve a wider range of customers and have recently entered into tie ups with over 23 urban and rural cooperative banks across the country" he revealed.

R Vishnu Kumar, Regional Vice President of the Company said "In Punjab the company has network of over 900 insurance advisors, however, given the strength of the rural economy of the state, we are also trying to leverage alternate distribution methodologies such as the networks of partners like Hindu Urban Cooperative Bank Ltd (Pathankot), Imperial Urban Cooperative Bank Limited (Jalandhar) and Nakodar Hindu Urban Cooperative Bank Limited(Nakodar)".